Challenges in the Middle of the 4.0 Industrial Revolution in Your Accounting System

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Challenges in the Middle of the 4.0 Industrial Revolution in Your Accounting System

With the growth rate of work interest and along with the 4.0 industrial revolution, accounting practices are under pressure and are competing in the war for the best talent. The challenge is, your business is not only trying to attract new and competent professionals, but also to retain your current employees, and this is a difficult thing.

Creating a new wave of opportunity in the industry, professional services such as accountants ranked highest in terms of staff turnover in 2018 This is based on data taken from half a billion LinkedIn users .

In the 4.0 industrial revolution the need for professional talent is higher, hiring the right people with the right skills and creating a culture that allows them to thrive, will be the keys to the success of every corporate accountant.

Here are three business steps your company can take to attract and retain the best accountants for you:

Accept and Continue to Adapt to the Industrial Revolution 4.0

Openly accepting and implementing changes in the accounting profession can help companies to retain and get the best accountants.

Currently, the role of accountants is not only as a number cruncher that is bound by deadlines by just hanging behind a desk. Moreover, accountants serve as a trusted source of financial information and strategic advisors. With this in mind, it is important to position your company as one that understands and supports that the role of accountants has changed.

Build communication with current employees, it is also important for management to provide transparent information about how the accounting profession is developing. As much as possible, keep your employees from worrying about redefining their roles, by explaining the impact and what is currently happening. Surely this will build a good relationship which is built on trust.

For accountants, ensure you have a solid grasp of the skills needed to develop as a modern accountant by dedicating time to addressing the newer elements of your job function in the industry.

What's more, by discussing how technological innovation has transformed the industry with accountants, companies will show that they have adopted a mindset that is more advanced than competitors, attracts new talent who is eager to learn, and puts the company above your competitors. In an era of digital dependence, this will go a long way toward attracting and retaining the best employees.

Set Targets and Give Your Employees the Right  Tools to Exceed Them

Today, accountants need a wide range of skills to succeed, with more emphasis on proficiency in personal communication and technology than ever before.

As they learn new skills, such as presentations, project management, and relationship building, you also need to evaluate what future accountants will need to develop more. You also have to plan how the employees can enjoy the new things they are doing.

One of the most effective ways to attract and retain top talent is to provide a clear career development and training path. The challenge faced by many companies, especially in the accounting department, is that middle-level employees are often disappointed when they get promoted.

Once you've clearly defined accountants' success, make sure they have the tools  they need to get there. For example, adopting cloud accounting  technology will make it easier for them to carry out accounting records more efficiently, such as using cloud-based accounting software, for example, Accurate Online.

As time goes by, accountants will become more familiar with technology and that is a sure thing in the 4.0 industrial revolution. Invest them in training or seminars that help them feel confident in what they are going to do. Also introduce them to new things in business like artificial intelligence and bots.

In the hiring process, be mindful of the various skills required to meet targets, and consider looking above standard talent, beyond the qualifications of a typical accountant. this is to build a company with the right mix of expertise.

Ultimately, if management does not organize their employees to progress and thrive, and empower them with the right talents, the company is at great risk of losing them.

Make Sure your Accountants Feel their Workforce is Valued and Motivated

The key to success for any company is hiring the right people with the right skills, and providing a culture that allows them to thrive. Focus on bringing digital knowledge and expertise into practice, along with strategic and critical thinking, and creating the right corporate culture to provide an engaging experience for accountants and the entire employee.

To promote a positive company culture, communicate openly with accountants to understand what motivates them in the workplace. In this survey,  47% of respondents said that they had never been asked by their boss about how they could improve their work experience.

Meanwhile, 66% of respondents to the same survey believed that feeling valued is the most important aspect of work. What's more, a positive work experience is important for 92% of employees. This means that companies must be able to respect every accountant and all employees if they want to recruit the best talent and retain all existing human resources.

By providing clear development opportunities, focusing on the needs of accountants and employees, and recruiting new skills, companies can best position themselves to attract, retain and develop the right talent, now and in the future.

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