Welcome to The Ledger where we sum up the latest finance and accounting news and trends for you. On this week’s entry, we’re diving into the topic of managing your accounting team and how leading the finance and accounting function effectively can make a difference to businesses today. Read on to see how to support working parents during a pandemic, how to review employer health plans post-pandemic, how to attract and retain talent after a crisis, and how to prepare clients for the end of furlough.
How To Effectively Support Working Parents & Manage Your Accounting Team During A Pandemic
Since the onset of COVID-19, employers and employees alike have felt the effects of maintaining a work/life balance – from school closures and remote learning to layoffs and work hours being drastically reduced. One study showed that mothers with young children reduced their work hours during the pandemic four to five times more than fathers. According to Lauren Florko, a development consultant, “anytime you lose employees, you’ll also lose productivity. It’s a downward spiral.” So how can companies address these concerns and alleviate the concern that most of their employees are facing? Here are a few policies that organizations can put into practice:
Allow for flexibility – whether that’s a flexible work schedule, creating ‘core’ work hours, or allowing remote work.
Rethink benefit packages – make sure everyone has comprehensive health care and access to mental health support.
Set expectations – Adopt a ‘first-person’ approach, which focuses on how to manage the workload instead if micromanaging individuals.
Create multiple channels of communication – Develop regular check-ins and create a work culture that fosters an open line of communication.
To learn more about how to support working parents during a crisis, read the full article on Journal of Accountancy.
How COVID Changed Employer Health Plans (& Why You Should Care)
The past year has been a whirlwind of chaos and uncertainty. As businesses reopen and companies resume normal operations, it’s high-time employers reflect on one important aspect of maintaining a productive and efficient workplace – by offering health care benefits. But before organizations can reevaluate and plan out their benefits, they need to contemplate these factors:
What are the demographics of your employees? Is the work they do strenuous? Does your employee comprise of an older demographic or younger?
Prepare for a rise in health care claims. Most of your employees probably put off going to the doctor during the pandemic (unless it was an emergency); but now that things are getting back to normal, you’ll probably see an uptick in doctor visits.
Medical costs will increase.
If you want to set yourself apart from other employees, you need to offer competitive benefits.
For an in-depth look at how to forecast health plan costs post-pandemic, head over to CFO.com.
How Investing In Talent Is The Number One Strategy For CFOs This Year - Managing Your Accounting Team
2020 saw a drastic increase in unemployment rates across the country. So it’s no surprise that accounting executives are switching gears and focusing their 2021 efforts on hiring the right talent. In fact, 56 percent of CFOs said that attracting and retaining talent is their biggest human capital over the next 12 months. One concern that’s looming on the horizon is that employees might be hesitant to return to the office because of the increased flexibility they were offered during the pandemic (think remote work). However, according to Tim Glowa, leader of Grant Thornton’s employee listening and human capital services offerings, “By finding way to enhance benefits and more effectively spend money allocated to benefits programs, [companies] can attract and retain top talent.”
To learn more about why investing in talent is the top post-pandemic strategy for accounting leaders, read the full article on CFODive.com.
How Firms Can Prepare Clients For The End Of Furlough
Not only did the pandemic see a surge in employee layoffs, but also employee furloughs. But now that restrictions are starting to lift and the world is starting to resemble some sort of normalcy, what does that mean for employees that are just now returning to work (after a year off) and how can clients prepare for the end of furlough?
Plan, plan, plan. Can you bring back your furloughed employees right away? Does your supply and demand reflect the need for more employees?
Assess other business opportunities. For instance, an onsite retail store might have had to move online thanks to the pandemic, but now has decided to stick with the online venture because it’s profitable.
Invest in your workplace culture. You can’t expect your employees to pick up where they left off. Instead, create a work environment they want to come back to. For instance, planning social events can help ease the transition back.
To explore how firms can help their clients plan for the end of furlough, read the full article on AccountancyAge.com.