Attracting and retaining talent is the number one challenge for finance and procurement professionals this year, with 34% naming it as their greatest challenge. It may well be a similar picture for finance teams in the social care sector too, which has faced challenges with recruitment and retention in recent years.
And for 47% of organisations, attracting and retaining talent is their primary objective, according to our latest Finance & Procurement Trends Report 2024.
In this article, we’re exploring why retention is a challenge in finance, and how digital transformation could be a key driver for improving turnover for accounting teams in the care sector.
Why is retention a challenge in finance?
1. Stress and burnout
You know just how exhaustive financial processes can be. And it may be the case that your finance teams need to manage multiple deadlines and responsibilities at once. This constant juggling of tasks can lead to stress and burnout. And this pressure could lead to mistakes being made, which erodes their motivation and can ultimately mean your teams look for other opportunites.
2. Lack of development
Those looking to progress in their finance career may well need to participate in some specific training and development. But if your organisation isn’t able to offer up-to-date learning opportunities to your finance teams, it could leave them feeling stuck in their role with little career progression available with you, so instead they look to go somewhere else.
3. Panic hiring
When faced with vacancies in a critical finance team, a bustling care organisation may resort to panic hiring to quickly fill those gaps. But by doing this, it can mean you hire underqualified or unsuitable candidates, which only exacerbates turnover and lowers productivity even further as your current team work harder to make up for it.
4. Outdated technology
Many care organisations have been embracing digitisation in recent years, with the introduction of Digital Social Care Records sweeping the sector. But other functions in the organisation may still be working with outdated technology. Relying on these dated systems can severely hamper productivity and increase frustration among team members, leading to poor retention as they look for opportunities in organisations that have slicker, more modern processes.
How software can help reduce finance employee turnover
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Boosting efficiency
Financial management software enhances efficiency by automating routine tasks, reducing the time your finance teams spend on manual data entry and reconciliation. For instance, tasks like invoice processing can be streamlined when software automatically generates the sales invoice with receivables contract billing, or real-time business insights can be produced at the click of a button. This efficiency not only speeds up processes but also reduces the likelihood of errors occurring, meaning your finance team spend less time correcting mistakes and more time on value-added tasks and development opportunites.
Check out our blog ‘The hidden costs of financial errors in social care’ for more information.
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Reducing workload
Financial management software can take the pressure off the large workloads many financial teams need to manage by handling repetitive and time-consuming tasks, helping reduce things like burnout. Software solutions like Financials even utilise self-service portals, so your suppliers can update contact information or pay invoices online themselves. This extra support can be crucial in the social care sector, where staff are often stretched thin, and resources are limited.
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Enhancing accuracy
Financial management software also improves accuracy for things like financial reporting and automated workflows. It ensures that data is consistently and correctly recorded, which not only enhances the reliability of financial statements but also reduces the stress and pressure associated with audit preparations and compliance checks. This accuracy helps to instil confidence in your finance teams and reduces the mental load on your staff, contributing to higher job satisfaction and employee retention.
Check out our blog ‘How can social care providers manage their aged debt?’ for more information.
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Streamlining processes
A running theme at the heart of all these themes is streamlining complex processes. From reducing workloads to having user-friendly interfaces, modern financial management software provides the tools your finance teams need to get their job done effectively. By decreasing the volume of manual work and enabling more flexible working arrangements through the use of cloud-based software, you provide a more streamlined environment for your finance teams, making them more likely to stay with you.
Financial Management in social care
Introducing financial management software can help support your accounting teams by simplifying their workflow, enhancing job satisfaction and improving retention rates.
Empower your finance team with cloud-based software that streamlines the entire accounting process. With capabilities like a flexible general ledger, accounts payable, and seamless bank reconciliation, Financials centralises all your financial operations for effortless management.
Plus, Financials integrates smoothly with our Spend Management solution, providing a comprehensive platform for all your financial and spending needs.
Discover how Financials can transform your financial management in our webinar: The Impact of Financial software in the Care Sector