The Good Bad Ugly Insight Poll: Your Team 2020, was designed specifically around learning more about your people. Here are some of the key insights from the latest report:
- A majority of firms (55%) believe implementing machine-learning technology will replace team members in the next 5 years allowing firms to reduce labour costs. (16% of firms believe this will never happen)
- A large majority (76%) of participating firms identified recruiting and managing their team as a top three challenge in their firm. Staff
turnover is three times higher for these firms. - Staff turnover is on a declining trend to 10%, despite it being identified as a major challenge. Firms with between six and ten staff experience higher staff turnover.
- Senior accountants is the most difficult position to fill for all sized firms.
- Skills deficient in team members include leadership, data analysis and communication.
- Absence of communication skills is limiting the growth of more than half the participating firms.
- Approximately a quarter of respondents provide some type of sales training for client facing staff.
- Offshoring/outsourcing has slightly declined since 2016 but accounting and tax is the most popular service outsourced compared to SMSF audit in previous years.
- Customised work hours is the most popular form of flexible work arrangements in place. Five percent of participants suggested they do not provide flexible work arrangements at all.
With these insights in mind, how you find, engage and develop your future talent must be central to your future fit strategy.
- Who in your firm is responsible for the development of your team? How would you rate their performance?
- What makes your firm more enticing than others to attract quality talent?
- What incentives are you providing your team to keep them engaged?
- Constantly consider and review alternative ways of getting work done. This includes fully utilising and learning new technology to entice team members.
- How is your firm embracing technology to run a smarter practice?
- What are the future fits skills your team will require?
As identified in this poll, recruiting and managing your team continues to be a major challenge in your firm. Start now by focussing on where your gaps are in finding, engaging, developing and managing your team.
*Report based on 250 participating firms
Click Here to download your copy of the Your Team 2020 Report