Outsourcing Offshore Can Help Beat the 10% Finance & Accounting Staff Turnover Challenges, says IBN Technologies
PUNE, INDIA - IBN Technologies, a leading offshore outsourcing solutions provider, is stepping up to address the staff turnover crisis in the Finance & Accounting sector.
A LinkedIn study highlights that the accounting sector has experienced high staff turnover rates, reaching an average of 9.4%, while the finance sector faces a 10% turnover rate.
IBN Technologies, with its expertise in offshore outsourcing services of finance and accounting , is dedicated to assisting companies in overcoming these alarming difficulties. The repercussions of high staff turnover are wide-ranging, imposing significant financial and operational burdens on businesses. The employee departures result in the loss of significant expenditures invested in their recruitment, training, and certification.
A study conducted by Robert Half has identified Finance & Accounting roles as some of the hardest to staff, exacerbating the impact of employee departures. As employees leave, the considerable investments made in their development, sometimes amounting to thousands of dollars, vanish, leaving companies burdened with additional costs for hiring and onboarding new staff.
The financial implications of high staff turnover can be severe, with companies losing up to 33% of the total compensation package, which includes salaries and benefits, for each departing employee. Moreover, organizations experiencing high turnover rates often lag behind their competitors, with up to four times fewer profits.
IBN Technologies a leading outsourcing company has developed an effective strategy to offset the negative consequences of excessive staff turnover through their offshore outsourcing services. By leveraging offshore teams that seamlessly integrate into their financial operations, businesses can improve efficiency and ensure continuity while mitigating the impact of staff turnover.
"In today's fiercely competitive market, businesses can no longer afford to turn a blind eye to the adverse effects of high staff turnover," said Ajay Mehta, CEO of IBN Technologies. "It erodes productivity, disrupts operations, and hampers growth. Offshore outsourcing Bookkeeping presents a strategic alternative that enables businesses to surmount these challenges and achieve sustainable success."
The financial expenses of replacing an employee are substantial. It may cost a business up to 2 times the annual salary of the employee. For instance, replacing a $60,000-a-year employee may cost anywhere in between $30,000 and $45,000. Considering the costs of hiring, onboarding, lost productivity, and errors, this figure is expected to rise in accordance with the employee's salary.
IBN Technologies, which has over 2 decades of experience in offshore outsourcing, is aware of the crucial role it plays in addressing the issue of rising staff turnover. IBN Technologies offers a wide range of solutions, including accounting and finance outsourcing, and other essential business activities, to give US and UK businesses the flexibility to concentrate on their core competencies while minimizing the consequences of staff turnover.
"Offshore outsourcing empowers businesses to build resilient and scalable operations," suggests Ajay Mehta. “With IBN Technologies, companies can access a global talent pool, utilize specialized skills, and reduce recruitment and training costs. As a result, businesses can maximize resources, boost production, and ultimately develop sustainably.” Explore IBN Technologies' Outsourcing Case Studies for successful execution of offshore outsourcing services.
The ever-changing market demands flexibility and agility from businesses. Offshore outsourcing enables companies to quickly adapt to market fluctuations and expansion plans without being constrained by turnover. Expert teams at IBN Technologies are readily available to support and scale operations in accordance with clients' needs.
IBN Technologies LLC is an outsourcing specialist company with clients in the United States, the United Kingdom, the Middle East, and India. The quality of IBN Tech procedures is guaranteed by ISO 9001:2015, 27001:2013 as well as a CMMI-5 certification. In its more than 24 years of existence, IBN has become a leading IT, KPO, and BPO outsourcing specialized company in the Finance & Accounting, CPAs, Hedge Fund & Other Alternative Investment business, Banking, Travel, Human Resource & Retail Industry sectors.
