Post-pandemic changes in finance and accounting
How to attract talent, retain employees and build team collaboration
Beth Weir | August/September 2023 Footnote
The past few years have undeniably shifted the work landscape. Many were forced into remote work as both employees and employers had to quickly adjust to new workplace environments. Some saw the incredible benefits and opportunities the shift brought, including no commute time and more work/life integration — like breakfast or lunch with family or being able to attend after-school activities. Even just living at a slower pace and being more mindful of sleep and exercise was an unexpected, but arguably necessary, benefit for some.
However, person-to-person connection and collaboration were missing, which created real challenges within teams. This dynamic was the case not only for me, but many of the people I represent. I missed being able to connect over those “water-cooler” talks, or even just overhearing important work conversations that can spark additional strategy or growth ideas. A lot of those moments were just not happening as often or, sometimes, at all.
We could debate the pros and cons of this post-pandemic working environment all day; the reality is work is not going to go back to the way it was. So, what does that mean for attracting and retaining top talent for the long term? How do we build teams and collaboration with fractured teams and schedules that include hybrid or remote work?
Attracting top finance and accounting talent
- It’s not always about the money. While competitive compensation is still important, job seekers now prioritize factors beyond salary. Candidates seek companies that offer a positive work culture, work-life balance and opportunities for professional growth. Many professionals who are early in their career started their work life remotely and may not even know what they are missing out on from a developmental standpoint.
- Your brand matters. Know who you are and where you’re going. Job seekers want to align themselves with organizations that have a clear mission, vision and values. A strong employer brand attracts candidates who share those values and are passionate about the company’s direction.
- Transparency is key. Potential employees appreciate transparent communication during the hiring process. Being open about company policies, expectations and growth opportunities helps candidates make informed decisions about their career prospects. I am a strong believer that the truth always comes out, so it is better to lead with a clear picture of the good, the bad and, maybe, the not so pretty. This shows you are genuine versus just trying to put on a show.
- You must be flexible. The pandemic has shown the value of flexibility in work arrangements. Offering remote work options, flexible hours or hybrid models can significantly enhance your organization’s appeal. If you are requiring in-office time, make it clear how that benefits the potential employee as well as the organization. The pandemic allowed many people a chance at work/life they had never experienced before — and most are not willing to give up that autonomy and integration of personal life. Rigid requirements that do not clearly add value will turn away the very top performers you are trying to attract.
Retaining your top performers
- OK, it might be about the money. While compensation may not be the primary factor in attracting talent, it can play a crucial role in retaining employees. Offering competitive salaries and benefits helps keep valuable team members motivated and satisfied. One thing is certain, salary information is more available than ever. If you are not doing a compensation and benefit analysis of the market and correcting your internal teams, they will do it for you by getting other offers to leverage a counter or to ultimately move on if they don’t feel you value them more than your competition.
- Communication about changes in working environment and expectations. As companies navigate this new landscape, it’s essential to clearly communicate any changes in work arrangements, office policies and expectations. Regularly checking in with employees and addressing their concerns fosters a sense of security and belonging. Again, transparent communication is key here. If you are now requiring specific in-office times, help them to understand how it benefits them and the whole organization going forward.
- Clearly define growth and career opportunities. Employees want to know that their hard work and dedication will be recognized and rewarded. Providing a clear career path, mentorship programs and opportunities for professional development are essential for retaining top talent.
- Fostering a supportive community. Remote work has highlighted the importance of building a sense of community within teams. Encouraging virtual teambuilding activities, fostering collaboration through technology platforms and promoting open communication channels can help create a strong sense of belonging.
- Knowing when it’s better to coach someone out — but keep it human. Not all employees will be the right fit for your organization, even with the changing dynamics of work. Recognize when an employee is struggling or not meeting expectations in order to provide support. If it becomes clear that it’s not a good fit, it’s also essential to handle the separation process compassionately and respectfully. Remember that if and when they leave your company, they are now a walking/talking advertisement of how you treat your employees. Though you still need to run your business, consider how your approach impacts the individual and your overall employment brand.
Building teams and fostering collaboration
- Understand what worked before may not work now. Traditional team-building activities like happy hours and team lunches may not be as effective in a remote or hybrid work environment. Organizations need to get creative and find new ways to foster team cohesion and camaraderie, such as virtual game nights, virtual coffee breaks or team challenges.
- Get creative with collaboration. With remote work becoming more prevalent, organizations must find innovative ways to facilitate collaboration. This could involve scheduled in-person power hours or days each week or month to make the most of face-to-face interactions and foster a sense of connection and teamwork.
- Recognize generational differences. The shift in work preferences and values is evident between different generations. Younger CPAs may prioritize work-life balance over long hours, and remote work has become their norm. Understanding and accommodating these generational differences will be crucial for attracting and retaining talent.
- Allow people to be themselves. The pandemic blurred the lines between work and personal life, giving colleagues glimpses into each other’s homes and personal lives. Encouraging authenticity and understanding personal commitments can foster a supportive work environment where individuals feel comfortable being themselves.
- Offer autonomy and ownership to engage. Top talent often seeks opportunities to contribute in a meaningful way and to take ownership of their work. Providing autonomy, involving employees in important projects and giving them the chance to lead and grow will keep them engaged and motivated.
Looking to the future
This changing job market requires a shift in implementing new solutions for attracting and retaining top talent. Having hiring managers and companies focus on factors beyond monetary compensation, like embracing flexibility, fostering open communication and providing clear growth years were unlike any other with the tightest talent market and candidates were in the driver’s seat. Hiring accounting and finance talent continues to be competitive but there is a marked change back to a more normal, pre-pandemic market from a hiring perspective.
Implementing creative collaboration methods, understanding generational differences, promoting authenticity and empowering employees to take ownership will not only motivate employees, but also increase retention. By adapting to these changes, organizations can position themselves as desirable employers and thrive in the ever-evolving market.
Beth Weir is a director of finance & accounting search at StevenDouglas with more than 12 years of experience in the search industry and prior experience in Big 4 in the Midwest region. She works on a broad spectrum of mandates locally in the Twin Cities and collaboratively with both the Midwest region and nationally. Her personal experience working in public accounting gives her the unique ability to better understand the needs of both her clients and candidates. You may reach her at 414-218-5175 or bweir@stevendouglas.com.
