The talent shortage has continued to be a pressing concern for organizations in today’s marketplace. It has also been exacerbated by the rapid evolution of technology, requiring a continuous improvement in skillsets to keep pace. While recruitment efforts have always played a pivotal role in companies’ strategic plans, changes in the market will continue to make it more difficult for organizations to fill their roles in a cost-effective and timely manner with candidates who possess the requisite skills.

The challenge persists beyond just finding an ideal candidate. The risk of an employee leaving for other opportunities has increased, and the need for companies to amplify retention efforts to keep employees engaged and satisfied has become a priority. Navigating these challenges requires a strategic approach, and one that is yielding strong results is to upskill your current employees through outsourced support of your back-office finance and accounting function.

How does outsourcing lead to upskilling?

Upskilling equips existing staff with enhanced knowledge and skills for greater job effectiveness. Utilizing an outsourced or co-sourced provider can be an effective way to introduce existing employees to new skills and processes, which helps them operate more efficiently, increasing job satisfaction and improving work-life balance.

Staying abreast of rapidly advancing technologies or financial best practices may require insights from specialized outsourced professionals who are focused on these changes and are able to provide insight that is tailored to the company’s industry and operations.

Choosing an effective provider

Selecting a provider that offers a full-service outsourced solution is the best way to ensure that a company will have access to skilled resources. These experienced outsourced professionals become an integrated part of an organization's internal accounting and finance team. A high-performing back-office function is contingent on continuous development and improved proficiency of the department’s employees. Outsourced professionals are dedicated to enhancing the internal team’s technical and accounting skills and work collaboratively to ensure the transfer of knowledge.

Key benefits of an outsourced solution

The integration of internal teams with outsourced support allows companies to facilitate active collaboration with outsourced professionals, establishing a continuous learning environment. As a result, the organization is able to meet existing accounting needs while reaping the long-term benefits of new channels for the development of their existing employees.

By combining upskilling initiatives and outsourcing solutions, businesses can unlock the full potential of their workforce, paving the way for sustainable growth, innovation, and competitive advantages in today’s dynamic business landscape.

Citrin Cooperman’s Business Process Outsourcing Practice is ready to help with your outsourced finance needs, and our professionals are well-equipped to work collaboratively and upskill your existing accounting and finance team. To learn more about the benefits of outsourcing your finance function, please contact Kieran Higgins at khiggins@citrincooperman.com or Michael Zyborowicz at mzyborowicz@citrincooperman.com and access Citrin Cooperman’s Complete Guide to Outsourcing Finance.