Studies from the World Economic Forum reveal that 50% of all employees will need to reskill or upskill within the next five years.
In a fast-paced landscape like the accountancy sector, the talents your team members need to thrive constantly change. In fact, according to Gartner, 33% of the skills listed in a typical job post in 2017 weren’t relevant by the time we reached 2021.
The evolution of the accountancy space, combined with new trends in the workplace, like remote and hybrid working, means employers need to refocus their attention on the value of reskilling.
With the right reskilling strategy, you can prepare your crucial employees for the new challenges coming your way and enhance company culture at the same time.
Here are the reasons why every accountancy group should be prioritising reskilling.
1. Adapt to Workplace Changes
As mentioned above, the workplace for the average accountancy firm has changed drastically in the last couple of years. We’re seeing shifts towards new work methods, like four-day work weeks, hybrid employment and remote hiring.
While these changes can have significant benefits, like remote work increasing productivity by up to 13%, they also mean employees are likely to need extra help adapting to the changes in their roles. For instance, you may need to consider:
- Digital training: Accountancy teams increasingly use a wider range of cloud-based, automated, and intelligent tools in their work. Making sure all teams, wherever they are, can access the right tools correctly is crucial.
- Communication skills: With more distributed teams working in a diverse environment, it’s crucial to ensure your staff can still collaborate successfully. Think about how you can align your workforce in a post-pandemic environment.
- Productivity training: Staying productive in an ever-changing environment can be complex. Teaching team members how to use their time efficiently and organise their to-do lists can lead to better outcomes for the business.
2. Filling Skills Gaps
As the nature of accountancy roles continues to evolve, augmented by the introduction of new technologies, demands, and regulations, skills gaps are beginning to form. Around 87% of CEOs say they’re already noticing employee skill gaps.
Reskilling and upskilling strategies allow companies to audit their existing talent base and find the gaps they need to fill to remain competitive. For instance, if your accounting business is increasingly digitised and leveraging AI tools to deliver better service, teaching team members how to work with AI will be useful.
You might also find that filling skills gaps allows you to reduce the time and money you need to spend hiring new employees. If you can provide progression paths for your team members, you can create internal opportunities for existing employees to fill future positions, like CFO.
Either way, you benefit from a team better equipped to deal with anything the future of accountancy has to throw at them.
3. Retain More Top Performers
Finding the best possible people for your accountancy team is difficult enough at the best of times. In an era of the “Great Resignation”, where employee turnover is higher than ever, it’s becoming increasingly tough to replace the critical staff who choose to leave your business.
One frequently overlooked benefit of effective reskilling is retaining your employees for longer. Staff members are up to 42% more likely to remain with a company long-term if they receive training to help them excel in their roles.
One of the most important things any employee will look for when deciding whether to work with and stay with your brand is an opportunity for future growth. Launching an upskilling and reskilling program shows your employees you care about their futures and builds a deeper relationship between team members and management.
4. Improve Your Employer Brand
As a bonus, reskilling doesn’t just help you to keep your top employee, it can also improve your chances of attracting the next set of team members you want to bring on board. When you’re working with your recruiting company to attract new staff members to your business, highlighting your commitment to upskilling and reskilling will make your business stand out.
It shows you’re willing to invest in every employee and helps candidates to envision a long and fruitful future with your business. This could mean you’re more likely to stand out among the competition when you’re seeking out top talent.
Reskilling and upskilling efforts also show your employees they have a degree of job security to look forward to in their new role. This is becoming particularly important for many accounting professionals who have been left feeling uncertain about their jobs in the last few years.
5. Enhance Business Performance
Perhaps most importantly, reskilling your team members ensures you’re working with staff who can help your business to grow as effectively as possible. As the accounting landscape grows more competitive, your teams will need a wide range of new skills and talents to help make them as efficient as possible in their roles.
Whether you’re nurturing emerging talent with your learning opportunities or helping your existing team members to embrace new capabilities, reskilling makes a huge difference. You’ll be able to ensure you stay up-to-date with the latest regulations and guidelines in your industry, improving your customers’ trust in your business.
Teaching your team members how to use new tools can also mean they can complete important tasks faster, with fewer mistakes. Currently, the World Economic Forum suggests around 6 out of 10 employers will see a rapid return on investment from reskilling within as little as one year.
As valuable as reskilling is for enhancing your team, you’ll still need to ensure you’re bringing the right staff members into your workforce from day one.
Rebus is a dedicated accounting and financial recruitment team with years of experience helping companies find adaptable and flexible staff for their roles.
Reach out to us today via email or on 01282 930 930 to get started.
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, which historically range from various organisations, including SMEs, to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs, and, in doing so, we match the two perfectly. To find out more, get in contact with one of our team today, or you can call us on 01282 930930.