Ensuring Your Organization Is Prepared to Weather the Great Resignation

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The Great Resignation, also known as the Big Quit or the Turnover Tsunami, is a continuing trend of 2021 workforce shifts in which growing numbers of U.S. employees are voluntarily leaving their jobs. According to research from the World Economic Forum, in June 2021, 41% of workers globally were thinking about quitting and more than 50% of 18-25 year olds were considering quitting.  Additionally, Microsoft’s Work Trend Index Report found that more than 70% of workers want flexible remote work to continue. The data shows that turnover is very prevalent, and flexibility and hybrid work will define the post-pandemic workplace. In light of these findings, organizations are in the process of planning ahead. 

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A recent article from Harvard Business Review encourages leadership to devise a data-driven plan to identify the factors driving turnover at their organizations and strategize innovative ways to retain talented, diverse employees in the future. In terms of fund accounting, offering the right solutions and making training and support available online are key steps to ensuring a sustainable team. Does your fund accounting solution offer flexibility and empowerment for new and existing staff? Does the solution provide strong support during the initial deployment and as employees utilize the system along the way?  

Another important consideration in understanding the workplace shifts includes determining whether it’s time to invest in the cloud to meet the new demands of the remote work. Many employers have determined the cloud is a valuable long-term investment to keep pace with the ever-growing needs of a modern organization. To optimize their value proposition for current and future employees, employers have found that providing ease of digital access – so that people can do their jobs from home, at a coffee shop, in the office, or from anywhere there is an internet connection – is a critical component.   

Part of embracing the innovation new technology provides is enabling employees to be easily trained and supported online when learning how to use new software associated with a job. A 2021 joint report to gain insights into Generation Z’s top concerns by the Association of Chartered Certified Accountants (ACCA) and the International Federation of Accountants (IFAC), which surveyed more than 9,000 18-25 year olds, highlighted their views on accountancy and the impact of COVID-19.  

The report titled, Gen Z and the Future of Accountancy,highlights the desire to have more flexible work and notes that forward-thinking organizations should, “Tap into Gen Z’s digital mastery: Astute enterprises are seeing Gen Z as fantastic ambassadors and early adopters to encourage the rest of the business to digitally transform.”

How can your organization look ahead and be prepared?     

Migrating your fund accounting to MIP Cloud and adopting MIP HR modules for anytime, anywhere, easy-to-use access add value to your employees as part of a long-term growth strategy. Rethinking the employee experience to compete for the best, most diverse talent and provide an environment for them to thrive in their jobs includes being proactive in giving them the tools they need to automate and expedite the accounting and reporting process.  

As the preference for remote and hybrid work continues to grow, organizations that offer cloud-based software and the 24/7 access associated with it will remain viable and continue to thrive in the future. Teams can save significant time and budget by eliminating manual data entry, manual monthly fund reconciliation, and outdated spreadsheets. Using modern, cutting-edge technology like MIP Cloud ensures existing employees have the tools they need to do their jobs effectively and enables new employees to get up-to-speed efficiently.  

If you’d like to see a demo of how MIP Cloud can help your organization remain sustainable in the future, request a demo today.

   

 

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