By Jodi Chavez, Group President, Randstad Professionals, Randstad Life Sciences and Tatum.
From the introduction of innovative technologies to a continuing demand for skilled talent, many factors affected the way businesses across all sectors managed their workforces in 2018. For finance and accounting firms, here are the factors that will have the greatest influence on the workplace in the new year.
Artificial intelligence (AI) will work with accountants, not replace them
Today, there are AI-powered programs that can automate time-consuming, repetitive tasks, and give accountants more time to focus on value-added activities like building client relationships. These technologies can also enhance your credibility by drastically reducing the likelihood of reporting errors. Think of it as having an assistant available at every CPA’s fingertips. Over time, that should translate to significantly more revenue opportunities for the firm.
Company culture will impact the quality of job applicants
Today, employees expect to find positive work environments — and they’ll leave if they don’t get them. In fact, over a third (38%) of employees want to leave their jobs due to toxic work cultures, or cultures in which they don’t feel like they belong. And given the fierce competition for skilled talent today, companies can’t afford to lose valuable employees. As unemployment continues to remain under 4 percent, that competition is only going to intensify in 2019. So look for company culture to be even more important in the new year. Companies should also create external messaging and other content that accurately and authentically communicates workplace culture.
Employees will leave if you don’t train them
Companies that don’t provide opportunities for learning and career advancement not only stunt their revenue growth but risk losing their best employees. More than half (58%) of employees believe their employers don’t currently provide enough growth opportunities for them to stay long-term. What’s more, 67 percent of U.S. employees say they feel they need more training and skills, yet 40 percent say their employers have not offered or paid for upskilling. Clearly, there’s a disconnect between what employees want and what most companies are offering. So look for relevant, timely and on-demand training opportunities to become an important retention strategy going forward.
Hire less experienced staff, and train them for success
Skilled talent is hard to come by today. Plus, recruitment costs escalate when vacancies remain open too long. Worse, while you’re attempting to backfill for critical roles, you run the risk of overworking your existing team. Managing this way will have a corrosive effect on your company’s culture, increasing the likelihood of burnout. That’s why hiring managers should consider hiring less experienced candidates, and providing them with all the training and support they need to succeed.
Reward loyalty in a competitive job market
Finance firms must get creative in their retention strategies — and one way to do so is by introducing incentives. For example, you might institute tiered bonuses that reward employees based on length of tenure, especially now that wages have steadily increased. If you can’t afford to loosen the purse strings, check out some other levers you can use to help keep your employees happy — and loyal.
Now is the time to start planning for a successful 2019. But to stay ahead of the competition, you’ll need to take these trends into account — and by building them into your business strategy, you can position your firm as an industry leader.
=====
Jodi Chavez is Group President, Randstad Professionals, Randstad Life Sciences and Tatum. With more than 22 years’ experience in the staffing industry, Jodi oversees the field organization and provides strategic direction for Randstad Life Sciences, Randstad Professionals and Tatum. Throughout her career, Jodi’s entrepreneurial drive and strong business acumen have enabled her to increase revenues, grow profits and improve ROI. Along with a proven track record of building high-performing teams, she has a wealth of knowledge spanning strategic planning and execution, mergers and acquisitions, brand strategy, social media and multi-generational leadership.
Thanks for reading CPA Practice Advisor!
Subscribe Already registered? Log In
Need more information? Read the FAQs
Tags: Artificial Intelligence, Payroll
