As the pandemic develops into a bigger economic threat, many employees question their profession and company, leading to a new phenomenon termed the “Great Resignation.”
According to current projections, up to 26% of the US workforce are planning to leave their current employment by 2021. While the reasons for the “Great Resignation” are various, leading explanations include workplace safety, the desire for remote or “hybrid” work arrangements, as well as a lack of career growth with present employers.
This issue can cause a gap in communication and follow-up with customers, resulting in higher late payments and days sales outstanding (DSO) in many teams. Companies that utilize accounts receivable (AR) automation, including automated email, have seen less disruption as a result of the Great Resignation.
Many employees have used their extra time at home to reassess their position and, eventually, their careers. Some people have become accustomed to not having to commute and are looking for career options that do not require hours of waiting in traffic.
Others see the present job market as an excellent opportunity to find a position that will allow them to advance into a role that will broaden their talents and move beyond some of their least favorite job chores.
Communication with your employees and listening to their challenges both within and outside of work are best practices for avoiding a Great Resignation at your organization. By learning about their concerns, you may discover that something as simple as providing them better tools will help them with their daily activities and increase loyalty and retention.
What You Can Do to Mitigate the Impact
Support Remote Work
Email automation makes it possible and easier for your company to transition to a hybrid work environment. Without access to paper files at the office, it is impossible to efficiently follow up on late payments if you employ manual AR processes. Email automation is powered by electronic files, which do not require paper files or the presence of your team in an office setting.
The Great Resignation has demonstrated the value of email automation. Reminders can be sent through email even if you have staff turnover and whether your team works remotely or in the office. Email automation decreases late payments and DSO while maintaining cash flow.
Tax and regulatory reporting isn’t the most enjoyable part of anyone’s job, but businesses can’t ignore it. Regulatory changes occur on a regular basis, and business events such as mergers and acquisitions, growth, global expansion, and new product releases add complexity and place additional burden on your finance department.
Manual, time-consuming processes passed down from year to year and employee to employee are not only prone to error, but also frequently create frustration in terms of time and effort required to maintain it. This resistance to innovative improvements can send a discouraging message to the next generation of career-minded, tech-savvy finance professionals.
Choosing current cloud-based solutions that are specifically intended for complicated compliance processes not only enhances productivity, but also gives your team more confidence in their outcomes with less time and effort. Instead of conducting manual operations, this extra time can be spent analyzing data to find prospects for growth.
Cloud-based solutions can be used from both your company’s office and your employees’ homes, providing maximum worker flexibility.
Outsource to Experts
If you find software cloud-based solutions to be convenient and helpful, outsourcing repetitive and time-consuming jobs will make sense for your business. Consider taking a more hands-off approach to tax compliance and hire expert services while boosting efficiency and reducing costs.
Increase Employee Confidence With Virtual Solutions
To save money, it may appear paradoxical to invest in software or outsourcing. However, if the resources required to ensure reporting compliance are factored in, manual reporting is substantially more expensive.
Finance, accounting, and compliance positions are frequently underfunded and conducted on a shoestring budget, forcing employees to undertake a wide range of specialized activities. Online accounting solutions can not only make their process easier, but also increase employee trust that it is being done correctly.
Asking your staff what is most important to them is one way to find out what expectations you must achieve – or surpass. The first step in preventing your own Great Resignation is to identify major sources of discouragement and gather their perspective on what is impeding professional advancement.
Our primary goal in Today CFO is to help our clients keep their books clean even in the middle of the great resignation. Our services are designed to decrease financial risks while saving your company money and fostering your most precious asset – your staff!
Schedule a free assessment to learn more.