4 innovative ways to create capacity

Overloaded

Businesses across Virginia struggle with finding enough talent to satisfy customers’ and clients’ needs. Step outside your comfort zone with these ideas.

A whole lot of work, a lack of workers. If that sounds like your organization, you’re not alone. Companies face talent shortages across the country, and professional service companies like accounting firms are feeling the squeeze, too.

The VSCPA 2022 Future of Work Survey discovered that CPAs, whether they work for private industries or the accounting sector, face significant understaffing and overwork.

Companies across the Commonwealth should consider these four innovative ways to tackle the capacity crisis and serve clients’ needs.

  1. Outsource and offshore. There are two types of outsourcing talent: offshoring and hiring independent local contractors, or outsourcing. Both can help alleviate strain caused by the Great Resignation. Offshoring or hiring a professional overseas to perform certain tasks or an entire job function is becoming more prevalent among professional services firms.
  2. Streamline business operations. Review your contracts’ profitability and determine whether it makes business sense to renew them. The review process may also help reduce strain on your employees and potentially improve retention. If you have a contract that is continuously under-performing over several years and is negatively impacting your firm’s bottom line, maybe it’s time to reassess whether there is truly a strategic value in maintaining the client. Also review your client base to ensure current clients are in alignment with your company’s mission and vision.
  3. Encourage teamwork. Teamwork is as important, if not more important, than taskwork. Research demonstrates that focusing on and improving teamwork through training has a positive impact on team performance. As employees gain new skills that help them manage their schedules and improve collaboration, they’ll be able to better manage overtime hours and resolve conflicts more effectively, all of which can lead to improved morale and possibly retention.
  4. Define flexibility. If you offer flexible schedules, what do you really mean? Remote work options but 24/7 availability to answer emails and field phone calls, including weekends? Many people report they end up working more hours at home remotely versus in the office or at a client site. Thus, the “flexible” work arrangements buzzword is starting to lose its appeal. Dialogue is essential for understanding employees’ needs and what they really see as flexible work arrangements.

 Interested in diving into each of these ideas more in depth? Read more in this article, “Innovative Ways to Create Capacity,” from VSCPA member Natalya Yashina, CPA, DASM, of Capital Accounting Advisory, LLC.

The Virginia Society of Certified Public Accountants (VSCPA) is the leading professional association in the Commonwealth dedicated to empowering CPAs to thrive. Founded in 1909, the VSCPA has nearly 13,000 members who work in public accounting, industry, government and education. For more information, please visit the Press Room on the VSCPA website at vscpa.com or call (800) 733-8272.