There was some exciting news for a leading bank in Saudi Arabia recently. Bank AlJazira was awarded Approved Employer Status by ACCA, becoming the first bank in the Kingdom to become an approved employer.
The ACCA Approved Employer certificate is awarded to leading organisations that offer outstanding and continued professional development opportunities to their finance professionals, while also demonstrating superior professional values, ethics and governance in the workplace. The programme recognises employers’ high standards of staff training, accountancy resources, and development.
Acquiring new business is key to growth and profits, but the bottom line is investing in your team is the most powerful way to ensure sustainable business growth.
It’s always a great moment at ACCA when we are able to reward and recognise a large corporate entity for its commitment to their workforce, because we see first-hand how businesses that do so excel and flourish.
What I see time and time again is that the companies that are not just surviving, but thriving, are those that develop their workforce. Great employee experience is a predictor of great business performance!
Pitching for new business, retaining clients and going about the day-to-day function of your business – these are all top of the list when it comes to running a company.
At the Association of Chartered Certified Accountants (ACCA), which I lead in the Middle East, these issues are front and foremost for many of our affiliates and members across 11 countries.
And whilst the accreditation is obviously great news for AlJazira Bank and its finance employees, it casts an important light on just how valuable and important it is for a business to have a cohesive, long-term strategy for career progression and development in place – it’s as important as winning new clients and increasing profitability.
Eighty one percent of ACCA’s employers say that their Approved Employer status has helped them to attract and retain better quality graduates and finance employees. Employers play a vital role in ensuring they have access to regular professional development and support. Also, 75 percent of our employers say their Approved Employer status is important to them and 72 percent say their Approved Employer status offers significant benefit to their finance employees.
Andrey Kozitsin is the General Director of UMMC, one of our Approved Employers and notes: “We strongly believe that in the modern world any company can achieve success only through a hard work, a continuous professional development and an improvement of its employees’ expertise.”
The workplace climate of the past few years has been described as ‘The Great Resignation’. By now, we have all become more accustomed to a decentralised office structure and to more flexibility.
More than ever, employees at every stage of their career feel entitled to a healthier work-life balance, and new cohorts such as Generation Z are entering the workforce with these expectations already in place.
Companies that fail to meet expectations such as on-the-job mentoring, clear and transparent career progression paths, work-life balance and even mental health support will experience higher turnovers and lower staff retention rates.
When you think about how much it costs to hire, sponsor, onboard and train a new staff member, the failure to retain them as an engaged and motivated asset for years following their hire can be a catastrophic expense, especially if it becomes a pattern.
One of our partners is Merali’s Chartered Accountants, and its Group Managing Partner Mahmud Merali confirms: “We have seen the benefits within the organisation of providing appropriate learning and development opportunities for our staff. Not only does it mean that individuals keep up to date with relevant information but it also improves morale and staff retention.”
Investing in staff as much as you invest in other areas of your business is probably the single most powerful thing you can do your business.
Richard Branson has famously said that ‘employees come first, customers come second’ and it’s perfectly clear that any organisation is only as good as the human capital that makes up the workforce.
Motivated employees produce the kind of quality work that sets your organisation apart from competitors.
Organisations with a culture of career development are have more motivated staff. Pro-active, engaged teams deliver better results, and better results bring you business.
Thomas Wittmann, Vice President of Finance, FedEx Express MEISA says “We are delighted to be recognised by a global professional body such as ACCA for our continued investment and drive in developing finance talent.
At FedEx, we have a strategic mindset in developing our finance capabilities to ensure that our customers, team members and communities benefit. We deliver an agile service around the world to our customers, which is only possible with a team focused on continual development, compliance and a commitment to best-in-class service.”
With the first bank to received an Approved Employer status from us, I’m excited about how the banking and finance sector will continue to evolve across the region. Since 1904, being a force for public good has been embedded in ACCA’s purpose and it’s what drives us.
Successful workplaces need clear strategies for their teams’ professional development, and more than ever today, to also demonstrate that they support their staff holistically. Those that don’t nurture and invest in their staff are ultimately destined to lose their most valuable assets to companies that do.
Fazeela Gopalani, Head of ACCA Middle East.
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