The U.S. Bureau of Labor Statistics reports that 4.5 million Americans quit their jobs in November 2021. According to Fortune, “The Great Resignation” started in April of 2021. Bank of America’s CEO, Brian Moynihan recently said, “A lot of people left the labor market and they’re not going to come back, even with a strong bid for their services.” In reaction to not having enough people, Bank of America raised wages, growing total compensation to 10%. There are many theories as to why people are leaving their jobs. One is simple – there are far more open jobs than applicants.

But not every company can simply throw money at the problem. Finance leaders might be wondering what they can do – beyond raising wages – to help lessen “The Great Resignation” impacting their team. According to a recent Fluence Technologies survey of mid-market North American finance executives, 88% of finance leaders surveyed said that modern software is critical for recruiting and retaining finance staff. 36% of CFOs are concerned about high turnover and its impact on revenue growth.

The survey also found that simply adding more staff to the Office of Finance doesn’t necessarily alleviate some of the issues in Finance. Some processes in Finance, such as accounting tasks such as consolidations and the financial close process, are exceedingly manual and are taking their toll on the Finance team. An Oracle study found that 86% of employees think that their employers are not offering enough support.

What does support look like in the Office of Finance? It’s modernizing software. Modern software for the Office of Finance should include:

• A streamlined and simple way to collect data from disparate sources
• The ability to validate the data so it can be trusted as part of decision-making
• Specific functionality and features to address financial consolidation and close processes like intercompany matching and account reconciliation

Think about the software you use. 79% of those surveyed rated their consolidation and close tools as only “adequate.” Less than 2% considered their technologies to be cutting edge. What changes can you make in your CFO tech stack to make your team members feel more supported and more productive? What solutions will streamline and automate manual tasks? The right tools in the Office of Finance can not only help stem “The Great Resignation,” but also transform the roles of the team.

Download your copy of “The Roadmap to Modern, Mid-Market Finance,” from Fluence Technologies.