6 Reasons to Implement Powerful SaaS Budgeting Software
SaaS budgeting software helps public sector organizations improve the budgeting process by...
In the world of public sector finance, a transformation is underway—albeit a quiet one. A digital evolution that promises streamlined operations, better reporting, cost-savings, and—ultimately—better serves the taxpayer. However, a major hurdle stands in the path of progress: the digital skills gap within public finance.
In this blog, we’ll explore the challenges and root causes of the digital skills gap and strategies to support staff in new skill development. It’s time to empower public sector finance professionals with the digital fluency and data literacy they need to steer agencies into an agile, data-driven future.
Public sector finance departments are often waist-deep in work to achieve financial goals and allocate (often limited) resources. With rapid changes in technology, a wave of new digital expectations weighs on the public sector workforce.
The result is a quietly expanding gap in digital skills that slows an organization’s operational advancement and innovation. For public agencies, the digital skills gap manifests in a few ways:
Many factors have contributed to the ever-widening gap in digital skills needed in today’s digital-first world. The public sector has trailed in the digital skills race—especially in finance functions—for far too long and needs to address the root challenges.
There is more pressure than ever for public agencies to digitize their operations. But, without the right support or funding in place, many are stuck treading water—and it’s the employees and the taxpayers that feel the consequences the hardest. Here are a few challenges agencies can explore internally:
In our “Supporting Today’s Public Sector Workforce” eBook, we explore the two most common reasons many agencies use the same technology they adopted when the need for tech in the public sector was first identified:
Both public and private sector employers are facing large shifts in employee needs, values, and skills in the workplace. Employees are looking for more than just a paycheck and gravitate towards employers that offer defined career pathing and training opportunities. For example, we note in our workforce eBook, 76% of employees say they are more likely to stay with a company willing to offer continuous training.
When it comes to retention, younger employees have lower and lower tolerances for inefficiency and recognize the disservice to their own careers by staying with an employer that doesn’t leverage updated tech. It’s one contributing factor to turnover, leaving many long-tenured employees with no one to pass the torch to.
The public workforce finance study from the National Association of State Treasurers found that the public finance sector only represents 25% of the total finance workforce, potential employees will naturally come across more private sector job openings. However, 48% of public finance sector roles only require 0-2 years of experience, compared to general finance roles asking for at least six.
By attracting and engaging with potential employees earlier on their careers, in addition to providing professional development opportunities, the public finance sector can lessen the skills gap and successfully upskill finance workforces with adequate digital competencies.
An effective way for agencies to begin closing the digital skills gap is by embracing new avenues for building those skills, such as:
Modern, purpose-built finance and budgeting technology has many benefits when it comes to closing the digital skills gap. In this digital-first world, technology at work is expected to mirror consumer technology employees use in their daily lives. That expectation leads to new tools being far more user-friendly, streamlined, and easy to learn compared to traditional counterparts.
By leveraging the right technology and taking on these initiatives, the public finance workforce—not to mention the organization and the public they serve—will see the benefits, such as:
Transformation throughout the public sector is crucial to ensure that no one is left behind in the digital dark ages.
Take the first steps with us by reading our free ebook, “Supporting Today’s Public Sector Workforce” to learn about factors and influences on today’s public sector workforce and how agency leaders can lean into this new era of employee and community needs.
The time is now to close the digital skills gap and ignite a new era of public sector excellence.
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