How tech is transforming the labour market for finance

Organizations across industries and geographies are struggling to hire the right talent and keep existing staff right now.

And finance teams are not immune to this labour shortage either. In today’s competitive market, winning the accounting talent war is something Sage Intacct customers have in their sights for 2022 and beyond.

Here’s how labour shortages are really affecting finance teams

In February 2022, Sage Intacct co-hosted a webcast about the labour crunch and conducted a live poll with more than 1,600 attendees.

We asked, “how are staffing or labour shortages affecting your team?” and here’s what you said:

Staffing shortages pose the biggest challenge for accounting teams.
Staffing shortages are time-consuming, with 42% of participants spending more time on hiring-related tasks
Remote work is the way to go, with 28% noting that they’re hiring more remote employees and that offering remote work was an important factor to attract talent.

Technology is easing shortage pains, with 26% of participants saying they’re investing in automation to stretch resources, and 18% investing in new technology to attract and retain talent.

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It’s all about automation

Companies can improve efficiency and accuracy without hiring more people by tapping into automation and artificial intelligence (AI)..

But automating repetitive tasks also frees up time for team members to focus on more important work. On top of that, employees who focus on higher-value activities are likely to feel more engaged and happier at work, which helps your organization hold on to top talent.

Upskilling is a win-win

Adding automation or advanced reporting to your accounting technology portfolio can help boost productivity. But first, you’ll probably need to support your people as they learn the skills they need to actually use that tech with confidence.

Professionals trained in automation and accounting analytics are in short supply right now. Translation: upskilling and retraining existing staff to master these new skills is an attractive option, not just for employers, but for employees too.

Your employees will welcome the opportunity to build their skill set, and supporting their professional development will only help you hold on to your most talented staff, saving you the time and money it takes to find and onboard a new hire.

Upskilling support is actually one of the main things people consider when thinking about whether to remain with their company or accept an offer elsewhere.

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Creating work-life balance is key

More companies are seeing the value of the cloud when it comes to recruiting and retention. By supporting remote work, businesses have a larger, more diverse talent pool to hire from. On top of that, employees appreciate the flexibility to work from anywhere, allowing them to get things done while gaining more control over their time, a key ingredient to getting a healthy work-life balance.

Whether they’re spending more time with their kids, volunteering, joining a fitness club, or simply being able to work from anywhere in the world, professionals are embracing flexible schedules and putting their wellbeing first.

The secret to a healthy workforce: Technology

As the labour crunch continues, small and medium-sized organizations are ramping up their use of technology to support their hiring efforts.

Cloud-computing is becoming more commonplace, enabling staff to work from home and create a better work-life balance. Companies and finance leaders alike are automating standard transaction processes and creating opportunities for their people to learn new and highly sought-after skills.

So, what is the foundation for hiring and retaining a healthy workforce? Supporting employees to work flexibly, and adopting technology to do that and increase productivity.