Forvis Mazars Presents Comprehensive Approach to Help Thai Organizations Address the Employee Retention Crisis, Especially Accounting and Finance

As the employee retention crisis continues to challenge hiring managers in Thailand, Forvis Mazars – a leading international audit, tax, and advisory firm with an office in Thailand, proposes a comprehensive approach to address this pressing issue. With low unemployment rates, increasing voluntary attrition rates, and a shrinking labor workforce, finding and retaining employees has become more difficult than ever.

To combat these challenges, Forvis Mazars emphasizes the strategic importance of employee development and retention. According to a recent LinkedIn survey, 94% of employees expressed a willingness to stay at a company longer if the company invested in their career development. Surprisingly, only 34% of companies surveyed had formal mentoring programs, and 18% had no initiatives for employee learning.

Recognizing the significance of employee development, Forvis Mazars has implemented a range of structured in-person and online training programs. Additionally, the company collaborates with third-party experts to educate its staff on relevant topics such as artificial intelligence, Web3, and mental health awareness.

“Investing in employee development is not just a strategic move; it’s a moral obligation for organizations,” says Mr. Jonathan Fryer, Head of APAC Outsourcing Partner and Partner at Forvis Mazars in Thailand. “By providing employees with the necessary tools and resources to grow professionally, we are not only enhancing their career prospects but also fostering a loyal and engaged workforce.”

In today’s dynamic workplace, successful managers are embracing a coaching and mentoring role, moving away from authoritarian leadership styles. As part of this shift, managers should strive to understand the motivating forces that drive their teams and find ways to nurture the full potential of their employees. To achieve this, Forvis Mazars conducts a monthly well-being survey to gauge employee satisfaction, assess the working environment, and evaluate managerial support. This valuable feedback enables the company to make necessary improvements and create a positive workplace culture.

“The key to employee retention lies in creating a supportive and empowering work environment. By fostering open communication, providing growth opportunities, and prioritizing employee well-being, organizations can build a strong foundation for long-term success,” says Mr.Fryer.

The accounting profession, in particular, faces a looming crisis due to a shortage of accountants. Globally, there has been a decline in students majoring in accounting and a decrease in the number of candidates taking CPA exams. Moreover, qualified accountants are leaving the profession in record numbers.

To address this challenge, Forvis Mazars recognizes the need for accountants with advanced technological skills. As the role of an accountant evolves to incorporate artificial intelligence (AI), machine learning, and robotic process automation (RPA), candidates must possess not only strong accounting knowledge and ethics but also the ability to adapt and learn various software applications, platforms, and tools.

“Accounting professionals need to embrace technology and continuously upskill to stay relevant in today’s digital age. By equipping accountants with the necessary technological skills, we can bridge the talent gap and ensure the accounting profession remains robust and ready for the future.” says Mr. Fryer.

To assist organizations in overcoming hiring and retention challenges, Forvis Mazars is offering two innovative solutions.

Firstly, the company provides outsourced accounting and finance services, allowing businesses to leverage the expertise of experienced professionals without undergoing a lengthy hiring process. This approach improves performance, ensures compliance, manages costs, and provides flexibility in resourcing and skills. Secondly, Forvis Mazars offers the placement of qualified staff on a part-time or full-time basis, providing short or medium-term hiring solutions to quickly fill workforce gaps with skilled professionals. These solutions not only alleviate immediate hiring pressures but also contribute to the long-term stability and adaptability of businesses in a dynamic economic landscape.

“Through our tailored solutions, we aim to support organizations in navigating the complexities of talent acquisition and retention. By providing flexible staffing options and expert accounting services, we empower businesses to focus on their core objectives and achieve sustainable growth.” Mr. Fryer concludes.

About Forvis Mazars

Forvis Mazars is a leading global professional services network. The network operates under a single brand worldwide, with just two members: Forvis Mazars LLP in the United States and Forvis Mazars Group SC, an internationally integrated partnership operating in over 100 countries and territories. Both member firms share a commitment to providing an unmatched client experience, delivering audit & assurance, tax and advisory services around the world. Together, our strategic vision strives to move our clients, people, industry and communities forward.

Forvis Mazars is the brand name for the Forvis Mazars Global network (Forvis Mazars Global Limited) and its two independent members: Forvis Mazars LLP in the United States and Forvis Mazars Group SC. Forvis Mazars Global Limited is a UK private company limited by guarantee and does not provide any services to clients.

For more information, visit www.forvismazars.com/global

 About Forvis Mazars in Thailand:

 Forvis Mazars in Thailand is a leading, accounting, audit, tax, legal, and advisory practice comprised of over 400 professionals. The practice has Thai, British, Dutch, Indian, German, Japanese, Australian, Vietnamese, and Korean nationals among its senior advisers, which ensures that the company is well placed to function as a bridge between businesses operating in Thailand and related companies overseas.

For more information, visit www.forvismazars.com/th