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, a staggering 94% of employees expressed a willingness to stay at a company longer if the company invested in their career development. Yet, surprisingly, only 34% of companies surveyed had formal mentoring programs, and a mere 18% had any 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 unprecedented 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.
Finally, a company that’s taking employee development seriously. It’s 2023, and yet so many firms still have no mentoring programs. Forvis Mazars is setting a good example.
Totally agree, Jane. Employee satisfaction is directly linked to development opportunities. Companies need to wise up.
Mentoring programs are great, but more firms need to do even more. Employee engagement requires listening and adapting to their needs continuously.
Absolutely, Sarah. Employees need to feel valued and heard. Continuous feedback loops like monthly surveys can make a big difference.
But what about pay raises? Development programs are awesome, but competitive salaries are a must too.
Another corporate gimmick. They’ll teach AI and Web3, but what about the basics? Companies should stop worrying about trends and ensure employees understand the fundamentals first.
Bobby, are you kidding? Basics are yesterday’s news. If employees don’t keep up with AI and tech, they’ll be left behind.
Basics are the foundation, Linda. Without them, all the advanced stuff falls apart.
Bobby, and what happens when your basics don’t include tech? You become obsolete in a heartbeat.
Outsourcing is just a way for companies to save money by not hiring full-time employees. It’s not the solution to the retention problem.
George, outsourcing can be a strategic move to fill in gaps quickly. It’s not all about cutting costs.
George, maybe, but the flexibility it offers is invaluable to many businesses. It might be a temporary fix, but it’s a necessary one.
Monthly well-being surveys sound like a great idea. It shows that the company cares about its employees’ opinions.
I’m impressed with how Forvis Mazars is tackling the tech skills gap in accounting. AI and RPA are the future.
Absolutely, SmartCookie. The accounting world is changing, and those who don’t adapt will be left out. Kudos to Forvis Mazars for pushing forward.
Well, pushing tech is one thing, but is everyone really ready for it? The transition could be rough.
Why focus so much on accountants? Every profession needs development and retention strategies.
It’s good to see emphasis on mental health awareness. Workplaces should do more to address mental well-being.
Training programs are great, but what’s the real impact? Do employees actually feel more loyal or is this all just corporate PR?
Alex, good point. I think it varies. Some companies really care, but others just follow trends to look good.
If done right, training definitely increases loyalty. Employees need to see genuine efforts and results.
Agreed, genuine efforts are key. It can’t just be about checking boxes.
I’d love to see how Forvis Mazars measures the success of these initiatives. Are there real metrics involved?
Shortage of accountants is a serious issue. I’m glad Forvis Mazars is addressing it. The profession needs to be revitalized.
I think the idea of placing qualified staff on a part-time basis could be a game-changer for small businesses.
Forvis Mazars is on the right track with continuous education and advanced tech training. Accounting will be unrecognizable in a decade.
Monthly surveys are good in theory, but only if the feedback is actually taken seriously and acted upon.
Good training programs should be part of every company. Engaged employees are productive employees.
Agreed, but how do you balance training with everyday job demands? Sometimes it’s impossible to do both.
It’s about time management and prioritizing. If a company values development, they’ll find a way to make it work.