Leadership Trintech

Overcoming the Great Resignation Challenge for F&A Teams

Sponsored by Trintech

Learn the two biggest drivers to retaining and recruiting talent for evolving F&A departments.

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Though the Great Resignation was identified as a post-pandemic trend in late 2021, organizations are actively planning for ongoing retainment and recruitment challenges throughout this year. Baby boomers are retiring earlier and newer generations of employees  have higher expectations for more meaningful work - looking for jobs that offer highly competitive compensation packages, and employers who walk the walk on work-life balance.

The finance and accounting (F&A) sector is being heavily impacted, and at a time when the need for strong talent in the F&A field is high. With the backdrop of ongoing economic volatility -- inflation reaching record-breaking highs and continuing supply chain delays -- there is high demand for experienced accountants and strategic finance professionals.

As F&A leaders reassess ‘22 priorities in the face of resource constraints and reconsider which projects must be prioritized, the two biggest drivers to retaining and recruiting talent for evolving F&A departments -- investments in technology and employee engagement -- should be at the top of the list.

Optimize Your Workforce with Technology

As the competition for skilled employees intensifies, increasing compensation packages and benefits will only go so far in meeting many firms’ workforce support needs. Combining a proactive talent acquisition and retention program with critical and strategic investments in technology provides support both now and in the future. In fact, technology investments can also de-risk organizations from potential future volatility in workforce availability.

Automation tech will play an increasingly critical role in addressing talent challenges and helping to fill the gaps in the workforce. Based on the ROI calculators we ask our own customers to fill out, it’s clear many businesses can reduce their headcount needs by implementing software automation.

Optimizing workflows and data management processes with automation is more likely to reduce risks that occur through human error. Financial close automation technology not only ensures accuracy, but it also then plays a central role in preserving institutional knowledge and retaining that data, which is critical for a smooth and efficient transfer of knowledge when employees do move on or retire.

Shift Focus to Higher-Value Work

Beyond filling critical workforce gaps, automation technology supplements the talent and skills of your workers, freeing up time for both existing team members and new hires to prioritize higher-value work and support strategic objectives in more meaningful ways.

Employees are also more likely to achieve greater satisfaction from their work when they are empowered to shift their focus from manual, low-value, repetitive tasks to those more challenging and strategic responsibilities. Employee satisfaction is a key factor in reducing churn which also supports increased topline profitability.

Employee Engagement in a Hybrid Work Model

Hybrid work models are here to stay, and while working-from-home has offered new opportunities and benefits for those who could not work full-time in an office, most employees actually report wanting to be at the office some of the time. In a recent survey conducted by Slack, 72% of employees surveyed prefer a hybrid remote-office model, with only 13% of those surveyed preferring to stay at home full-time, and 12% preferring to come to the office every day. Time together is still viewed as valuable and worthwhile.

Given this, organizations need to make concerted efforts to foster a sense of belonging among workers who might not meet regularly in person. This can be done by purposefully organizing in-person meetings or activities that encourage thoughtful engagement with colleagues. While it’s important we make in-person time well spent, we also know how important it is to make sure employees’ time working from home is truly flexible, allowing them concentrated time to work, as well as the ability to meet the needs of their personal lives.

Diversity, equity and inclusion strategies are also an essential part of the recruitment effort.  Business leaders are rethinking their workforces and developing strategies to support attracting and retaining a diverse employee base, which in turn strengthens the skillset and range of knowledge of your workforce. However, DEI cannot be a siloed initiative handled by an HR department, if an organization is committed to effective and lasting change -- it must be fully integrated and championed across leadership, across teams.

Even in the midst of the Great Resignation (with no end in sight), attracting and retaining strong talent can be done. The most successful retainment and recruitment strategies are thoughtfully and strategically prioritized and are consistently supported through investments in resources that support employees in the ways that matter most. To learn more about this topic, check out Trintech’s on-demand webinar, “How Automation Can Help F&A Teams with the “Great Resignation” Challenge.”