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Discuss about the MWL101 Personal Insight and My Opportunities. Industry Requirements and Trends.

Overview of Changes in Modern Organizations

Modern organizations are undergoing significant changes and encountering unprecedented demands and requirements for transitions at both strategic as well as operational level. There can be witnessed a general reception for developments that is recognized as an invariable characteristic of the current organizational domain. Modern business enterprises are intrinsically being influenced by the elevating rate of globalization of the economy, global market competitiveness, advanced technologies and customer satisfaction and demands.  Organizations operating in globalized business environment are distinguished as more complex in comparison to the organizations which have developed in the past two decades. These persistently evolving and dynamic business enterprises need to engage challenging as well as competitive individuals to attain competitive advantages. Thus to acquire improved knowledge and insights I aim to execute some analysis and assessment to evaluate my skills and efficiently distinguish the areas which would require greater degree of improvement.

The New Work Mindset journal has identified 7 important job clusters in Australia namely Generators, the Artisans, The Carers, Technical Experts, Informers, Coordinators and Designers (FYA 2016). As per the criterion provided by the FYA assessment, I have attained the understanding that the competencies which I possess would fit the profile of the Generators which require improved level of interpersonal skills to effectively engage in retail, sales, customer representation, hospitality sector. However, following to the evaluation of the assessment outcomes I have realized that my competence level can appropriately ensemble the job cluster of the Informers which tend to engaged experts engaged in education or business domains and also involve individuals who are aiming to excel their career in finance. I have always exhibited greater level of inclination in providing comprehensive knowledge of value to others and with the diminutive proficiency I have attained in the field of accounting I feel that my skills are significantly suitable for this particular job cluster.  

At this juncture, it is important to observe the varying characteristics of technical skills persisting from cluster to cluster. However, The New Work Mindset reveals that the Generators which tend to shed light on skills such as business or organizational growth, client relationship management, store supervision, trade and stock management. While the Informers section aim to concentrate in areas which necessitate produce greater level of knowledge and services related to business consultation (FYA 2016). However, these forms of abilities draw similarity with certain forms of teaching skills which primarily focus on knowledge assessment, report writing, documentation, along with policy and information development.

Several reports reveal the importance of both technical skills and expertise in every job domain whereby the soft skills are observed to shift from one cluster to the other. The comprehensive report of The New Work states that the clusters of Generator primarily emphasize on expertise which focus on client servicing roles such as improved interpersonal abilities, establishing effective associations, maintaining time management and enhanced supervision capabilities (FYA 2016). Furthermore, the domain of the Informer cluster tend to emphasize on soft skills, assessing and evaluation along with other core areas related to knowledge-orientation talent such as documentation, investigation, project management, administration as well as innovation and creativity. This however implies the both the domains of Generators and Informers extensively focus on common ground of competency which gives value of to technological advances, digitalization and effective communication skills which tends to eradicate the areas of challenges and complexities and promote adaptation to improve the job clusters. However, it has further been noted that the competences of soft skills are recognized as immensely vital for business enterprises to engage employees who already possess high level of ability of interpersonal communication and proficient enough to bring relevant resolutions during any conflicting situations within the organization.

Job Clusters Identified by New Work Mindset Journal

Being a representative of The Generator job cluster, I further have exhibited my area of interest towards the Informers job domain which primarily comprise of services related to Administrative and Logistics, trained, systematic and mechanical services along with education along with knowledge development and training. My previous diminutive experience in the field of accounting has developed my understanding of the probability of engaging in the Professional Industry sector. However studies explore that the field of Professional Services primarily comprise of industries which aim to provide vital services to the domain of alternative trades and domestic spheres (ABS 2017). These services furthermore, are observed to exemplify areas associated to systematic inquiry, methodological observation, architectural, manufacturing, commercial and technical domain along with law and finance and other areas of marketing, advertising research, business consulting as well as alternative proficient services. With an emphasis of this broad range of services, the Professional services sector tend to experience a significant growth of around 1.9% estimated from 2018-2023 (IBISWORLD 2017).

The Accounting Services in Australia on the other hand exhibits high level of emphasis on services related to auditing, accounting financial records of organizations, analysing tax revenues and offering other clerical services (IBISWORLD 2017). However, in most of the cases, the payroll access, invoice, purchase statement services are expelled from most of the business operations. The accounting service industry reportedly experiences a growth of around 20 Billion that further reveals a gross increase of 1.5% from the year 2013 to the current year along with an exceptional growth of 1.8% from the current year till 2023 (Australian Financial Review 2017). Employment reports further indicate the development of over 15% of accountant services whereby almost 189,100 accountants have been employed since last year in the Big Four corporations namely Deloitte, PricewaterhouseCoopers (PwC), KPMG and Ernst and Young (Knapp 2018). This growth has led the accounting sector undergo improved technological transformations resulting repetitive and clerical based roles develop into mechanized systematic jobs further introducing a broader role of accounting in fields of finance, trade and management.

