Here are four strategies than can help you strengthen your team
Finding and keeping great team members has been a challenge for a long time now. And, unfortunately, it looks like it’s not going away any time soon.
As fewer students opt for accounting courses at university and more baby boomers head for retirement, there’s a shrinking pool of talent in the profession. Smaller firms who can’t offer high salaries face a particularly tough time, struggling to compete against bigger firms with deeper pockets and more career opportunities.
But it’s not all doom and gloom and even small firms can find ways to ease the skills shortage.
Here are four strategies than can help you.
Think differently when you’re recruiting
If traditional recruitment methods aren’t working, try a different tactic.
Be flexible in the skills/qualifications you ask for. A candidate with the right attitude is far more of an asset to your business than someone with the right qualifications, but the wrong attitude. You can train for skills, but you can’t train someone if they’re the wrong fit for your team.
Look at recruiting from professions outside of accounting which have the same kind of qualities you need. A client-focused approach and attention to detail aren’t unique to accountants. And bringing in people from a different sector can also mean bringing in new ideas and a different perspective.
Make your firm stand out
What can you offer potential candidates that’s different?
Salary is only one factor and not always the most important. Think about the whole package you can offer that makes your firm attractive to the right kind of candidate. For example:
- flexible/hybrid working
- a results-oriented work environment, rather than strict 9-5
- mentoring for progression
- internal training programme – or perhaps apprenticeships.
Highlight the values and ethos of your firm as this is crucial in finding someone who’s a good fit. What can you say that shows the personality and culture of your firm? Do you have a ‘bring your dog to work day’, ‘pizza Fridays’ etc? Paint a picture of what it’s like to work there.
Upskill and train your existing team
A common problem in many of the accountancy firms I’ve worked with is the owner not letting go of tasks that could be done by someone else; they become the bottleneck in the business, trying to do everything.
As well as stymying growth, this also impacts the development of your people. And if there are few career opportunities, they may start to look for a firm that can give them more.
Give your team what they need to gain the confidence to become true client managers. This is where systems are essential. With good systems in place that replicate your high standards, your team can be sure they’re following the right processes. Use tech as much as possible for the routine tasks so you and your team can focus on the things that only humans can do.
When they come to you with a problem, ask them to think of a recommendation first and then discuss that, rather than just giving them the answers. They’ll learn better when they work things out for themselves.
Don’t be too rigid about who does what: let people play to their strengths. If your accounts senior is amazing with the numbers but less good in meetings with clients, don’t force it. Look for another team member who has those skills and let them shine.
Can outsourcing help?
Outsourcing has many advantages, not least the access to new talent when recruitment is so challenging. It can also be very cost-effective, improve turnaround times, take stress away from your existing team and free up your time to focus on added value services and customer experience.
But to reap all these benefits you have to start from the right place.
Here are five questions to ask yourself before you embark on outsourcing:
- Why do you want to outsource work? Is it to allow you to focus on added value work or to take on more clients?
- Will the extra time/fees you earn cover the cost? Is cost less of an issue because this is a lifestyle choice?
- Would you be better off selling a chunk of fees that are less profitable and causing the overload of work?
- Are you prepared to invest the upfront time needed to properly brief the outsourcer?
- Do your existing team see this as a threat to their jobs or as an opportunity to develop their roles and focus on client relationship building?
The clearer you are on your answers to these questions, the better chance there is of a successful outcome.
There’s no getting away from the fact that these are difficult times for recruiting new team members. But, while I can’t promise these strategies will solve your problems overnight, done right, they will have an impact well into the future.
For a comprehensive look at how to make outsourcing work really effectively, watch the webinar my colleague, Emma Slack, presented. Called Outsourcing: How to Plan, Prepare and Execute, it’s available on demand to The Accountants KnowHow Club subscribers.
Shane Lukas: AVN – The Accountant’s Network
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