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Financial Accounting and Advisory Services (FAAS)

Bridging the staffing gap

The difficulties with resourcing for the year-end financial reporting cycle.

With planning underway in most investment managers and fund administrators for the year-end reporting cycle, how are businesses dealing with the resourcing challenges they face?

We have heard recently that Ireland is nearing full employment. The Government are indicating that we will be below 6% unemployment by 2018. While this is a positive indicator in terms of our economy it does pose many difficulties for businesses.

The ability to attract and retain good staff becomes increasingly more difficult. How is your business planning for and mitigating against this risk?

In an ideal world everything would be automated and carried out by “bots” but this isn’t the case and while organisations are making huge strides in terms of digitising certain processes there’s still a long way to go. While these longer term strategies are being developed there are numerous options for bridging these gaps and managing spikes in the short term, but which option is most suited to your business?

  1. interim staffing – a long used model of contracting directly or through agencies or professional services firms. This can be a very efficient solution for a short term need but doesn’t build continuity or expertise where there’s a recurring or significant staffing shortage.
  2. retained professional services firms – in this model a company partners with a professional services firm on a longer term basis. The benefits of this model are a commitment from the firm to a certain level of staff continuity, a retention of knowledge of your businesses work practices/systems and general on-boarding and administration issues which can be time consuming.
  3. outsource/co-source – where a business is spending significant time and resources on a non-core activity they may choose to outsource. This can take different forms, either fully outsourced and hosted on the business partners site, or a co-sourced model where the partners sit on your site and work on your systems retaining co-ordination and project management responsibility.

If you would like to know more about our asset management specialist services please contact a member of our team.