Shaping a futureproof finance department in a post-pandemic society

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The COVID-19 pandemic has changed the way we look at the world, in both our personal and business lives. The unavoidable need to adopt remote working practices has forced companies and employees to futureproof and adapt to this new way of life. Fast forward two years and remote working practices are now solidified in the minds of employees. Many of whom see no reason to return to a fully in-office situation. To retain existing staff and attract new employees, companies need to look at ways to appeal to the remote working mindset while also managing salary expectations.

Budgetary limitations as a result of the pandemic’s effect on the global economy mean we all need to be more mindful about finances. Credit management firms have been left in a particularly tough position. With the pandemic leaving a trail of bad debt and late payments that are straining finances. To better navigate this unfamiliar landscape while keeping employees happy and attracting new recruits, consider the following recommendations:

Enact a fully flexible remote working office policy

To attract the best employees, you should maintain a fully flexible in- and out-of-office policy that allows for generous remote work. This empowers employees to make the most responsible decisions for themselves and lets them know you trust their judgment.

Remote working may be a new and unfamiliar concept to well-established companies, but it’s become an avoidable play to futureproof modern business. Any attempt to ignore or avoid it will leave your company struggling to compete in a new and dynamic world that attracts the top graduates.

Justify salary differences by identifying responsibilities

Salary expectations are a key sticking point for new hires. Many graduates looking for higher pay rather than the promise of a lucrative career path. To manage their expectations, you’ll need to highlight the extra responsibilities that existing staff take on or the Key Performance Indicators (KPI) that they deliver against.

Salary discussions are never easy, but it’s important to maintain transparency in this regard or you risk losing out on the best new hires. KPI metrics like Days Sales Outstanding (DSO) provide an excellent way to demonstrate the higher value that existing employees offer.

Highlight the typical salary plan of a credit professional

Recent graduates may not be able to visualise the full career potential of the job on offer. It’s important to make a clear argument for the long-term value. Highlight how experienced pre-pandemic staff that had to leave for home commitments are now able to work again in a remote sense.

Making note of this pool of potential employees reduces the leverage that new hires have for high salary demands. It also helps to drive home the long-term career potential of the job as opposed to an immediate salary.

Use software to bring your team together

Sending around Excel spreadsheets twice a day is no longer an efficient way to manage a remote working team. To become futureproof, you need software that’s designed to meet the demands of a remote-working, post-pandemic world.

The right technology provides clear metrics on KPIs and helps to ensure you attract and retain the best staff. Decent credit management software should provide improved communication, workload sharing, KPI bonus features, and efficient team collaboration tools.

Optimise your team with the right credit management software

Visma | Onguard offers a range of software solutions for risk management, credit insurance, cash allocation, invoicing, and collection. Our powerful software platform incorporates the latest technology to help optimise working capital, improve employee communications, and boost order-to-cash processes.

In a post-pandemic world, the right software will make or break your remote working strategy. Futureproof your credit teams and ensure your finance department thrives in a remote working environment. For this, you’ll need a software solution designed specifically to meet these demands.

 

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