Forvis Mazars’ Strategic Solutions to Combat Employee Retention Crisis in Thailand’s Accounting and Finance Sector

Forvis Mazars Unveils Strategy to Tackle Employee Retention Crisis in Thailand’s Accounting and Finance Sector

BANGKOK, July 17, 2024 – Amidst the growing employee retention crisis in Thailand, Forvis Mazars, a global leader in audit, tax, and advisory services, has stepped forward with a comprehensive strategy aimed at helping Thai organizations, particularly in the accounting and finance sectors, retain their workforce. With the country grappling with low unemployment rates, high voluntary attrition, and a diminishing labor force, the challenge of maintaining a stable workforce has never been more daunting.

A recent LinkedIn survey highlighted a significant gap in the corporate world, revealing that while 94% of employees would commit longer to companies that invest in their career development, only 34% of companies have established formal mentoring programs, and a staggering 18% lack any employee learning initiatives. Addressing this gap, Forvis Mazars has launched a series of structured training programs, both in-person and online, and has partnered with external experts to cover a range of topics from artificial intelligence and Web3 to mental health awareness.

Jonathan Fryer, Head of APAC Outsourcing Partner and Partner at Forvis Mazars in Thailand, emphasized the importance of investing in employee development. "It’s not just a strategic move but a moral obligation," Fryer stated. "By equipping our employees with the tools and resources for professional growth, we’re not only enhancing their career paths but also cultivating a workforce that is loyal and engaged."

The firm advocates for a shift in management styles, encouraging leaders to adopt coaching and mentoring roles to unlock the full potential of their teams. Monthly well-being surveys are conducted to monitor employee satisfaction, assess the work environment, and evaluate managerial support, ensuring a positive and supportive workplace culture.

Highlighting the specific challenges in the accounting profession, Fryer pointed out the global decline in accounting majors and CPA exam candidates, alongside the exodus of qualified accountants from the profession. In response, Forvis Mazars is focusing on the need for accountants to possess advanced technological skills, as the profession increasingly integrates AI, machine learning, and robotic process automation (RPA).

To combat hiring and retention challenges, Forvis Mazars offers two innovative solutions: outsourced accounting and finance services and the placement of qualified staff on a part-time or full-time basis. These solutions are designed to provide businesses with the flexibility to quickly fill workforce gaps with skilled professionals, thereby ensuring long-term stability and adaptability in a dynamic economic environment.

"Through our tailored solutions, we aim to support organizations in navigating the complexities of talent acquisition and retention, empowering them to focus on their core objectives and achieve sustainable growth," Fryer concludes, underscoring Forvis Mazars’ commitment to addressing the employee retention crisis in Thailand’s accounting and finance sector.