Reports revealed by the Australian Service Sector signify the increasing growth of selective and competitive emphasis on highly digitally proficient applicants in order to enhance the level of employment of data analytics in field of auditing and finance. This demand by the accounting sector implies the need of accounting graduates to develop technical proficiency in Ms Excel and Xero in order to get employed in the sector (ABS 2017). It has further been noted that certain areas of complexities whereby accounting business corporations are off shoring core accounting roles executed by graduates resulting to certain graduates to offer high end jobs which often leads to exploitation of management information. Though modern organizations tend to assess employee soft skills of efficiently planning, adaptability, decision making and problem solving ability, they further reveal high level of importance on proficient roles of Chartered Accountants (CA) or roles of Certified Management Accountant (CMA) (ABS, Labour Force  2017).

  • Academic Credentials- Having attained a Bachelors Degree in Commerce and doing a Masters in Accounting, I always possessed a greater degree of curiosity and inclination in addressing complex areas of finance and accounting during my leisure time and successfully accomplished in solving the queries and generating accurate results. These inquiries have further aided me to excel in this field and attain a HD average degree and execute some diminutive accounting roles. However, there are certain alternative subject areas where I have struggled in order to identify finance techniques related to accounting.
  • Individual Abilities- Following to the successful evaluation of 16 personality tests, I identified that my skills are primarily associated to the Logistics whereby individuals takes accountability of their own actions. However, it has been observed that Logisticians aim to execute tasks with utmost precision, accuracy and persistence. With my ability of being observant, perceptive and execute effective problem solving abilities, I consider that I could efficiently integrate myself in the Accounting domain with the role of Chartered Accountant.
  • MyShapes Assessment- Generating the results of the SHAPES Chart, even though I have attained the knowledge that I have developed in approximately all areas but further need to enhance certain areas in order surpass the increasing rate of digital competitiveness in the field of accountancy ((Cottrell  2015). Furthermore, it has come to my realization that proficiency and knowledge are the factors which I need to improve as globalized business enterprises are highly acknowledging prior professional expertise of employees rather than focusing on educational degree.
  • Current Areas of Expertise- Currently pursuing a Master’s degree in Accounting, I do not posses any professional experience or practical knowledge. However, being born in a family of finance where my father is an Accountant of a reputed firm, I have always been associated with field of book keeping, ledger, tax revenues, budgeting. It was during these situations when I attained the realization of my capabilities of sharing knowledge with others related to the field of accounting.

SWOT and gap analysis of my Skills

Evaluating the aspects of Professional Services, I like to drive my desire of developing my abilities in the field of professional accountancy which aims to incorporate a wide range of soft skills and technical abilities. I would further like to enhance the areas of digital utilization of Ms Excel and at the same time emphasize on the soft skills related to problem solving and interpersonal skills along with advanced evaluation techniques (Accountants Daily 2016).

It is important to observe, the way modern business enterprises significantly have been acknowledging professional expertise rather than solely being reliant on academic credibility. Thus to adapt this highly competitive business domain and employ myself in one of the most reputed organizations along with an area of expertise in management other than areas of budgeting, taxation and forecasting. As I efficiently desire to enhance my abilities and further develop my areas of expertise in attaining a role of Chartered Accountant in one of the big four companies, I further believe that attaining analytical skills are not significantly adequate to be involved in globalized business enterprises. Acquiring managerial abilities and proficiencies are equally vital for contemporary business firms.

Swot Analysis

Strengths

Weaknesses

Ø Adaptability

Ø Problem-Solving Skills

Ø Leadership Ability  

Ø Positive Behaviour

Ø Dedication

Ø Strategizing Ability

Ø Lack of Time Management

Ø Self-Assurance

Ø Reserved

Ø Inability to establish effective communication with strangers

Ø High level of distraction

Opportunities

Threats

Ø Areas of Developing new and enhanced abilities

Ø Adaptability of technological advances

Ø Accomplishing immensely proficient accountants 

Ø Automation of accounting work

Ø Increasing level of competition

Ø Cyber Crime

Conclusion 

Thus, through the evaluation I have attained the insights of being highly suitable to be employed in the job sector of the Informers which incorporates the utilization of both technical as well as soft skills. However, the sector where I have exhibited my inclination into the field of accounting needs high level of analytical expertise in order to achieve success. Thus, I need to develop the areas of technical and soft skills such as communication, decision making abilities in order to excel my career in the future.

References

ABS, Labour Force, May 2017, Department of Employment trend

Accountants Daily, Accountants told to get 'ahead of curve' amid redundancy fears, November 2016

Australian Financial Review, Grad Glut yet Accountants on 457, April 2017

Cottrell,S.2015.SkillsforSuccess.PersonalDevelopmentandEmployability.Palgrave.(ISBN9781137426529)

FYA, (2016), The New Work Mindset, https://www.fya.org.au/wp-content/uploads/2016/11/The-New-Work-Mindset.pdf

https://www.16personalities.com/profiles/f14ed44836821

IBISWORLD, (2017), Accounting Services In Australia, https://clients1.ibisworld.com.au.ezproxy-b.deakin.edu.au/reports/au/industry/default.aspx?entid=561

Kerry Knapp, (2018), Finance and Accounting: What Do Employers Want?, https://www.monster.ca/career-advice/article/finance-and-accounting-what-do-employers-want

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[Accessed 19 July 2024].

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