Your career graph can only rise as high as the skills and competencies you develop. Here’s why.

Vishal S, an accounts executive, was on the verge of a break down. It had been more than 6 months since he lost his job at a 3-star Mumbai hotel. He had almost exhausted his savings and was desperate for a new job. Most companies he approached told him that they had frozen hiring until market conditions improved. Vishal did not blame them as he was aware that it would take some time for businesses to recover from the impact of the pandemic.

Not one to give up, Vishal continued to apply for jobs and ,in a span of 2 months, sent applications for 30 different openings but didn’t get an interview call from any of them.

One day, Vishal bumped into Amit, his classmate back in college, whom he hadn’t seen in a long time. During the course of their conversation, Vishal told Amit how miserable he was without work and sought the latter’s advice on what he could do to turn things around. Here is how the conversation went.

Vishal: Amit, I am at wits’ end trying to find a new job. The prices of day to day items are shooting through the roof and I am at risk of defaulting on my EMIs. If I don’t find something soon enough, my family could be without a roof. Is anyone in your professional network looking for an accountant?

Amit: Vishal, I will certainly check with my business associates for any openings in their firms. However, the pandemic has shifted business priorities for a lot of companies. I’m sure you would have noticed it too. Virtual interviews, remote meetings, online consultations — the post pandemic work environment will be driven by technology and new ways of working…

Vishal: Yes, you are right! Many jobs require candidates with experience in using digital tools and I think I may be at a disadvantage here. I am not familiar with the latest tax filing software commonly used in a lot of firms today.

Amit: I’m glad you realise that you have a skills gap. You are not alone, Vishal. The pace of change has accelerated since the pandemic. Artificial Intelligence (AI) and Machine Learning (ML) based tools have already started to replace humans in some of the basic accounting tasks. It is much more efficient and cost-effective for companies to use automation instead of hiring a full-time employee.

Vishal: Does that mean the role of accounts executive is redundant in today’s job market? I’m too old to switch to a different career. What can I possibly do?

Amit: No, all I am saying is that you need to develop your skills to compete with the rise of technology. One of my friends is a recruiter; he once told me that the existing job skills of today’s workforce could be outdated in the next 3 to 5 years. As a professional, you are only as good as the value you deliver. How many online courses have you taken since you lost your job?

Vishal: Well.. I checked out a few of them on LinkedIn Learning but didn’t enrol for any. I was too anxious to even think about upgrading my skills. I do not have any money to spare for professional development right now!

Amit: I can understand your situation, Vishal. However, nothing will change until you decide to change. Think about how much better your resume will look with a few accounting software certifications added to it. Learning new skills will not only help you perform better but also smoothly collaborate with global customers.

The best part is that many online learning platforms like Udemy offer free, self-paced courses that you can take at any time of your choosing- even when you are commuting to work! In 6–12 months, you could have much more knowledge than you currently do. The result: you will grow professionally and be able to command a higher salary.

Vishal: I see your point, Amit! But how can I stay focussed on learning. I have barely read a book since I graduated from college all those years ago!

Amit: My friend, where there is a will, there is a way! Make a list of the most relevant accounting skills that you are likely to need in the next 10–15 years, for example, data analytics and process optimisation. Remember to also include soft skills like persuasion and collaboration. Evaluate your current skill levels and identify the gaps you need to close. Think about how your responsibilities are likely to change in the next few years.

Ask a peer at work or your manager for honest feedback. You can also use the inputs you received during your last performance review as a reference point. Next, create a timeline for developing those skills based on your career aspirations.

Don’t rely on your employer alone for training opportunities. There is a wide range of training courses available online, some of which are even accredited by leading institutions like KPMG. Check the reviews left by people who have already been through them before you sign up. Remember, a few hours a week is all it takes to acquire new skills.

However, the key is to be consistent over a period of time. The results will certainly be worth it. Upskilling can help you increase your lifetime earnings significantly.

Vishal: Amit, I am glad we had this conversation! You have completely changed my perspective on learning new skills to remain relevant in the job market. While I continue my job search, I will focus on sharpening my skills to enhance my market value. I can never thank you enough for your words of inspiration!