Call it ‘The Great Resignation’ or ‘The Big Quit’ – the news is awash with concern that a surge of employee resignations is set to hit Australia in early 2022. After voluntary resignations hit a new record high of 3% in the US in September 2021, it’s inferred that a wave of team turnovers could sweep the globe. If this is accurate, it could further destabilise businesses who are rebuilding in the wake of COVID-19’s disruptions.
Here in Australia, the Australian Bureau of Statistics are yet to detect a workforce data swing. Commentators remain divided whether our nation’s workers will follow the American trend. Yet, as a business owner it’s essential you are aware of possible upcoming threats and prepare your company accordingly.
Therefore, in this article we outline how you can protect your business — especially your finance function — should ‘The Big Quit’ hit.
How can you protect your workforce?
Voluntary resignations in the US have been undoubtedly accelerated by workers’ desire to retain a healthy work-life balance in a post-pandemic world. That — grouped with the preceding growth in digital recruitment solutions and the huge proportion of workers with highly transferrable skills — is aiding the rise in job mobility.
Hiring and retaining great staff is an everyday challenge for organisations at the best of times. So, what can Australian businesses learn from our American counterparts? Libby Bruderlin, Dexterous Group’s Human Resources Business Partner, suggests:
Avoid quick fixes to keep staff
In the US, businesses are competing to retain good staff by bumping up pay or adding employee perks that are unsustainable to fund in the long term. Instead, talk to your staff about why they’re seeking new employment. Listen to their concerns and try to find a solution that works for you both. Without burning a hole in your bottom line to keep them.
Create an organisational culture ‘money can’t buy’
Develop a healthy, fun, and positive workplace culture that employees love to be a part of. Employee retention has long been connected to company culture. If your business is fostering a working environment where employees feel valued, motivated, engaged, and happy; you’ve already created a strong reason for your team to stay put should ‘The Great Resignation’ impact Australian companies too.
Embrace the new ways of working, like remote offices
As operational restrictions ease and life ‘returns to normal’, be open to employees’ needs for flexible work arrangements. With cloud technology at your fingertips, your business can tap into using remote internal or external resources. In the past 18 months, demand for Dexterous’ support has snowballed as more and more businesses choose to leverage remote working solutions to keep costs down but productivity up.
Secure your finance operations with Dexterous
A healthy, well run finance function is core to the livelihood and longevity of your business. In addition to rising wages, it generally costs 20-30% of the role’s salary to retrain and replace a departing staff member. Steer clear of these costs and consider outsourcing your financial roles. It’s a fixed cost you can count on.
Whether you need a temporary stopgap or a long-term solution – protect your business from any possible staff volatility in 2022 by making Dexterous an asset. Our team is brimming with highly engaged, experienced personnel who are poised to assist you with your business’ financial tasks.
If you need support with your bookkeeping, accounting, payroll, or tax – we’re equipped to help. Or, if you require advanced data insights and strategic financial expertise – engage our CFO Advisory to inform you. In fact, Dexterous’ end-to-end solution means you can adapt your resourcing as you need, but remain confident your finances are robust and up-to-date.
Prepare for ‘The Great Resignation’ and outsource your finance function
Dexterous Group are a proactive and passionate team of finance professionals who can assist immediately. Tailor your level of support with our “No Surprises” monthly packages. Speak with your Client Manager, call 1300 996 928 or arrange an obligation-free consultation to discuss how we can help you protect your bottom line.