chapter 05
Upskilling & Reskilling in the Age of AI
Develop a framework for identifying gaps and managing the conversation around reskilling and adapting roles for change.
DOWNLOAD FULL REPORTWhile upskilling and reskilling might seem like an uphill battle, most people are likely to welcome a chance to grow. According to LinkedIn, people cite “opportunities to learn and grow” as the number one factor that defines an exceptional work environment
A Quickstart Guide to Upskilling & Reskilling
The majority of finance transformation endeavors require upskilling, or expanding skill sets to satisfy the changing nature of an existing role, as in the case of a CFO who must learn data literacy. But some people may need to reskill to entirely new roles and capabilities.
The range of change: upskilling vs. reskilling
Step by step:
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Identify the KPIs and capabilities you need to meet strategic vision, then define the skill sets (or potential new roles) that support those capabilities. -
Take an inventory of your employees’ existing skills using any combination of questionnaires, peer evaluations, exit interviews or industry benchmarks.
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Compare your existing skills to your needed skills and roles and identify the gaps.
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Design customized learning and development (L&D) plans, whether online courses and seminars or training from fractional consultants.
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Determine measurement and incentives.
The CFO Role in Change Management
Communicate the vision
Lead with the why. Convey the logical and emotional value of change. This is how employees can grow with the company and align their day-to-day work with the strategic vision. Be transparent: Illuminate a clear career path for people, and if one isn’t outlined yet, say so.
Collaborate on the plan
Reskilling in the age of AI comes with a stigma. People may view skill assessments as threats to their job security. They may resent upskilling as added responsibility that isn’t reflected in their salaries. Managers may fear losing talent to new roles.
Find ways to give people control over their futures. Invite them to shape their training and incentives.
Cultivate the environment
Ignite an L&D initiative and keep a regular cadence of updates from high-level leaders. Recognize change champions and address forces of resistance. Monitor and telegraph progress across the organization.
It’s important to think about L&D and hiring in tandem, because new or fractional experts you bring on will be instrumental in training up your talent pool. Across the board, you’ll need to update job descriptions to include digital skills, making sure subject matter experts have a hand in writing the descriptions.
In terms of outsourcing, you’ll likely want to recruit experts in areas like analytics and data science. The question is to what degree: full-time, part-time or fractional?
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About the Future of Finance Survey
The Paro Future of Finance survey used online interviews conducted among members of the Vitreous World panel, with respondents representing US-based C-Suite executives or senior management in Accounting or Finance; the resulting sample was statistically representative.
