4-minute read A company that needs to hire more people is experiencing growth. The need to build capacity stems from an increase in work demand. This means you’re doing something right. Clients asking for more work is very indicative of the quality of work your team is producing as well as the level of client satisfaction. As your firm heads toward the double digits, you will need to hire more people. But before you get to that, it’s important to ensure that you’re doing the right things to keep your current employees satisfied and happy.
Your Firm’s Biggest InvestmentEmployees are a firm’s biggest investment. They are in the best position to help the firm find success because they do the actual work, which is why investing in their personal development is of utmost importance. As a company’s most valuable asset, employees possess the skill-sets and knowledge necessary to accomplish client requests. Even with all the automating tools for tax preparation, bookkeeping, etc., that’s available out there, there’s still no replacing the kind of scrutiny and quality of work that the human element can provide.
‘Employee Engagement Crisis’It’s quite alarming that more than half (51%) of the U.S. workforce is disengaged. Employees who feel disengaged will not be productive. That is going to have a major impact on output and even cost the company a lot of money. In fact, data showed that disengaged workers cost organisations between $450 and $550 billion annually. How do you know if your employees are disengaged?
- The most obvious sign is a decline in the quality of work. Productivity suffers when employees are disengaged. This can manifest in the lack of creativity in the output or delayed submissions. Unmotivated staff is also most likely to turn in half-baked work.
- Frequent absences are another sign of disengagement. An uninspired employee will not have reasons to be excited to come to the office. They may also start to display tardiness.
- Unwillingness to socialise with peers is common in disengaged employees. They are going to display social withdrawal and would avoid any interaction with others.
- Unmotivated employees are going to constantly complain about most things.
Why Invest In Your People?Employers must not be passive about developing employees because taking a proactive approach to engaging staff can help firms:
- Better retain team members: employee development programs may cost money but this will yield a good return. In a 2016 report by The Chicago Tribune, employees leave a company mainly because they don’t see a lot of career opportunities. Now that companies are mostly millennials, investing in their development is as important as ever.
- Inspire employee engagement: productivity suffers when employees lack engagement. This can have a long-term effect on the firm because scaling a business depends on the output of the team.
- Improved customer engagement: engaged employees will do well at work. Their productivity will manifest in stellar work, which clients will love. That means client experience is improved, which will lead to more business.
- Make more money: engaged employees are likely to have an increased productivity which leads to improved client experience. Employee development then has an indirect effect on increased sales.
Ways To Invest In Your EmployeesSkills training and a conducive workplace are just some of the things employers can invest on to keep staff motivated and happy. To hit the next stage of growth, it is wise for companies to invest in their offshore employees through any of the following recommendations:
- Create a conducive work environment
- Align company values and establish a positive company culture
- Provide opportunities to enhance employees’ skills
- Make opportunities to grow available to everyone
- Recognise good work and incentivise your staff
- Communicate regularly and openly so that the team can feel included and appreciated
Growing Your Offshore TeamHiring more employees is a definite sign of growth. Now how do you hire additional team members here in the Philippines? The Outsourced Accountant is the leading expert in offshoring solutions for accounting and finance firms in Australia, the U.S. and New Zealand. We help firms looking to build capacity find the right talent so they can improve productivity and efficiency. If you want to supercharge your firm and get on the next level by adding more staff, we’ve got a list of possible roles you can hire in this article. Get the latest accounting industry updates in your inbox. Subscribe to The Ledger blog now. Or listen to our podcast series, The Offshore Accountant for first-hand stories on offshoring journey.
Looking to scale your business by getting the right people to do specific roles? Call our global offshoring specialists at 1300 896 522 or click here to download our blueprint on how to build a global accounting team.