Let’s face it, the busy season is extremely stressful for accounting professionals. On top of monthly and annual closes, audits and day-to-day work responsibilities, accountants are facing long hours, new compliance rules, internal pressure and a challenging shift to remote work.
Unfortunately, they often navigate all of these challenges without the resources and tools to manage them.
Unfortunately, these issues have resulted in 83% of accountants experiencing burnout, according to Blind, and more than 50% admitting feelings of depression and anxiety from their work. Due to this, accountants across the globe are joining the ever-increasing numbers of people leaving their jobs during the Great Resignation.
Last year alone, 3.95 million Americans quit their jobs each month.
High accounting turnover is made even worse as fewer and fewer people are choosing accounting careers. In fact, the number of accounting graduates joining CPA firms is down 30%, and 50% of companies are facing issues retaining and attracting talent.
As the labor market continues to be highly competitive, accounting and finance companies that wish to retain their staff must do all they can to support employees, particularly by reducing burnout and mental health issues.
It has never been more apparent that prioritizing employee's mental health is essential, especially during busy seasons, a time when accountants’ jobs are at their most stressful and internal pressure is the highest.
Fortunately, there are several key solutions that will rejuvenate the way accounting teams work:
First, accounting departments must adapt automated software that can streamline and shorten mundane, repetitive tasks. By doing so, accountants can gain back valuable headspace and free-up time to focus on more creative or strategic work.
Automation tools standardize and reduce previously complicated processes, while removing many of the potential risks for errors. Without it, controllers in the US spend nearly 70% of their time at work performing traditional, manual tasks (like closing the books) instead of focusing on more enriching work.
When automation is introduced, however, previously monotonous and time-consuming tasks take less time. For example, close cycles take three to five days (on average) and audits take 40% less time.
Additionally, teams that can fully automate processes and workflows have nearly 25% more time to pivot to more strategic, purposeful tasks, like collaborating with clients and colleagues, or brainstorming new innovations that can *lead to business success.
Employees can enjoy significantly more time when not bogged down in menial tasks, leading to better mental health and improved work/life balance.
Beyond instituting modern technology, the leaders of accounting companies must also work to continuously improve company culture, whether employees are in the office or not. As the global pandemic and shift to remote work has taught us, strong company culture can help retain employees and keep them engaged with both their colleagues and the business they work for.
It is no secret that employees are companies' most important assets, and it’s important that they have the resources, software and infrastructure they need to maintain positive mental health at work.
An effective way to build culture is to provide employees with opportunities to improve their skills and progress in their careers. According to a study from Gartner, there is a growing skills gap due to ongoing business disruption and rapidly evolving needs in response to the COVID-19 pandemic.
Because of this disruption, employees need to quickly learn and master new skills to succeed in their ever-shifting workplace.
Additionally, 58% of the workforce will need new skill sets to do their jobs successfully. Since 2017, the total number of skills required for a single job has increased by 10% every year. It is clear that employees need to be set up to succeed by their employers so they can continue to produce at a high level and feel confident in their own abilities.
To meet this need for new skills and qualifications, early innovators like Meta (Facebook) and Twilio have begun paying candidates to learn vital skills on the job. This on-the-job training should become a trend in the accounting industry as employees rapidly adapt to new compliance rules, deadlines and industry changes (like accounting firms accepting Bitcoin).
These newfound skills will not only enable teams to better accomplish their work, but it will also bolster mental health and wellbeing in the workplace.
It is no secret that employees are companies' most important assets, and it’s important that they have the resources, software and infrastructure they need to maintain positive mental health at work. Equipping employees to do their job properly and in a timely manner, while still building skills and progressing in their careers, is a key step in developing a committed, happy workforce.
As CEO and founder of FloQast, Mike Whitmire leads FloQast’s corporate vision, strategy and execution. Prior to founding FloQast, he managed the accounting team at Cornerstone OnDemand, a SaaS company in Los Angeles. Mike also is the author of “Controllers Guide: The Secret Formula to a Successful Career in Finance,” an Amazon best-seller providing career guidance for finance professionals.
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