Investing in Soft Skill Development in Accounting Firms
Soft skills, also known as people skills, are personal attributes that enable individuals to interact with others in a workplace. While hard skills, like proficiency in accounting software and data analysis, are essential, soft skill development is equally important for employees working in accounting firms. In this article, we’ll discuss why investing in soft skills for employees is critical when training employees and how to measure the return on investment.
Why is investing in soft-skill development important for all levels in an accounting firm?
The role soft skills play in professional relationship development
In accounting firms, employees consistently interact with colleagues, clients, and stakeholders. Strong communication skills, active listening, empathy, and problem-solving skills are essential to building strong relationships with clients and colleagues. Improving soft skills will lead to more productive and successful long-term business relationships.
Benefit employees with increased confidence.
Soft skills training will enhance employees’ confidence and increase their ability to achieve their objectives. This increased confidence encourages staff to address issues before they become problems, increasing client satisfaction.
Demonstrates the company’s commitment to growth and development.
Soft skills training shows employees and external clients the accounting firm is interested in growth and development. This increases loyalty and even attracts new employees.
When to train your employees on soft-skills
First-time hires vs. experienced workers
It’s crucial to identify the most important soft skills to a position and determine the level of training according to job type or title. New and experienced workers require specific training tailored to their needs so that employees are better equipped to navigate their role’s job tasks and requirements.
When the company is expanding or pivoting
Soft-skills training is essential in preparing employees for changes when an accounting firm is in a growth or transition phase. Training equips employees with the tools to handle the changing environment.
When there are gaps in employee skills or knowledge
Assessing employee soft skills can address any potential gaps in their training or knowledge. As soft skills develop, keeping employee skills up to date will provide more confidence in their work and improve work quality over the long term.
How to invest in your employee’s skill development
There are several ways the accounting firm can invest in employee skill development, such as:
Training and development programs
Well-structured training programs will provide employees with the tools and soft skills to function better. The training could focus on leadership, critical thinking, communication, and adaptability.
Mentoring programs
Mentoring is an excellent way of gaining guidance, knowledge, and skills from others in the company. For instance, senior staff provides informal training for new hires or experienced employees to help them grow.
Providing opportunities for growth and hands-on learning
Providing opportunities for growth to employees, such as participating in conferences, workshops, and online courses, provides employees with the tools to advance personal and professional skills. Hands-on learning experiences like client-facing meetings and presentations will help solidify skills like communication and problem-solving.
How to measure the return on investment
To measure the return on investment, accounting firms should consider the following:
Identify metrics to measure success
Setting clear goals and metrics for your employees when developing their soft-skills training delivers measurable returns—such as improved key performance indicators (KPIs) like customer satisfaction, employee retention, and increased revenue.
Evaluate employee performance
Evaluating employee performance will help measure how well training programs have equipped the employee with new skills.
Assess employee satisfaction and engagement
Assessing employees’ feedback on soft-skills training programs fosters communication and ongoing employee growth, provides a better understanding of employees’ developmental needs, and improves job satisfaction.
Conclusion
Soft skills are fundamental to any role in accounting firms. Investing in employee soft-skills development benefits the company, including stronger client relationships, increased employee confidence, and better overall performance. The ability to think creatively, handle ambiguity, and interact with others is essential in our ever-changing business environment. Investing in training and skill development is the perfect way to stay ahead of the competition.