Change is inevitable. In this digital age, we need to embrace change more rapidly than ever before. On our recent Tax Function of the Future webcast, Tax Professional Upskilling - Attracting and Developing Your Workforce in Digital World, we explored how various external factors — technological, demographic, tax regulatory and legislative, and social — are causing workforce disruption. The result — a need for change. The first step in this transformation process is to understand what skills the Tax function needs — both for today and tomorrow. It is impossible to hire all the talent needed to manage today’s tax complexity. New skills are required to maintain current roles or shift into new ones. Upskilling the workforce to leverage currently available technology tools is key to achieving and sustaining success.
Your Tomorrow is how we at PwC are investing in our workforce to create the PwC of the future. The initiative is designed to deliver a differentiated experience for our people, our clients, and the market by digitally enabling our business, investing in world class development of our people (digital upskilling), and delivering an exceptional experience for our people and our clients. How can our Your Tomorrow experience benefit your Tax function? Let’s explore.
PwC developed a Digital Fitness Assessment (DFA) as an interactive solution that leverages leading edge technology to evaluate digital aptitude, provide customized training, and report activity in a dashboard format. The DFA app is an innovative, dynamic solution to learning in the digital era that is now available for other organizations to use in their approach to workforce upskilling. DFA has been adopted by businesses in all industry sectors to support broader organization strategy.
Each step is critical to digitally upskilling your Tax function. It is important to assess where all members of your Tax function stand before embarking on technology / digital transformation. The results of this assessment along with understanding the external factors (causing workforce disruption) and the needs of the overall business allows you to customize your training to benefit the overall function. Keep in mind that people learn differently and what will work well for some workers may not work well for others — focus on what and how people want to learn. To achieve continued success, you must foster a culture of continuous learning tailored to the needs of your Tax function in the digital age — this is not a ‘one-time’ situation. Reskilling your function is an ongoing process that takes time and effort if you want to see continued success.
Tax Analytics Academies are another great way to engage your Tax function in the upskilling process. These academies offer a live experience for employees to touch and experiment with new technologies, interacting face-to-face with instructors and peers. PwC offers the following academies to its employees and clients:
Although we’ve found success with upskilling the Tax function — both internally and with our clients — through these academies, they should be viewed as an initial step in assessing gaps within your processes, identifying areas for improvement, and gaining exposure to solutions for the overall needs of your function and the broader business. Value is realized when you review and use new technologies that will benefit your Tax function by enhancing efficiency, reporting, collaboration, and business agility. These solutions can provide a better view into your tax spend with the ability to analyze large volumes of data.