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Media comment: We must invest in people to prepare for a brighter future

30 March 2020

Dear editor,

In the face of uncertainty and with a heightened risk of economic downturn, we need to focus on improving both business and personal resilience to prepare for the aftermath of the coronavirus crisis. There will be no way back to traditional ideas of  “business as usual”.

The rise of new and emerging technologies has pushed the world to change the business world at breakneck speed in the past twenty years. The current crisis is only likely to push businesses to spike their investments in digital transformation so they can better stand the test of time and ensure future growth. 

However, successful transformation is not only about investing in the newest technology and implementing new systems – it is also about people. Ensuring that employees have the skills necessary to perform well both now and in the future is therefore absolutely fundamental. It has never been more important to invest in people, equip them with the necessary skills to respond to systemic shifts, and encourage them to embrace lifelong learning to help lead us quickly out of this situation. 

It is now time for us to prepare for the future and step up to the skills development challenge.  

Yours sincerely,

Andrew Harding, FCMA, CGMA
Chief Executive — Management Accounting
The Chartered Institute of Management Accountants, part of the Association of International Certified Professional Accountants