It’s no secret that the accounting industry is experiencing a serious skills shortage. Retaining existing staff has become a challenge in this era of early burnouts.
Employees are reassessing what is important in their lives and have changed their approach to work, alongside their expectations of employers. The result is increasing pressure on businesses to focus not just on profits, but on their people — their best asset and the key to success.
In this context some research in workplaces that resulted has revealed that less than one-third (33 %) of the professional services industry feel engaged in their work while a concerning 10 per cent admit they are disengaged. Just over a third are willing to go above and beyond, while fewer than (50%) believe their organisation can deliver successfully on talent retention.
So, what can accounting firms do to engage and retain their staff at a time when the talent market is tight?
People want more & it is not money !!
When it comes to what drives people to go that extra mile, the good news for accounting firms is it’s not all about money. While economic factors understandably remain top of employees’ concerns, societal and psychological factors are also important considerations for those working in the accounting industry, across every generation.
The research highlighted three areas that would encourage accounting employees to go above and beyond: additional workplace perks (75%), a more positive work culture (65%) and the ability to choose how and where to work (55%).
Additionally, more than half felt that “a fair and transparent employment process, providing opportunities for all” was an important consideration for their workplace.
Having employees who feel empowered makes a difference & is the secret recipe for long term engagement.
Autonomous organisations perform best
Within the professional services industry, approx one third operate within a command-and-control management style, but half of those surveyed presented a strong desire to shift towards more autonomous ways of working.
By moving towards a more autonomous working style, organisations can enable people to shape their work and work environment to achieve their goals and create deeper and more enduring value.
Autonomous workers are also more likely to be engaged, willing to go above and beyond at work and stay at their organisation longer.
An essential part of moving towards the autonomy is of course through effective processes and technology, which enable teams and give individuals the freedom to do more, work remotely and outsource work.
As a new generation of accountants emerges, autonomy, societal responsibility and personal wellbeing are fast becoming top priorities.
The research showed organisations that deliver here will clearly benefit from a more connected and engaged workforce and this is what drives not only profits, but true prosperity in the long run.
