The finance sector is currently facing a major challenge: talent shortages. A study conducted by Avalara revealed that an overwhelming 84% of CFOs in both the U.S. and U.K. are feeling the pinch, struggling to fill roles within their accounting and finance teams.
This roadbump comes at a time when the complexity of the markets is on the rise, pushing the demand for competent finance professionals to new heights.
But the hurdles don't stop at recruitment. Finance teams are also battling burnout, a consequence of the relentless demands to meet tight deadlines, stay ahead of regulatory shifts, and master emerging technologies.
The long hours and high-stakes decision-making have increased stress levels among many employees, adversely affecting not just individual well-being but the cohesion and productivity of finance teams as a whole.
This blog explores the current challenges facing finance teams, with a particular focus on how automation can serve as a tool to enrich the employee experience. Let’s get into it.
Finance Staffing Issues: Talent Brain Drain
There are ample contributing factors to today’s finance talent shortages. The demanding nature of certain roles, coupled with working long hours, almost inevitably leads to employee fatigue and a smaller pool of available talent.
Burnout also arises from extended exposure to boring, repetitive tasks. Monotonous tasks, which fail to engage and challenge employees, contribute to job dissatisfaction and attrition. In fact, the talent pool is already shrinking - roughly 11% of employees in finance-related jobs intend to leave the industry within the next year.
On the other hand, some businesses struggle to find candidates with the right skills and expertise.
Addressing these factors requires an approach that prioritizes employee well-being, work-life balance, and skill development to attract and retain talent. As per Workhuman, wellness programs can enhance employee engagement, morale, culture, and other aspects.
Looking at the finance and accounting job landscape, two key trends take center stage: first, there’s a growing need for experts in emerging areas such as data analytics and financial technology. Second, the departure of experts from traditional roles has led to widespread talent shortages. As a result, businesses must adapt their strategies to attract and retain talent with the right skills.
Facing these staffing challenges, automation emerges as a pivotal yet underutilized solution. In the next sections, we'll explore how automation can be a game-changer in addressing the talent crunch in finance.
The Role of Automation in Finance
Finance automation, including tools like Accounts Receivable automation, has emerged as a critical solution for finance teams looking to do more with less.
With 89% of CFOs committing to AI investments, there's a clear consensus among leaders that automation pays dividends. This strategic move not only elevates productivity and accuracy but also propels teams towards greater efficiency and profitability.
Automation: Your New Favorite Tool to Improve Employee Experience
Automation significantly lightens the load on finance teams by taking over mundane tasks. Tools such as AP and AR automation streamline operations, cutting down on errors and boosting efficiency, which speeds up decision-making and enables more agile decision-making. This adaptability improves workflows and positions teams to better navigate dynamic business landscapes.
By removing tedious, repetitive tasks, automation reduces burnout and stress amongst employees by enabling them to tackle more intellectually stimulating work. This creates a more engaged, productive team focused on high-impact activities.
In essence,the right systems can turn your workplace into a dynamic, engaging space where employees can meaningfully contribute, significantly enhancing business value.
Bridging Staffing Shortages with Efficiency Gains
As we’ve covered above, automation is a powerful way to make up for staffing shortages. Automation technologies can take over routine and repetitive tasks; bolstering teams with open roles. The increased efficiency enables businesses to maintain productivity despite reduced staffing.
By automating routine operations, businesses can then redirect employees toward activities such as personalizing client engagement and growing their book of business. This can lead to better customer satisfaction, and contribute to business growth and loyalty.
This shift to more strategic roles not only elevates workers but also ensures that business strategies align with long-term goals. Ultimately, this dual approach of automating routine tasks and emphasizing strategic roles results in a more agile, competitive, and future-ready business.
Conclusion
As we’ve covered above, automating your finance operations can significantly mitigate talent shortages by taking over routine tasks and helping your team do more with less.
This shift allows finance professionals to dedicate more time to value-added projects, enhancing both productivity and job satisfaction. Automation also improves resource allocation to effectively address workforce gaps and foster a more robust, agile financial team.
Looking to relieve your staff from the monotony of repetitive tasks and enable them to concentrate on more strategic initiatives? You’ve come to the right place.
From forecasting, collections, invoicing, payments, credit, and reporting — Centime’s connected solutions leverage automation and artificial intelligence to help finance leaders increase productivity, reduce operational costs, and proactively manage risk. Try it free today and see for yourself.
