Essential Training for New Accountancy and Finance Hires: Setting the Stage for Success

10 Apr

The process of training new hires in the fields of accountancy and finance is a critical aspect of ensuring their success within any organisation. By providing the right education and guidance, employers equip their employees with the tools needed to thrive in the industry. Moreover, today's accountancy and finance professionals have an increasing appetite for ongoing training and development. Studies indicate that approximately 40% of staff members are concerned about the relevance of their skills in today's rapidly evolving landscape. Additionally, 49% of employees express a desire to enhance their skills but often struggle to identify where to begin. For business leaders, the initial focus of training for new hires should emphasise the development of essential soft skills. While technical abilities are often inherent to their roles, upskilling and expanding on these competencies can always be pursued later. Here are three crucial areas of focus when training new accountancy and finance hires

Skill 1: Goal Setting

In any accountancy or finance role, setting and achieving goals is paramount. Research from Harvard Business School reveals that individuals who visualise and document their professional goals are often 20% more successful in reaching them. Goals serve as a compass, providing direction and purpose to employees in their careers. Begin by offering clear insights into your business values and performance expectations during the onboarding process. This helps employees monitor and evaluate their progress effectively. During onboarding meetings, establish various types of goals with your new team members, such as:

Short-term goals: Outline specific objectives for the first few months of their tenure in the company. Discuss your expectations as a manager and inquire about their aspirations during this initial period.
Long-term goals: Encourage discussions about their future within the company. Do they aim for promotions or higher positions? Collaboratively develop a roadmap to help them achieve their career ambitions.
Development goals: Identify areas where employees seek to improve or gain proficiency during their tenure. Discuss training opportunities and areas where they feel they require additional support. Provide guidance on setting realistic goals versus unrealistic ones, and offer tips to enhance focus and productivity. Consider pairing new hires with mentors for ongoing feedback, and schedule regular check-ins throughout the year to assess goal progress and offer support.
Skill 2: Relationship Building
Strong relationships are foundational to a positive company culture. Research indicates that positive interactions between employees and their peers and managers lead to improved job satisfaction, higher retention rates, and increased productivity. However, many accountancy and finance professionals encounter challenges in forging meaningful connections within their organisations. During the onboarding process, introduce new team members to their colleagues and managers. Engage in bonding activities to facilitate camaraderie and rapport. Offer tips to strengthen relationships, such as:
Proactive collaboration: Encourage employees to seek opportunities to support their team members actively. Proactive engagement fosters a sense of teamwork and appreciation within the group.
Participation in meetings: While not always mandatory, involvement in business meetings provides networking and communication opportunities. Encourage attendance in both virtual and in-person meetings to foster stronger bonds.
Emotional intelligence development: Training on emotional intelligence enhances relationship-building skills. Employees should learn to recognise and understand the emotions of others to foster positive interactions.
Open communication: Cultivate a culture of continuous communication and collaboration within the team. Every member should feel included in discussions, ensuring everyone has a voice.
Networking opportunities: Encourage participation in industry events and networking opportunities. These experiences broaden professional relationships within the accountancy and finance sphere. Additionally, establish diversity, equity, and inclusion policies to promote respect and inclusivity among team members. Address any instances of isolation or negative behavior promptly to maintain a positive work environment.
Skill 3: Productivity
Employers seek productive, efficient, and engaged team members. While technical skills and tools contribute to productivity, employees must also adopt effective work habits.Engage your staff in discussions about their current productivity strategies and potential challenges, particularly in remote or hybrid work environments. Offer suggestions to boost productivity, such as:
Task prioritisation: Encourage employees to organise their tasks based on personal preferences. Some may thrive by tackling challenging tasks first, while others prefer starting with simpler tasks and progressing to complex ones.
Scheduled breaks: Emphasise the importance of taking regular breaks to maintain focus and avoid burnout. Allow flexibility for employees to step away from their work when needed.
Focused task management: Advise against multitasking, as it often leads to decreased productivity. Encourage employees to break down larger tasks into manageable components and focus on completing them one at a time.
Energy management: Enable employees to align their work schedules with peak focus times. In remote or hybrid work setups, granting autonomy empowers employees to maximise productivity.
Utilisation of productivity tools: Introduce employees to tools and technologies that enhance efficiency, such as time-tracking applications and project management systems.
Monitor employees' productivity levels and proactively address any challenges they encounter. Whether it involves adjusting schedules or addressing early signs of burnout, collaborative solutions can optimise workflow and promote success within the organisation.
By focusing on these three essential skills—goal setting, relationship building, and productivity—employers equip their new accountancy and finance hires with the foundational tools for success in their roles. Through ongoing training, mentorship, and a supportive work environment, organisations can cultivate a culture of growth and excellence within their financial teams.