The shortage of skilled workers is a problem for the fiduciary industry and many fiduciary companies have difficulties finding suitable employees. In this blog post, you will learn how fiduciary companies can recruit and retain the skilled workers who are struggling in the labour market.
The Job Market Monitor of the University of Zurich according to the Job Market Monitor of the University of Zurich, the fiduciary sector in Switzerland is suffering greatly from the shortage of skilled workers and is even one of the five most affected sectors. Due to this shortage of skilled workers, a veritable battle for qualified fiduciary professionals emerged on the labour market.
How fiduciary companies can counteract the shortage of skilled workers
Below are four ways in which fiduciary companies can mitigate the impact of the skills shortage in the fiduciary sector.
1. Outsourcing repetitive tasks to software
With the advance of digitalisation and the possibility of automating routine accounting tasks, the work of fiduciaries is also changing. However, they remain the central point of contact when it comes to business and financial concerns of the SMEs they serve. Instead of struggling with routine activities, however, they can focus more on monitoring as well as proactive advisory tasks. If you outsource repetitive tasks such as document extraction, sub-ledger reconciliations and report generation to fiduciary software you save valuable man-hours. The time saved can be used by your qualified employees to develop new services that will enable you to stand out from the competition in the future.
Outsourcing of routine activities and a stronger focus on the core business can relieve fiduciary companies of the pressure to expand the operational team for new projects or to replace clerks immediately after a dismissal. A fully automated accounting solution without software breaks completely eliminates the need for manual data entry, reducing the effort involved in accounting to control tasks. What requirements does a fiduciary software have to fulfil in order to make your daily work more efficient? On the one hand, the fiduciary software should relieve you of as much routine work as possible and bring together all important data on a secure and stable platform. Central processing, management and storage of documents is a must. On the other hand, user-friendliness is also becoming increasingly important: The current and next generation of fiduciaries no longer wants to struggle with partially digitalised solutions. Processes should function seamlessly and run via a single platform that is intuitive to use. With innovative technologies, fiduciary companies can also position themselves as attractive employers. You can read about how to do this in the next sections.
Extra Tip: With the Fiduciary accounting software from Accounto the work is not simply digitised, but completely automated. Arrange a free live demo here and find out how you can significantly reduce the time spent on repetitive tasks with Accounto.
2. Strengthen employer brand
With a strong employer brand, companies can attract more qualified applicants. Employer branding strengthens your employer brand. According to the Gabler Business Dictionary employer branding stands for “the development and maintenance of companies as an employer brand”. The aim of employer branding is to present the company as an attractive employer to employees and applicants. A good employer brand makes a company more appealing to both your employees and potential applicants.
Reading Tip: In this Blog post, you will learn how to develop an employer brand as a fiduciary company.
What role does corporate culture play in recruiting fiduciary professionals? In a fiduciary company with a constructive working environment, employees are more likely to recommend their employer to other professionals. The culture of a company reflects fundamental norms and values that are evident in the motivation of employees, internal and external communication, social commitment and, last but not least, economic goals. So work actively to create an open and constructive corporate culture. Be responsive to your employees and support them as much as possible in their daily work. Proactively offer help in case of problems. Communicate openly and be transparent when it comes to the company’s goals and development. Give all employees so much responsibility and freedom that they can develop properly. Such measures strengthen your employer brand and contribute to attracting and retaining sought-after fiduciary talent for your own company in the long term.
Even if you work with innovative technologies, you can score points in the recruitment process with the next generation of fiduciaries. Show applicants how your fiduciary company is taking advantage of digitalisation during the introductory interview. Demonstrate that clerks don’t have to type up receipts for you, but are allowed to work on challenging projects.
3. Retain and develop existing employees
What do fiduciary companies need to consider in order to retain good employees? Appreciation is central if you want to deepen the bond with existing employees. Show with words and deeds that your employees play a leading role in the company. “For many employees, it is important to know that their superiors will continue to count on them in the future and are committed to their development within the company,” writes the job portal provider JobCloud. To express appreciation, you can, for example, involve good employees more in decision-making, give them more room for manoeuvre and responsibility or grant them additional freedom.
Especially for younger employees, a regular exchange should not be missing. Representatives of generations Y and Z expect continuous feedback on their work. The training, which many companies consider A compulsory exercise the employee appraisals, which are considered a compulsory exercise in many companies, do not meet this need. Rather, it is about repeatedly exchanging ideas with staff and giving feedback. Praises exceptional commitment, pays tribute to good performance and, if necessary, points out areas for improvement. The reverse is also true: Be open to feedback. Accept criticism and requests for changes.
4. Train and develop fiduciary professionals
In many sectors, training and further education of young talents and lateral entrants is a way to gain loyal skilled workers for one’s own company. In view of the shortage of skilled workers in the fiduciary industry and the competition for well-trained fiduciary professionals on the labour market, many fiduciary companies can no longer afford to wait for the perfectly suitable applicants. Give candidates a chance who do not yet meet all your criteria. Look together for ways in which the applicants can acquire the knowledge they are still lacking. Are you willing to participate in school-based education or training? Can you train the new employees internally and help them to acquire new knowledge? What certificates do the candidates still need to obtain and how can you as a company support them? When you help employees acquire new skills, you increase motivation and strengthen loyalty to your company.
Reading Tip: In this Blog post for more tips on how fiduciary companies can develop their employees.