New research indicates that nearly half of accountants have left their role due to the lack of training opportunities.
In a sector with traditional values and clear recognition as important as the ‘trusted advisor’ status, why therefore is the accounting sector losing staff, almost as fast as a sinking ship takes on water?
Dubbed the ‘great resignation’ post pandemic, this exodus of highly qualified talent is having a profound impact on the accounting sector, which ultimately effects clients and profitability.
These departures do not appear to be linked to the perennial search for higher wages, staff motivation is different, employees are looking for satisfaction, interest and personal development.
Ismail Dogan from specialist recruitment and retention consultancy for the finance sector – Macildowie, comments “Even though the current pool of active candidates is so small, when we are approached by candidates, the number 1 reason is down to a lack of training and a lack of progression due to it.
Employees want guarantees that they will be provided with the relevant training and be provided the skills to progress rather than just the title.
This has led to many professionals to explore new opportunities, whether in Industry or in a new sector, as they have the opportunity to gain new skills and use new software which will undoubtedly improve their skillset and future prospects.”
How can you ensure that your staff see a future within your firm?
While employees are placing more value on flexibility, they now more than ever want to see opportunities to grow and progress their careers.
The accounting industry is undergoing considerable change management. As firms invest in technology, it is essential that leadership make core decisions to train and equip the workforce to navigate the sectors changing landscape.
As one Senior Partner at a large regional firm told me recently, they are having to develop their staff skills beyond just ‘adding-up’.
Can Risk Dashboard help?
It is taking considerable effort to create the change management strategies for accounting through the deployment of technology, whilst managing high turnover and the risk of reporting errors, that could threaten compliance and reputations.
Risk Dashboard’s risk/audit software delivers the ideal ‘soft’ environment to train and develop staff across new service lines, creating new revenue and client engagement opportunities for the firm.
With 6 different templates available, and up to 26 modules in which to train and develop your staff, it couldn’t be a better time to consider Risk Dashboard as a platform that directly correlates with;
- increasing staff retention,
- improving staff morale,
- increased productivity that effects both internal and external clients
- enhanced service lines and management responsibilities
- staff development in skills for future profit
As a specialist provider of analytical solutions to the accounting sector, Risk Dashboard delivers real-time evidence based continuous analysis for improved reporting and decision making for accountants, business advisors and their clients.
If you would like to know more about how Risk Dashboard can help in staff retention and development please contact Neil Campbell, Commercial Director at Risk Dashboard on info@riskdashboard.co.uk