The challenge of the workforce shortage – and its consequences

The struggle to recruit qualified professionals to fill the workforce shortage is one of the largest concerns in 2023 across many industries and jurisdictions. In the finance industry in the Channel Islands, recruitment and retention are rated as one of the top risks, and rightfully so in today’s candidate-driven job market. There are simply not enough skilled employees to fill the workforce shortage in the financial services industry.

Business leaders cite workforce and talent-related issues as their primary concern as their organisations struggle to fill vacancies.

So, what are the consequences of a workforce shortage?

The consequences of the workforce shortage are concerning, with insufficient resources to support business strategies and a stretched workforce that struggles to meet regulatory requirements. The results of not having sufficient resources can be categorised into stages:

Stage 1

  • Reduced resources to do the same or more work.
  • Shortcuts in training and induction processes.
  • Negative impacts on staff morale.
  • Increased (and often long-term) staff absences.
  • Staff attrition (voluntary and involuntary).

Stage 2

  • Regulatory and/or statutory breaches.
  • Internal breaches of policies and procedures.
  • Client complaints.
  • Backlogs of minutes, file reviews and other tasks.

Stage 3

  • Regulatory findings.
  • Audit findings (internal and external).

Stage 4

  • Regulatory remediations.
  • Audit actions.

The stage at which a client reaches out to us at Virteffic Limited (Virteffic) varies.

Many of our clients have quickly identified their limited capacity and reached out to us early, often at stage 1. Some come to us for assistance during a limited time whilst they are recruiting to fill their workforce shortage for permanent employees, and we have also assisted with maternity cover for a couple of clients.

Some clients have waited a bit longer and engaged with us at stage 2, and we help them to clear backlogs of minutes.

We also have clients who engage us at the later stages where the limited resources, ongoing projects and backlogs have resulted in regulatory findings, auditing findings or remediation requirements.

At whatever stage, we are happy to help to provide the support required.

A change in the way that businesses operate

There are many ways that companies are addressing the workforce shortage and its consequences. Some have implemented new recruiting strategies, with increased use of social media to access candidates for open positions.

The pandemic and emerging technologies have changed the way that organisations operate. In 2023, most organisations offer more flexibility, both by way of flexible hours and also by giving staff members the opportunity to work from home more frequently, with some even accommodating team members to work from anywhere.

The use of cloud technology and innovative solutions has evolved as a result of the macroeconomic challenges presented over the last couple of years that have massively impacted IT security. Technology solutions, cyber security and sound policies are now fundamentals rather than “nice-to-haves”, together with strong corporate governance and regulatory focus.

There has also been an increase in outsourcing or hiring teams in other jurisdictions to support day-to-day activities. However, the tasks that can be outsourced to other jurisdictions are limited due to the challenging Jersey regulatory environment, where certain technical tasks require local experience and technical skills.

The pandemic accelerated the development of virtual support services, and there are a large number of local consultants and virtual assistants. Meanwhile, Virteffic specialises in secretarial support and corporate governance services, which form the core of our business. Since its establishment, our team has drafted more than 2,500 sets of minutes for a wide range of clients, and we can also assist with technical administration tasks and projects where lengthy experience is required, making us the perfect solution for your workforce shortage. 

Our virtual assistants act efficiently and professionally with the utmost confidentiality, sometimes eliminating the need for staff members altogether.

How Virteffic can help your business

Virteffic Limited is an independent, privately owned business in the Channel Islands that provides secretarial support and administration services. Our virtual assistants specialise in drafting minutes, preparing board packs, and day-to-day administration services. The team consist of experienced, qualified professionals with hard-to-find skills and long experience in the regulated financial industry. We pride ourselves on being flexible, efficient, diligent, knowledgeable and discrete. 

Simply put, we help businesses and charities by doing tasks they don’t know how to do, are too busy to do, don’t want to do, or that would be better outsourced.

We have become a trusted support firm that assists businesses of all sizes, including many of the larger regulated firms (funds and trust companies, wealth advisors and insurance companies), non-profit organisations, and charities. Our clients are based in Jersey and Guernsey, the Cayman Islands, and the UK.

How does it work?

Virteffic can assist as an extension to your on-site employees.  Or as an alternate, more flexible solution to hiring a permanent administrator or secretarial officer. Using a virtual assistant means lower operational costs without compromising the quality of service. Our virtual assistants act efficiently and professionally with the utmost confidentiality, sometimes eliminating the need for staff members altogether. Virteffic is invested in every client that is taken on, and we will always do our utmost to deliver excellent services.

Our team can work securely in our Cyber Essentials validated secure Microsoft Office environment. Alternatively, you can give us access to your software technology (Citrix, Microsoft Office, VDI or another solution), allowing us to integrate seamlessly with your personnel and systems.

We will simply raise an invoice based on the agreed fee once the services have been performed or raise monthly invoices for longer engagements. As a virtual assistant is not an employee, there will be no additional charges that would be payable if you hired an administrator or secretarial officer. Virteffic is transparent with its pricing and fees, and a detailed timesheet is always provided with the invoice.

Related Posts

Visit the news and insights page on our website to discover what is new at Virteffic and learn more about our team and the services we provide. We also share our thoughts, tips and tricks with regard to minutes, meetings and corporate governance.

Find Out More

You can visit our website to find out more about Virteffic and to request a fee proposalGet in Touch if you are interested in any of our services.

Follow Virteffic on Social Media: Twitter | LinkedIn | Instagram | Facebook

Leave a Reply