Demand for early career accountants, has increased by 20% in the last 12 months.
With less than six months left in 2023, we look at some of the ways in which practices can reach their commercial goals by ensuring their teams feel engaged and empowered. Engaged and empowered staff are more likely to be content and therefore stay with a practice for the longer term building valuable client relationships and commercial success.
Attracting top talent is a major challenge for every practice in 2023 and this trend is set to continue. According to research featured on the RTE website, “demand for early career accountants (those with 3-5 years post-qualification experience), has increased by 20% in the last 12 months”. This challenge is not new and will need to be managed for the foreseeable. Accounting professionals are reassessing what contributes to the demanding nature of their work and are actively seeking ways to achieve a renewed sense of professional fulfillment.
To attract and retain staff, you need to go beyond the basics (pay, benefits, flexibility) and really understand what finance professionals want in this day and age. For most finance professionals, true fulfillment comes from doing meaningful and important work.
Growth: Financial professionals have studied for years to achieve their qualifications. Now in the professional world, they want to know that their hard work will lead to promotions and career advancement.
Flexibility: Nobody wants to work in an organisation with a “Big Brother“ approach. Yes, there must be oversight, but it’s more motivating to have an employer who trusts and respects you enough to get the work done without a manager looking over your shoulder constantly.
First off, you are not alone. The trends all point to the fact that every organisation is suffering and no one company has the solution. But knowing your competitor is also struggling doesn’t help your practice. What will? Employees want managers who can talk to them on a personal level and who help them to see the potential ahead. Professional employees want meaningful work, they don’t want to be bogged down with the routine administrative tasks required of a busy practice – even though they recognise these mundane tasks are an important part of practice work.
It might seem counterproductive, but outsourcing improves retention strategies dramatically. By taking on a resource from Teams PLUS for example, your local team is freed up for the more meaningful, strategic work that they trained for years to do. Meanwhile, the day-to-day duties are carried out by a capable, experienced staff member from Teams PLUS. Your outsourcing strategy, should you adopt one, will allow you to:
Ultimately, outsourcing will help staff complete the more mundane tasks with greater efficiency and this will help them feel more fulfilled as they can focus on the more strategic role within the organisation. When it comes to retaining experienced and skilled talent, it’s clear that finance professionals want fulfilling jobs that offer growth, flexibility, and the ability to play a strategic part in the growth of the business. Outsourcing helps companies do this in a consistent, stable, and cost-effective way.
We understand that creating change and bringing new ideas and concepts to a profession that is not accustomed to innovative solutions can be a challenge. However, it’s just what our industry needs. We have seen our existing clients reap the benefits of outsourcing and this new approach is proving crucial to their long-term success as it helps them achieve growth targets and retain their key staff members.
Teams PLUS is an Irish outsourcing company, specialising in accounting and auditing services. We match your needs with qualified and experienced team members, sourced specifically for you and based in our state-of-the-art office in India. With robust security protocols, ISO certification and fully GDPR compliant, the integrity of your data is always assured.
We differ from bench outsourcing models, in that our members work exclusively with you, as an extension of your local team. This means you get the work you want delivered the way you want it. Experienced and highly qualified, they hit the ground running and you are guaranteed quality work, continuity of service and the ability to scale your business without the cost and commitment of hiring permanent staff.
Get in touch with us to find out more about outsourcing and how it can help your business. No obligation. Simply contact us and we can arrange a call at a time that suits you.
Whether you are making plans for your future growth ambitions or looking to drive efficiencies right now, we can help. Our team based in Cork and Dublin are available to meet with you and discuss your requirements.Get In Touch