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Category: Blog

How to achieve ethical white-label bookkeeping

Outsourcing white-label bookkeeping can help you regain valuable time

How to achieve ethical white-label bookkeeping (and everything else you wanted to know about outsourcing) White-label bookkeeping gives you your valuable time back Some of the typical service offerings for white-labelling include: Bank Reconciliation. Accounts Payable Management Accounts Receivable Management Payroll Processing (Including Single Touch Payroll and Superannuation Payments) Statutory Lodgements Financial/Management Reporting Cash Flow […]

The advantages and disadvantages of outsourced paraplanning

Advantages and Disadvantages of paraplanning outsourcing services

The advantages and disadvantages of outsourced paraplanning The advantages and disadvantages of outsourced paraplanning 2. Time savings Outsourcing removes the need for in-house team members to train and manage staff. Training often reduces productivity for months as employees take time out of their schedules to manage new staff and review their work. And even when […]

How outsourcing can help you meet SMSF compliance requirements

How outsourcing can help you meet SMSF compliance requirements Why outsourcing regular processing makes it quicker & easier to meet SMSF compliance requirements The before and after of new regulations is stark: accountants previously used to lodging on a yearly basis now need to lodge once per quarter in order to maintain SMSF compliance.  For […]

How to integrate outsourced accounting support into your business

How to integrate outsourced accounting support into your business When should businesses look into outsourced accounting support? Employees are the biggest asset of any business, especially in times like these where there’s already a scarcity of talent due to the ongoing skills shortages in Australia.  It’s essential to ensure that the skills of your employees […]

Level up at #NC2024 with SuperRecords

Level up at #NC2024 with SuperRecords Seamlessly keeping you on track of new lodgment dates New regulations mean that SMSF reporting is busier than ever – how are you tracking with the updated schedule? If you’d like to see how to streamline reporting and reduce the time spent on administration, pop by our booth to […]

What to look forward to at Accounting Business Expo Sydney

What to look forward to at Accounting Business Expo Sydney What to look forward to at Accounting Business Expo Sydney Helping you get on top of all your outsourced jobs in seconds Want to know how to track all your outsourced jobs and get real-time status updates? Take our workflow portal for a spin as […]

3 ways accounting firms can improve their data security

3 ways accounting firms can improve their data security 3 ways accounting firms can improve their data security Is my mid-tier firm really at risk of a data breach? The short answer is: yes. The longer answer is that any firms dealing with valuable information like finances (such as accounting and financial planning businesses) will […]

How to protect your client data when outsourcing SMSF administration

How to protect your client data when outsourcing SMSF administration How to protect your client data when outsourcing SMSF administration Are your current SMSF outsourcing practices putting your data at risk? When companies outsource, they share their clients’ data with potential unknowns and create opportunities for that data to be misused or stolen. Whether it’s […]

How to prevent the skills shortage from hampering your business growth

How to prevent the skills shortage from hampering your business growth How to prevent the skills shortage from hampering your business growth It’s no secret that the accounting industry is facing a significant skills shortage. The pandemic has led to fewer accounting graduates, burnout of existing staff and the additional challenge of staff poaching within […]

How to protect your workforce from poaching

How to protect your workforce from poaching How to protect your workforce from poaching    With the skills shortage in Australia brewing for a number of years, it’s now reached boiling point with an increase in staff poaching within the mid-tier sector.     The Australian Financial Review reports poaching is on the rise and this […]

How to protect your workforce from poaching

How to protect your workforce from poaching   

With the skills shortage in Australia brewing for a number of years, it’s now reached boiling point with an increase in staff poaching within the mid-tier sector.    

The Australian Financial Review reports poaching is on the rise and this is bad news for mid-tier firms. Some say they are being forced to offer salaries 10% higher than their competitors, increase bonuses and speed up promotions in an attempt to retain their experienced staff.

With unemployment the lowest it’s been in years and a significant drop in new accounting graduates, replacing staff members has arguably never been harder.  

In this blog, we look at how some of the leading mid-tier firms are responding to the skills shortage and the strategies they’re implementing to protect their workforce from poaching efforts.  

1. Above Market Wage

One of the simplest (although more expensive) strategies to hold onto key staff is to increase wages.

The chairman of national firm Nexia, Mal Di Giulio said “…we have moved towards ensuring our staff are paid above or in line with the market rate….”

However, it’s worth noting that while increased salaries can solve the problem short-term, they should be aligned with other existing employees to prevent them from being a risk of also jumping ship.

2. Culture, Training & Development

The world of work has changed and with it, more demand for workplace flexibility.

Work from home, hybrid models and the 4-day work week are all being experimented with across industries and early results show these benefits are paying dividends in terms of employee satisfaction.

In addition to that, benefits like additional training, career development and coaching are also being used to increase employee satisfaction and loyalty.

3. Increased Bonuses & Perks

Along with increased salaries, additional bonuses are also on offer.

Steven Dadich, Managing Partner of Thomas Hopper & Partners said that along with ramping up salaries ‘We are paying significant annual bonuses to retain our senior and professional staff… This approach is assisting in warding off larger rivals looking at long-term professional staff”

Others are also offering sign-on payments, study completion retention bonuses and competitive maternity leave policies.

4. Promotion Fastrack

Unlike larger firms who tend to operate within rigid frameworks, mid-tier firms have more flexibility to offer internal promotions to top performers free of set time limits.

Chris Kirkwood, Partner at accounting and business advisory firm ESV said “As a top 50 accountancy firm in a highly competitive Sydney market, we have immense pressure on our qualified, trained staff – our larger rivals continue to, at times aggressively court our team members”

ESV are using promotions as a key strategy to retain staff and has ‘no time limit in place (for staff) to get to the next level’.

In an environment where mid-tier firms are battling decreased graduate numbers, low unemployment and aggressive poaching campaigns from other firms, it’s no wonder that the skills shortage has become the single biggest challenge heading into 2023.

Considering outsourcing?

SuperRecords is a trusted outsourcing provider with more than 10 years’ experience supporting firms with SMSF Administration, Business Services, Paraplanning Support and SMSF Audit. To find out more about our fast, flexible and reliable services, get in touch.

Find out how other mid-tier firms are combating the skills shortage

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