How to prevent legacy systems frustrating new ways of working – and employees

With burnout a looming risk to business, technological issues should be high on employer agendas.

In the finance industry, many issues stem not from the workload itself being too high but from technical issues with legacy software disrupting productivity. This is according to a report from business software and services provider Advanced.

But almost a third of decision-makers in the industry aren’t making moves to adopt Cloud software.

Burning up goodwill

A survey of more than 5,000 senior businesspeople across the UK found that 85% are currently working more hours each week than they should be. Around 40% said that they couldn’t complete the amount of work they are given any other way.

Barriers to working from home

The report finds the boundaries between work and home life blurred by remote and hybrid working, which is not helping overtime.

While workers typically say they’re more or equally effective when working at home compared to working in-office, responses from financiers buck that trend. In fact, 60% of finance workers say they have difficulties accessing their work software from home, and 77% say they get more done in an office environment as a result.

Survey responses showed a sustained employee demand for flexible and remote working, despite frustrations around outdated software in some sectors.

“Employees are crying out for flexibility, about how and where they work. They want choice. They want to be empowered to be productive and to work in a way that best suits their personal preferences – however, those preferences may change – whilst supporting the goals of the organisation”, says Victoria Robinson, Hybrid Workforce Strategy & Culture Leader at PwC UK.

Technological glitches

Inefficiencies caused by legacy technology are at the crux of the issue. Employers moving to hybrid and remote working during the pandemic have not always succeeded in ensuring that the systems and processes their teams are using are still fit for purpose now that the change has become permanent.

Indeed, just 20% of businesses in the finance sector have adopted Cloud-based solutions to support their new ways of working. Worryingly, 29% of decision-makers in finance said that they are not planning or considering plans to adopt Cloud software.

Alongside issues accessing systems, roughly one in five finance workers also said that their working days are disrupted by ‘small tasks that take a long time to complete’. A lack of real-time reporting and file-sharing is also cited as a recurring issue.

A tech skills shortage is also to blame, with 41% of survey respondents across all industries saying that they currently have to outsource some or all of their IT requirements due to a lack of in-house expertise.

Financial pressures

Advanced’s annual business trends report highlights that business leaders are primarily concerned with profitability and cash flow in the year ahead. ‘Employees, managers, leaders and business owners are all feeling the pressure to make ends meet’, the report states. ‘Companies are doubling down on their key strategies to achieve growth and profit, and employees are at the heart of this.’

That probably explains why employers are reluctant to spend on Cloud computing software. But saving money on functional systems could be a false economy in the long-run.

System support

According to Robinson, “the winners in all of this will be those organisations able to take a human approach to understanding these challenges and opportunities. They can then apply the framework, technology and support needed for a more customised approach that works for different employees, while optimising their productivity and the productivity of their teams.”

Advanced notes that technology can support increased productivity, enabling people to get more done in their contracted working day so they don’t feel the pressure to work extra hours and risk burnout. Their report says ‘businesses will need to invest in tools that support employees wherever they are based’.

AAT Comment offers news and opinion on the world of business and finance from the Association of Accounting Technicians.