Statistics show that over 40 million workers quit their jobs in 2021, with a staggering 4.2 million resignations in October alone. These figures created turbulence within the U.S. economy, which trickled down into finance and accounting departments across the nation.
The labor scarcity has affected both Fortune 500 companies and local businesses. Here are some of the problems it has caused:
Companies are struggling to both retain their current employees and find new employees to replace those who have already left. Talent pools are becoming tapped, so finding qualified employees is harder than it’s been in recent memory. That makes the current job market an “employee’s market,” where it’s easy for people to find a job and set their own terms because fewer applicants are looking.
Without employees doing the work, your daily tasks either get done late or not at all. Your business can’t grow if you’re having trouble handling the current workload, causing your revenue and profits to decline. And when employees leave, they also take industry knowledge with them. It takes time to find, hire, and train new employees to fill their role, and even more time for your new employees to know your business well enough to work efficiently.
Because we’re in an employee’s market, salaries and benefits are on the rise. Established enterprises that have no problem offering more pay are driving up salaries, creating a small applicant pool for businesses that don’t have the capital to attract new talent.
If you’re having trouble staffing your departments—consider the advantages of outsourced financing, which include:
When outsourcing financing and accounting teams, you have access to professionals who specialize in the skills needed to help with your daily operations. Outsourcing your F&I department alleviates the hassle of recruiting and training because you’re provided with a pool of highly skilled and capable employees.
If you’re looking to lower your business’s labor costs, outsourcing finance tasks to a specialized partner is an effective option. Outsourced financing providers are responsible for their employee’s pay, benefit packages, and training—allowing your company to focus its labor costs on your core staff.
Outsourcing your financing and insurance department allows you to scale up with a trained team of experts. These experts already have existing industry knowledge, saving you both time and money in training them. Additionally, by outsourcing your finance team, you achieve an enhanced level of staffing flexibility, as you’ll be able to bring on employees based on your changing business needs.
Do you need outsourced F&I, but don’t know where to start?
Take a look at our complete guide to outsourcing a finance department.
Let’s face it, the monotony of office work can get exhausting. Luckily, outsourced financing can help streamline some of your routine business processes. When you choose an outsourced financing partner, they can help you with:
- Customer service
- Claims processing
- Data entry
- Document management
- Loan process acquisition
Outsourcing your finance team also relieves your employees of repetitive work with a low return on investment, leaving your team available for higher priority tasks.
One of the biggest benefits of outsourcing is that, in general, outsourced F&I companies offer more than just one business solution. If they provide customer service, they are more likely to offer other professional services, such as:
- Contract Review
- Contract Management
- State and Federal Tax Preparation
- Legal Research
- Tax Research
- Writing Services
In the event you need any of these services, you can reach out to your outsourced financing partner, and they will be available to provide you with the staffing you need to get the job done.
The bottom line is, with outsourced financing, you can focus on your core business functions. Because your supplemental employees relieve menial tasks, you can spend more time tending to valuable customers.
As Florida’s top finance outsourcing company, we’re known for our natural ability to form lasting relationships built on a foundation of trust: Relationships with lenders, with our partner dealers, and, of course, with the customer.
No F&I strategy, internal or external, can compete with Finance Solutions. Get in touch with our expert team and discover what sets us apart.