In today’s dynamic economic environment, businesses face a range of challenges. Alongside rising inflation, post-pandemic developments, and environmental concerns, attracting and retaining the right talent remains at the top of every business’s list. According to recent data from the Australian Bureau of Statistics, the annual job mobility rate remains high, reflecting the transitional nature of the current job market. In 2023, the rate reached 9.5%, with 1.3 million employed people changing jobs.
This statistic underscores how fluid the job market has become over the last few years. But what does this mean for your business?
With employee shortages and higher asking salaries, it’s time to think differently about resourcing staff to grow, or risk always being at the mercy of your internal workforce.
In this article, we’ll discuss a new approach that can help your organisation build a reliable team and an efficient operation without the worry of salary fluctuations or the risk that good people will leave. Let’s rethink resourcing.
The concerning state of recruitment today
At Dexterous, we speak to many business owners who are experiencing the crippling effects of losing staff and then having to hire in the post-pandemic new norm. Not only does this mean potentially losing trusted team members, but it also involves a tedious and expensive hiring process. The recruitment process includes managing the job advert, negotiating with potential employees (who now have higher asking salaries), and spending more on onboarding and training.
To top it off, managers often then find that the person they confidently recruited may not turn out to be the star employee they thought they would be. It’s a real problem and it’s happening more every day, unfortunately.
So, what does a business typically do next? Often, they would go through the same hiring cycle again, perhaps tweak it with a change in recruiter, choose a different job-seeking platform or make some improvements to the job ad to set the role apart from others.
Only to find that this also doesn’t solve the problem. Meanwhile, your current team still need to continue on with daily operations without a full workforce. It’s a tough yet common reality for businesses today. What’s the answer?
A new approach to hiring and retaining finance staff
Having an efficient system and a reliable team, especially when it comes to your finance department, is crucial to ongoing business growth. As a result, we encourage businesses to think more broadly about resourcing staff for their finance team, especially as we are seeing that the only way to thrive in the current landscape is to adapt.
So – imagine having a fully managed finance department as a smarter way of fulfilling that need, without the downside of internal recruitment.
With a Managed Finance Department for your growing business, you will have a team of highly trained experts who will build and manage your entire finance function for you. This way, you are entrusting your entire organisation’s finance roles, such as payroll, accounts, bookkeeping and more, to people who can do it best – all without having to manage it yourself.
This solution gives your business the security of working with finance experts and removes the stress of hiring and onboarding finance staff at the same time.
What is a Managed Finance Department?
A Managed Finance Department like Dexterous is essentially an external team that manages all of your internal finance roles on your behalf. Also known as a Financial Department as a Service (FDaaS), this team operates as your internal finance team, taking care of all your accounting, bookkeeping, taxation, payroll, invoice collections, CFO advisory and more.
The difference is that it removes the need for recruitment, training and employee engagement. With a Managed Finance Department, you can harness the resources and best practises of experts to conduct the entire finance function of your business.
Already have some internal finance staff but need to fill the ‘gaps’? A Managed Finance Team like Dexterous can also seamlessly integrate with your company’s existing finance team members. So it’s not an all or nothing approach!
What are the benefits of a Managed Finance Department?
Having a Financial Department as a Service partner like Dexterous solves many of the frustrations business owners and C-Suite executives often experience today in managing their internal finance department themselves. Here are some of the key benefits of a Dexterous Managed Finance Department:
- It removes management headaches around recruitment – Dexterous will build and manage your entire Finance Department for you.
- It gives your business access to a highly engaged team, as your finance staff are operating at the right levels and fulfilling all of your financial responsibilities.
- A Managed Finance Team enacts industry adopts best practices and then implements them within your business.
- Being technology-driven, we are proactive in leveraging technology to streamline and automate your business’ finance and accounting functions.
As an innovative solution, adopting a Finance Department as a Service (FDaaS) allows you to thrive in the evolving business landscape and focus on what you do best: growing your business. We do the rest.
How does a Managed Finance Department work?
So, how does a Dexterous Managed Finance Department work in practice? It’s simple! Here are the three easy steps in our robust process:
- Introduction
Once you reach out to Dexterous, we’ll introduce ourselves and explain in more detail how we can help your business based on your challenges (not problems!) within your finance function. - Assessment
We’ll assess your circumstances, identify your business’ unique needs and propose a finance department solution based on your current and future business requirements. - Set up
We engage and set up our scalable and engaged team of finance professionals to support you and supercharge your business’ growth, while growing alongside you.
Do you have finance department roles that you need to fill? Do you need greater business reporting, better financial insight or improved data accuracy? Or are you just tired of recruiting and training staff for your finance team? If you’ve been continuing down the traditional path of recruitment but you’re still not getting the results you need from your finance team, why not try a fresh approach to an age-old business problem?
Get an instant and reliable finance department you can trust today
At Dexterous, we’re about identifying a solution that works for you through a financial, operating and growth lens. This means that we leverage all the latest tools including Robotic Process Automation (RPA), access global talent and manage your finance department with the local expertise of our Sydney team. Reach out to Dexterous and transform your finance department today. For more information, get in touch with us today or connect with us via LinkedIn.
