There are six key lessons for public sector finance leaders to focus on.
The realities of senior public sector finance leaders’ management of the COVID-19 pandemic are shared in a new report from ACCA (the Association of Chartered Certified Accountants) and CA ANZ (Chartered Accountants Australia and New Zealand).
Published in Leading recovery: the evolving role of senior finance leadership in the public sector, attendees at various global roundtables identified three major areas where the public sector faces difficulties in the years ahead: recruiting and retaining finance professionals, preparing for reducing budgets for public services and adapting to wider societal changes.
Looking back, they reveal how professional accountants led with agility to enable their organizations to support governments’ aims of saving lives and protecting livelihoods. Increased spending, streamlined decision-making processes and better integration of the finance function epitomized the work of senior finance leaders and their teams during this time.
Building on the experience of the pandemic, ACCA and CA ANZ say there are six key lessons for public sector finance leaders to focus on. They need to transform systems to build organizational resilience and make better use of data. They must rethink leadership approaches, to empower staff and provide visible leadership. And they need to ensure their organizations adapt to new ways of working to focus on purpose, then place and break down barriers.
ACCA and CA ANZ have also identified an ‘ABCD’ of skills that public sector finance leaders of the future will need to develop: adaptability, business sense, communication, and determination.
Commenting on the report, ACCA’s head of Pakistan, Assad Hameed Khan says: ‘It’s crucial to reflect on what senior public sector finance leaders, working at different levels in different countries, have learnt from the crisis and how those lessons can be applied in the future. This timely new report looks ahead to the future challenges public sector finance leaders will face and the key future skills required to succeed. Public financial management reforms in Pakistan, of which ACCA continues to be part, have been gaining momentum both in terms of existing and future public financial management systems as well as human capital development and capacity building. This report is definitely a must-read for public sector finance leaders and professionals in Pakistan.’
Helen Brand OBE, chief executive of ACCA says: ‘It’s very heartening to read the recollections of these public sector finance leaders who remained so dedicated to their organizations, their customers and clients during the pandemic’s turbulence. They are well prepared for the future, but they are also not complacent and see the clear need to learn continuously.
Ainslie van Onselen, Chief Executive of CA ANZ adds: ‘Our report’s ABCD framework can help aspiring finance leaders in the public sector to ensure they broaden their horizons, from the traditional tasks of a finance professional to a wider organizational perspective. This breadth and depth helped leaders during the pandemic and prepares for future resilience too.’
At the roundtables, members of ACCA and CA ANZ also commented on the value of their professional bodies to help them understand the ‘basics’ and develop their knowledge in their careers through continuing professional development (CPD).
Helen and Ainslie jointly conclude: ‘Professional accountants have a wider set of skills beyond technical knowledge, and bring strong strategic advice to support the organizations they serve; these skills can be developed and refined through experience and reflection.
‘Given the immense test of the pandemic, it’s wonderful to hear agreement from finance leaders and their teams that they were able to demonstrate their worth to the organizations and public they ultimately serve. We agree with this too.’
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