ITB December 2024/January 2025 - Magazine - Page 30
“In finance and accountancy, we are by nature
very precise individuals. So, being allowed
the ‘right to fail’ is typically incongruous with
the way business is organised and run.”
DARREN CHUA, EY
E V E R Y DAY C R E AT I V I T Y
RISK OF FAILURE
Encouraging or reawakening creativity among
employees has become key to a company’s
competitive advantage. The Award Creativity
ScoCollre (ACS), developed by management
consultants McKinsey, shows that businesses that
score highly outperform their competitors in two
areas: an appetite and aptitude for innovation
and shareholder return — in other words, growth
and profit.
Despite this, there is a perception that a culture
of innovation is hard to instil in traditional accounting
and finance firms. Bureaucracy and a methodical
approach conducive to compliance-based work
are sometimes seen as roadblocks to creativity.
At professional services firm EY, Darren Chua leads
innovation for the Oceania region. The risk-taking
that accompanies experimentation can be much
harder to swallow in large organisations, says Chua,
exacerbated by the focus on short-term performance
and individuals’ fear of failure.
“In finance and accountancy, we are by nature
very precise individuals. Being allowed the right
to fail is typically incongruous with the way business
is organised and run. If you are trying to hit your
quarterly goal, how lenient can you be about failure?”
IN SEARCH OF THE CREATIVE ACCOUNTANTS
In 2022, a team of researchers from the University
of the Sunshine Coast conducted a survey of
professional accountants working in regional
Australian accounting firms. It found that
accountants’ creativity and how they view the
importance of creativity are significantly related
to their perceptions of firm culture.
This finding has significant implications for
the accounting profession. “Accounting firm
managers (particularly those responsible
for strategic direction and human resource
management) need to facilitate organisational
cultures that support the creativity of individuals
within their firms,” the researchers write.
“The modern-day accountant is required to be
creative, and creativity cannot flourish without
the right conditions.”
30 INTHEBLACK Dec 2024/Jan 2025 SPECIAL EDITION
