Insights

We are proud to be named a West Coast Regional Leader for 2024

How people, processes and technology propel firms forward

ARTICLE | April 22, 2023

Authored by RSM US LLP


Like everything important in life and business, it all starts with the people.

Professional services companies thrive only to the extent that their employees succeed. To create a workforce that is engaged and performing at a superior level, organizations must consider the interplay of people, process and technology. Addressing these three critical components as one interlocking function can help companies tap into their employees’ full potential.

People: Level up your talent through mentorship and training

In today’s dynamic job market, employees of professional services firms are looking for opportunities to develop their skills and advance their career. Of course, the specifics can vary, depending on the company’s needs and the capabilities of its staff members.

For that reason, leaders must have honest, in-depth conversations with their talent about their goals and career path, while fostering a culture of mentorship.

But to have a productive conversation, leaders must understand the company’s vision, the nuances of the marketplace and the employee’s abilities. Mentoring someone involves more than offering the occasional tip. It means discussing their goals, coaching them, and helping them progress toward realistic, relevant accomplishments to advance their career.

What skills does the employee want to learn? Where are the opportunities for growth within the company? What does the employee like or dislike about the job?

Those questions are just for starters. And in today’s tight labor market, professional services firms must answer a fundamental question about themselves: Why should the employee stay with the company?

Mentors must be sincere and open with their proteges, clearly communicating the organization’s intangible benefits as well as tangible career paths. There should be no mystery about how an employee can advance within the company.

Companies should also invest in professional development and training opportunities that keep employees informed about industry trends and help them develop new skill sets. This will help ensure they know what’s necessary to succeed in their role, while also providing incentives for them to stay with the team for the long term.

Prioritize learning and development

57%

of workers want to update their skills

61%

say upskilling opportunities are an important reason to stay at their job

71%

say job training and development increased their satisfaction

A firm’s employees are the driving force behind a business. Having people with the right skills in the right positions allows the company to deploy those skills rapidly to meet the demands of the marketplace.

Process: Help people reach their goals through process improvement

When it comes to streamlining procedures, companies want to achieve the twin goals of improving efficiency and reducing employee stress. Fortunately, these goals are complementary.

For example, automation software can speed up processes, make systems more consistent and eliminate human errors. As a result, workers who are no longer burdened with repetitive or tedious tasks will be free to focus on higher-value tasks, which has the additional benefit of improving employee morale. Automating procedures can make processes more efficient while allowing staff members to gain more meaning from their job.

Another way to improve processes is to outsource certain tasks. Professional services firms often work with third-party providers that handle the company’s information technology, human resources, or finance and accounting operations.

The goal is not to replace employees, but to obtain outside help from people who are well-versed in functions that may be beyond the core abilities of the employee. After all, an IT professional who works for a managed service provider is always going to be better at spotting bugs in a system than a staff member who moonlights as a techie only when problems arise. Outsourcing job functions allows employees to stay on their career path and elevate their skill set, rather than forcing them to muddle through unfamiliar or repetitive tasks.

Technology: Invest in technology to enhance the talent experience

Investing in more efficient platforms and applications can seem daunting to many professional services firms. However, utilizing technology is essential to ensure that the company has a dynamic workforce capable of meeting the challenges of an evolving environment.

Technology doesn’t just help firms muddle through—it drives progress and propels companies to success.

The right technology makes employees’ jobs easier and creates a better work-life balance. In turn, employee satisfaction increases, creating a cycle of efficiency and productivity.

In addition to enabling people to work more effectively, technology can help employees gain a better understanding of their company and improve their interactions with stakeholders. If technology doesn’t accomplish these goals, however, it just becomes an expensive toy.

The key is to invest in tech solutions that deliver the best return on investment for the organization. Much depends on the needs and size of the organization—but in all cases, technology exists that can eliminate inefficiencies and generate useful data.

Unfortunately, many professional services companies rely on antiquated or ad hoc systems. Settling for “good enough” robs companies of timely, accurate data that helps them make informed decisions.

Some organizations even have an institutional reluctance, bordering on technophobia, that prevents them from investing in cutting-edge applications.

However, the pandemic proved that technology is not the enemy. Think of how many companies thrived by using Zoom, Microsoft Teams or another collaboration app to keep their employees focused and engaged. Embracing technology—not as a savior but as a tool for excellence—is a sign of a successful organization.

By itself, technology won’t solve every problem—but it can empower people to perform their job more productively and efficiently, enabling greater success for individuals and the entire organization.

Putting it all together

Facing a dynamic labor market, uncertain economic conditions and unprecedented technological changes, professional services firms should focus on improving critical areas of their business to safeguard their workforce and ensure an unrivaled talent experience.

People

Retain talent by establishing transparent career paths, offering educational and training opportunities, and fostering a culture of mentorship.

Process

Streamline procedures by automating processes or create efficiencies through outsourcing.

Technology

Invest in technology that improves collaboration and enables people to succeed in their role.

Let's Talk!

Call us at +1 213.873.1700, email us at solutions@vasquezcpa.com or fill out the form below and we'll contact you to discuss your specific situation.

  • Topic Name:
  • Should be Empty:

This article was written by Karen Wiltgen, Jen Hartman and originally appeared on Apr 22, 2023.
2022 RSM US LLP. All rights reserved.
https://rsmus.com/insights/industries/professional-services/how-people-process-technology-bolster-workforces-propel-forward.html

RSM US Alliance provides its members with access to resources of RSM US LLP. RSM US Alliance member firms are separate and independent businesses and legal entities that are responsible for their own acts and omissions, and each is separate and independent from RSM US LLP. RSM US LLP is the U.S. member firm of RSM International, a global network of independent audit, tax, and consulting firms. Members of RSM US Alliance have access to RSM International resources through RSM US LLP but are not member firms of RSM International. Visit rsmus.com/about us for more information regarding RSM US LLP and RSM International. The RSM logo is used under license by RSM US LLP. RSM US Alliance products and services are proprietary to RSM US LLP.

​Vasquez & Company LLP is a proud member of the RSM US Alliance, a premier affiliation of independent accounting and consulting firms in the United States. RSM US Alliance provides our firm with access to resources of RSM US LLP, the leading provider of audit, tax and consulting services focused on the middle market. RSM US LLP is a licensed CPA firm and the U.S. member of RSM International, a global network of independent audit, tax and consulting firms with more than 43,000 people in over 120 countries.

Our membership in RSM US Alliance has elevated our capabilities in the marketplace, helping to differentiate our firm from the competition while allowing us to maintain our independence and entrepreneurial culture. We have access to a valuable peer network of like-sized firms as well as a broad range of tools, expertise and technical resources.

For more information on how ​Vasquez & Company LLP can assist you, please call +1 213.873.1700.

Subscribe to receive important updates from our Insights and Resources.

  • Should be Empty: