Why finance, tech, and talent go hand in hand
SMEs are nothing if not resilient, and it seems that in spite of the challenges they’ve faced recently (or perhaps because of them), they’re not just open for business but have their sights set on growth too. According to the Federation of Small Businesses (FSB), expansion is now on the cards for more than half (53%) – and to realise their plans, they’ll need to build their teams.
But finding people with the right skills can be difficult for SMEs, who don’t have the big budgets to compete with larger firms on salaries and benefits, nor the resources to invest in high-level recruitment methods. In fact, staff and skills shortages were cited as the biggest challenge for 27% of 1,000 finance professionals we polled for our recent report, Financial healthcheck: Alleviating your pain points in 2021.
The reason for this concern is clear: finance, like any other team, cannot support the business to grow unless they have talented people. But while salaries and other benefits are important, there are other steps SMEs can take to make their workplaces more attractive.
Making the finance team attractive to talent
The reason for this concern is clear: finance, like any other team, cannot support the business to grow unless they have talented people. But while salaries and other benefits are important, there are other steps SMEs can take to make their workplaces more attractive.
Every generation has its own expectations from a job, and technology has become non-negotiable, first for Millennials but even more so for Gen-Z. A study by Insight found that nearly three-quarters of 18 to 34-year-olds are dissatisfied with the technology they use at work, while 57% want an improvement in their next job.
Intuitive business technology could help your business stand out from the competition for two reasons. Not only is it easier to use, it also allows staff to concentrate on more rewarding work – another key driver for talent attraction and retention.
Gen-Z, in particular, wants space to innovate and reach their potential, but they’ll struggle to do this if they’re continually fighting against clunky finance legacy systems in the workplace. It’s likely they’ll also take a dim view of any company that fails to match their expectations around technology and not stick around for long.
Finance tech & remote working
The impact of poor technology and inefficient processes became painfully obvious for some firms when they moved to remote working at the start of the pandemic. They might have just about managed using a basic accounting package while in the office but working from home made staff realise that they lack the up-to-date financial data senior managers need to inform decisions and maximise revenue.
Yet there are now signs of positive change. According to our research, 64% of respondents said they now plan to invest in new business technology, including cloud accounting software. This will enable their team to work efficiently wherever they are, simply by logging into a secure web-based application. Citing their reasons for moving to the cloud, respondents pointed to ease of use, and its ability to support remote working more effectively.
The benefits of cloud-based financial management and accounting systems are wide-ranging. As well as making workplaces more appealing to tech-savvy applicants, they also allow you to recruit strategically. Rather than employing people to perform labour-intensive routine tasks, which could be automated, you are able to channel your resources into one or two choice hires – people who bring in-demand skills and fresh ideas to take the business forward. You’re able to take on more customers too, safe in the knowledge that your people and systems can manage higher volumes of work.
Digital technology is key to growth across all areas of the business – which is why the government is launching its Help to Grow Digital Campaign. The scheme provides, among other things, financial support for SMEs to invest in business software that will help to drive sales, manage customer relations and digitise their accounting. Whatever your growth plans, investment in finance technology can set you apart as an employer who talented people want to work for. Above all, it demonstrates you value their time and skills and want them to progress their career with opportunities to work on rewarding projects and tasks, rather than run-of-the-mill ones.
Find out more about how our Financial Management Software Suite can support your growth plans here.
