17/7/2024 As the employee retention crisis continues to challenge hiring managers in Thailand, Forvis Mazars - a leading international audit, tax, and advisory firm with an office in Thailand, proposes a comprehensive approach to address this pressing issue. With low unemployment rates, increasing voluntary attrition rates, and a shrinking labor workforce, finding and retaining employees has become more difficult than ever.
To combat these challenges, Forvis Mazars emphasizes the strategic importance of employee development and retention. According to a recent LinkedIn survey, 94% of employees expressed a willingness to stay at a company longer if the company invested in their career development. Surprisingly, only 34% of companies surveyed had formal mentoring programs, and 18% had no initiatives for employee learning.
Recognizing the significance of employee development, Forvis Mazars has implemented a range of structured in-person and online training programs. Additionally, the company collaborates with third-party experts to educate its staff on relevant topics such as artificial intelligence, Web3, and mental health awareness.
"Investing in employee development is not just a strategic move; it's a moral obligation for organizations," says Mr. Jonathan Fryer, Head of APAC Outsourcing Partner and Partner at Forvis Mazars in Thailand. "By providing employees with the necessary tools and resources to grow professionally, we are not only enhancing their career prospects but also fostering a loyal and engaged workforce."
In today's dynamic workplace, successful managers are embracing a coaching and mentoring role, moving away from authoritarian leadership styles. As part of this shift, managers should strive to understand the motivating forces that drive their teams and find ways to nurture the full potential of their employees. To achieve this, Forvis Mazars conducts a monthly well-being survey to gauge employee satisfaction, assess the working environment, and evaluate managerial support. This valuable feedback enables the company to make necessary improvements and create a positive workplace culture.
"The key to employee retention lies in creating a supportive and empowering work environment. By fostering open communication, providing growth opportunities, and prioritizing employee well-being, organizations can build a strong foundation for long-term success," says Mr.Fryer.
The accounting profession, in particular, faces a looming crisis due to a shortage of accountants. Globally, there has been a decline in students majoring in accounting and a decrease in the number of candidates taking CPA exams. Moreover, qualified accountants are leaving the profession in record numbers.
To address this challenge, Forvis Mazars recognizes the need for accountants with advanced technological skills. As the role of an accountant evolves to incorporate artificial intelligence (AI), machine learning, and robotic process automation (RPA), candidates must possess not only strong accounting knowledge and ethics but also the ability to adapt and learn various software applications, platforms, and tools.
"Accounting professionals need to embrace technology and continuously upskill to stay relevant in today's digital age. By equipping accountants with the necessary technological skills, we can bridge the talent gap and ensure the accounting profession remains robust and ready for the future." says Mr. Fryer.
To assist organizations in overcoming hiring and retention challenges, Forvis Mazars is offering two innovative solutions.
Firstly, the company provides outsourced accounting and finance services, allowing businesses to leverage the expertise of experienced professionals without undergoing a lengthy hiring process. This approach improves performance, ensures compliance, manages costs, and provides flexibility in resourcing and skills. Secondly, Forvis Mazars offers the placement of qualified staff on a part-time or full-time basis, providing short or medium-term hiring solutions to quickly fill workforce gaps with skilled professionals. These solutions not only alleviate immediate hiring pressures but also contribute to the long-term stability and adaptability of businesses in a dynamic economic landscape.
"Through our tailored solutions, we aim to support organizations in navigating the complexities of talent acquisition and retention. By providing flexible staffing options and expert accounting services, we empower businesses to focus on their core objectives and achieve sustainable growth." Mr. Fryer concludes.
Source: O.Openarms