This blog was last updated on September 25, 2024
As offices around the world begin to reopen after nearly 18 months of employees working from home, many buildings aren’t as full as they used to be. In fact, 2.7% of the workforce quit their jobs in June 2021 alone. This is caused in large part by what many are calling the “Great Resignation.” Finance and tax teams have not been exempt from this issue. Without the right tools in place to help employees, any industry could be impacted by the Great Resignation.
Extra time at home has allowed many employees to reconsider their jobs and ultimately, their careers. Some have grown accustomed to their lack of commute, and are searching for job opportunities that don’t include hours of sitting in traffic. Others see the current job market as the perfect opportunity to find a position that will allow them to grow into a role that expands their skills and allows them to move beyond some of their least favorite job duties.
Best practices for avoiding a Great Resignation at your company include communicating with your employees and listening to their struggles inside and outside of work. By gaining insight into their concerns, you may discover that simply providing better tools, may ease their daily tasks and improve loyalty and retention.
Make employees’ most challenging responsibilities easier
Tax and regulatory reporting is often not the most exciting part of anyone’s workday, but companies cannot overlook their requirements. Regulatory changes are constant, and business events such as mergers and acquisitions, growth, geographic expansion and new product launches create complexity and increase the strain on your tax, finance, AP, IT and compliance departments. Manual time intensive processes passed down year after year and employee to employee are not only subject to error, but often cause frustration in the time and effort to maintain. And “we’ve always done it this way” can be a discouraging message to the next generation of career minded and tech native finance professionals.
Opting for modern cloud-based solutions, designed specifically for complex compliance processes not only improves efficiency, but will make your team more confident in their results with less time and effort. Time that can then be spent analyzing data to understand opportunities for growth, rather than performing manual processes. Cloud-based solutions can be accessed from your company’s HQ and your employees’ home offices, allowing for maximum worker flexibility. The right offering can help with:
Use managed services to improve employee satisfaction
Maybe a software cloud-based approach leaves you wanting more. Have you considered a more hands-off approach to tax compliance? For some organizations, outsourcing repetitive and tedious tasks just makes sense.
Here are some questions to ask yourself to determine if you are a candidate for Managed Services:
- Is this task value added to keep in house?
- How much time is spent on this task, and could this time be better spent?
- What is the opportunity cost of trying to develop and maintain broad tax compliance regulatory expertise and process best practices internally?
- What is the value to the organization, the organization’s customers and employees of trying to maintain the process internally?
Sovos’ approach to Unclaimed Property and 1099 Managed Services is not one size fits all. We maximize the value for each engagement by balancing the needs of the customer with the value from outsourcing.
Decrease risk and increase confidence to avoid the Great Resignation
It may seem counterintuitive to invest in software or outsource to save money. However, manual reporting is significantly more expensive once labor and materials required to ensure reporting compliance are factored in. Finance, accounting and compliance roles tend to be under funded and run very lean requiring employees to perform a variety of specialized tasks. Despite the low investment there is significant risk and scrutiny placed on these positions. Our solutions can help make the process not only easier but greatly improve employee confidence that it is being done right.
Our main focus is for our clients to maintain compliance. All of our solutions help mitigate risk, avoid fraud, reduce fines and audit exposure. Inevitably, these compliance practices will save your organization money, improve client relationships and delight your most valuable asset – your employees!
Asking your employees what matters most to them is a great way to know what expectations you have to meet — or exceed. Gauging key areas of frustration, tedious processes and opinions on what is holding back career growth is the first step to preventing your own Great Resignation.
Take Action to decrease the Great Resignation impact
Ready to learn more about Sovos’ services? Talk to one of our experts to see how we can help.
