For years, accounting firms have grappled to retain and recruit qualified talent. It has been a hurdle for many top accounting outsourcing companies to find and hire the most qualified candidates. While other sectors, such as healthcare and specialty commerce are also finding it difficult with talent acquisition. According to a survey, globally, finance and accounting industries are ranked seventh out of tenth where jobs are hard to fill. The talent deficit can have a notable influence on business growth. This blog breaks down the major reasons why accounting firms in the UK are losing out on the best talent and identifies the solutions.
Know Why the Accounting Firms in the UK Losing Out on the Best Talent
The pandemic has stimulated a dynamic variation in market power, needing accounting firms to change hiring patterns. A shift in employees and skills shortages induced by the pandemic changed the market dynamics in professional services and accounting firms. A recent survey published by the Financial Services Skills Commission and Professional and Business Services Council claims that the average of approximately 32 % of the UK accounting firms is stricken by shortages.
The consequent surge in accounting firms due to hiring process modification and volatility has advanced to lose out the most qualified employees. Let us have a look at the several factors that make recruiting in accounting firms difficult and why the firms in the UK are losing out on the best talent.
- Inadequate Recognition
All employees yearn to be rewarded and acknowledged for doing their job to the best of their ability. The employees want to be recognized for their productivity, efficiency and it is also motivating to comprehend that they will be remunerated for their excellent performance. It is necessary to reward employees through monetary rewards, incentives, and promotions. There are plenty of incentive programs that you can employ to acknowledge and reward your employees. If a firm does not recognize its most talented employees, then there is a possibility of losing them.
- No Work-life Balance
Nothing disappoints employees more than not having an adequate work-life balance. Individuals who strive to do their job efficiently love to be at work, however, it does not indicate that they do not want a work-life balance. Not allowing your employees to have a work-life balance implies that you are wrecking their life and mental peace.
Rewarding your employees with more benefits can help you retain talented employees. Keep an eye on them and examine if any employee is overworked. Make sure that your firm facilitates an adequate work-life balance for your employees.
- Lack of Objectives
The most talented or qualified employees are demotivated if clear objectives are not implemented at their workplace. It is not motivating for employees to go to an office where generic guidelines are mentioned of where the firm wants to be and its goals. The talented employees want clear goals or objectives that they can achieve and expand their growth along with the firm’s growth. It is advisable to facilitate employees with attainable goals to maintain a positive environment.
- Computing Income Over Talent
When a firm values salary over talent, the firm loses the best-talented employees. It leaves an organization with the least inspired and motivated employees. The firm will have employees that do not strive to work efficiently. If a firm solely focuses on revenue, then it will lose talented employees. Due to this reason, many employees are looking for the best accounting outsourcing companies in India to get their dream job. A company should not only focus on revenue-generating but also focus on hiring talented employees. A firm should lead its employees and guide them.
- Inadequate Trust
The most talented employees prefer outsourcing accounting firms in India that strictly adhere to work ethics. It helps employees to build their trust and work to the best of their ability. Accounting firms in the UK should be transparent and take the necessary measures to build trust. Talented employees stick around if they trust a firm and they adhere to work ethics and values. An accounting firm should have ethical rules and regulations that they must adhere to and treat all employees equally.
- Bureaucracy
All organizations need a hierarchy but administration can restrict an employee's ability to do their work efficiently. If red tape confines the best employees to do their work, then an organization should reconsider its rigid administration. A firm should ensure that their management is promoting to keep their talented employees. If a company fails to maintain bureaucracy, then employees look for accounting outsourcing in India.
- No Modification
Employees do not want to believe that they are restricted in their jobs and there are limitations in their career potential. The employees do not feel motivated to perform mundane tasks for the rest of their lives and look for challenges that help them grow and learn new skills. Employees do not want to believe there is no growth for them in their professional life. They strive to go to a workplace that improves their skills and helps them grow. A firm should give promotions and keep their employees motivated. If a company is not rewarding the employees, then they feel demotivated and the firm loses the best employees.
Identify the Solutions to Avert Losing the Best Talented Employees in an Accounting Firm
Understanding what your employees want, will help an accounting firm in avoiding losing talented and qualified employees. It is important to not lose the company’s strongest asset as companies invest their time in training and guiding employees. Hiring talented employees is a smart investment for any firm. An accounting firm should identify the solutions and implement them to avoid losing their best and talented employees.
- Be Authentic and Transparent:
An accounting company should be authentic and transparent about its objectives to retain qualified employees as they look for a firm that is transparent with its employees. State it in your organization's guidelines to ensure employees that you are transparent and strictly adhere to rules and regulations. Talented employees look for a company that is transparent with its employees.
- Training Process:
Another finding in the recent survey is that approximately 80 % of employees prefer accounting firms that facilitate in-house training to their employees to enhance their skills. Many accounting firms offer free training programs and counsel their employees to help them polish their skills and learn new skills. A firm should organize a training program frequently.
- Flexible Workplace:
Many employees prefer a workplace where they are provided with a flexible workplace especially after the pandemic hit. The employees look for a firm that offers them a flexible schedule. They look for firms that acknowledge that commuting takes time and working from home saves their commuting time. A firm should facilitate a flexible work environment for employees to retain qualified employees.
- Company Work Culture:
Given the experience of the employees, workplace culture difference is acceptable. Socially connecting the employees facilitates ease of understanding and stability. A firm should promote constant interaction among their employees to clear any differences or misunderstandings among employees and develop a close-knit community. The company should reinforce relations and develop cross-functional teams. Whether you work with an offshore team or local employees, it is important to develop balanced work culture. Creating a unified and diverse work culture of fitting across time zones and borders is important.
- Honest Feedback:
Do not undervalue the power of giving honest feedback to your employees. According to a study, 80 % of employees who have been given feedback address higher job satisfaction. Accounting outsourcing companies in India provide honest feedback to their employees and sustain qualified employees. Accounting firms should give honest feedback to their employees to help them polish their skills and improve their work.
- Offshore Workforce:
You can turn to Accounting outsourcing services in India as a way of getting the most talented and qualified offshore employees. The Outsourcing accounting firms in India recruit talented employees. Once a firm connects with the right outsourcing firm, they provide you with resumes you can examine and select who to hire and interview. An accounting firm can select the Top accounting outsourcing companies in India to retain and hire talented employees.
From providing year-end account outsourcing, corporation tax outsourcing, payroll outsourcing, to bookkeeping and VAT outsourcing, XL KPO is the ultimate solution for accounting firms. They make it convenient for the companies but also oversee that the firm gets the best employees. They help their employees to become leaders and the best in the marketplace. If you are looking to outsource accounting functions in India, then XL KPO strategy has always been to make winning decisions and generate major revenues for the companies.
XL KPO is a dedicated accounting outsourcing service provider in India that helps its clients to classify their transactions and create a financial statement. They strive to offer services to start-ups, SMEs, practicing accountants, etc. to advance the smooth functionality of their client’s business. With over a decade of extensive experience, they provide you with the best services.
Reach out to our outsourcing professional at sales@xlkpo.com or call +44 208 191 1010 for any outsourcing-related questions.
