How COVID-19 is redefining recruitment and workplace structures

In the wake of the COVID-19 crisis, the role of accountancy has become increasingly important and sought after for businesses and individuals alike. However, while clients focus on their own economic welfare, unbeknownst to many, accounting firms have collectively had to face their own economic crisis and response to the recession. I’ve seen firms reducing fees or accepting late or deferred payments, implementing staff cutbacks and changing operating hours to stay afloat themselves. 

It is evident that these changes will have a domino effect on the way accounting firms operate in the next 6-12 months. 

Beyond the health and economic crises we’ve experienced, there is likely to be a new wave to ride - the people crisis. 

The impact on accountants and accounting practices with loss of revenue and increased work demand will redefine recruitment practices and workplace structures. With social distancing here to stay for some time yet, and the increased likelihood of insolvencies and mergers and acquisitions, the C-Suite can’t just be focused on getting clients back through the door. There is a real need to understand the paradigm shift in the workplace now, and how this will impact the recruitment, on-boarding and retention processes. 

A people crisis - changes to recruitment practices

In navigating any crisis, one of the key principles is to tap into people power and connections. Whilst times are tough and it may seem counter-intuitive to consider employing new people, now is the time to get ahead of the curve and invest in the skillset to take you from where you were pre-COVID-19 to where you need to be focusing from now on. 

Through the wonders of LinkedIn, Zoom and other online platforms, the majority of us are accustomed to working digitally, but still, many accounting firms or in-house HR teams who are looking for new talent may not appreciate the nuances of interviewing via video, or offering flexible working arrangements to accommodate more work from home opportunities. 

It’s time to re-imagine the interview process and understand the various stages that video recruitment may need.

For our top tips to interviewing through a computer screen, message us for our free REMOTE RECRUITING GUIDE - How to interview and hire candidates via remote recruiting.

This guide provides our top seven tips on the art of interviewing online, including the best platform to use, how to introduce the interview and how you should change your verbal and nonverbal cues for video. 

In addition to shifting gears during the interview, the type of person and the format in which they work are likely to have shifted over the past quarter too. This is important for HR teams and directors and partners to understand, as it not only affects the service provided to clients, it impacts on the culture of the organisation. For example, it’s worth asking how working from home affects an extroverted person who generally draws their energy from other people? Will a parent be able to complete all their tasks between 9 and 3 to allow for school drop-offs and pick-ups? What task management programs need to be introduced to streamline workflow and ensure accountability? When you ask the right questions, you get the right talent. 

Flexibility Is key

There has never been a more important time to ensure that you have the best possible talent on your team now that we are entering our first new financial year in the wake of a global crisis. Businesses and individuals alike want the best financial return they can seek, and staff want some reassurance that their roles matter. 

The implications for human resources is that there needs to be a reassessment of what work needs to be done, how it’s to be done, and where and when it’s to be done.  

The need for face to face meetings has naturally reduced due to social distancing, so educating clients and staff will be paramount. But it’s important to know that the reduction in face to face time can also make the recruitment process longer. Virtual on-boarding is fast becoming the new norm and I think it’s here to stay. 

Employees working from home may also remain a thing of the future and firms who are comfortable with this practice - and can even see that the positives outweigh any negatives - will thrive. Many of my clients have stated that there has been no drop in productivity and that the working from home arrangements were working well so this is a great indication that when managed well, it can be a successful format. 

Not only does this up-level how one attracts new staff, it changes the way job ads are written, employee on-boarding packs or staff intranet content is published, and how management talk about internal culture. It becomes a whole-of-business mindset, not one operational change. 

Demand for M&As and insolvency practices

Unfortunately due to COVID-19, many businesses have had to close permanently and are in need of expert (and sensitive) professionals to guide them through yet another blow that the pandemic has thrown their way. While no one would wish this on any business or affected staff members, accounting firms should be prepared to upskill or onboard a professional in the insolvency space to add value to their clients. 

Aside from on-boarding new talent, firms may also consider looking in greater depth at mergers and acquisitions (M&A). Offering the chance to generate new revenue streams, build client portfolios and garner long term profits post COVID-19, M&As could be a strategic move to support your 2020-2021 growth.

Any firm who has been looking to branch out by starting a presence in a new market, adding a new revenue stream through specialised services that they currently don’t offer, or increasing the size of their company by merging with another, could benefit from M&As. This is a complex area beyond the profit and loss balance sheet. Here’s some information to read on this subject, as 3113 Consulting knows this space well. We can help you navigate the complexities of the process, act as an introduction to suitable firms, and gather information and negotiate on your behalf for a beneficial outcome. 

The world is always changing, so this is just the next paradigm in a long chain of historical shifts for the industry. It’s not something to fear, but rather, it’s something to become familiar with. 

Private message me or email me on [email protected] if you are wanting to discuss what the future workforce or structure holds for your business. I have spoken with many industry leaders these past three months and can offer an insight into the sentiment of how the market is adapting.