Technology Supports an Engaged Workforce

Talent Development
May 12, 2022

With recruitment and retention an ongoing challenge across the accounting and advisory industry, it is widely acknowledged that providing engaging roles and a good work-life balance are important priority factors for existing and potential employees. Supporting this, technology is increasingly playing a key role in firms being able to provide a stimulating, engaging and balanced work environment, a trend that will continue to grow.  

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How technology can support talent development

Making full use of technology can help firms in many ways, particularly during challenging times of recruitment. This includes improving the work-life balance of existing employees by reducing pressures caused by labour intensive processes. One solution is through harnessing cloud computing technologies and outsourcing select business processes, which can provide firms with a cost-effective solution to ease the workload when experiencing staff shortages.  

Developing artificial intelligence, (AI) and robotic process automation, (RPA) technology can provide the opportunity for firms to improve business efficiencies, and enable teams to refocus and concentrate on increased knowledge and skill-based work, creating more engaging roles.  

Moreover, technology does not need to be viewed as a replacement for employees but help firms develop roles, which will result in retaining the best talent, and can support firms providing higher value advisory services to clients. 

PrimeGlobal IT Survey 2021 

Last November, PrimeGlobal surveyed the IT leaders of our member firms to understand how they are currently investing in technology and what became clear was that whilst our member firms understand the importance of technology, the use of technology solutions to support talent development is under researched and invested in. 

  • Member firms told us that on average they invest 5% of their operating budget on Information Technology (IT), which covers IT staff, hardware and all technology equipment and software costs. A substantial percentage of this investment goes towards IT roles and IT responsibilities, with 65% of respondents telling us they outsource these functions. 
  • Whilst 54% of member firms are looking to adopt new technology over the year, we heard from respondents that less than 43% of management teams are proactively learning, or actively listening and testing AI in their firms. 
  • Most interesting is that only 12% of firms we surveyed told us that they have developed RPA bots, with the most common uses cited being automating data entry tasks and internal operations, automating invoice billing and handling tax. 
Steve Heathcote 500X500 06 21
“Investing in technology is important for all our members, regardless of size or location, put simply technology will enable firms to continue to improve operational efficiencies and provide value-added service to clients, whilst providing engaging work opportunities for teams.” Steve Heathcote, CEO, PrimeGlobal

Learning and knowledge sharing

Survey participants told us they want to continue to learn about innovative technologies and how they can successfully be implemented. PrimeGlobal offers a number of tools to help members collaborate and learn together, including: