Article by Cynthia Diaz
Unlock the secrets of hiring and retaining top-notch NetSuite experts
NetSuite is a cloud-based ERP (Enterprise Resource Planning) system that provides a suite of business applications for managing financials, operations, and customer relationships, and as businesses continue to embrace digital transformation, the demand for professionals with expertise in NetSuite is skyrocketing. However, finding qualified NetSuite professionals has become increasingly difficult as the pool of available talent remains small in comparison to the rising demand. In this article, we will explore why NetSuite professionals are scarce and what companies can do to cope with the shortage as well as to maintain their current NetSuite-Skilled employees.
Why are NetSuite professionals scarce?
One reason for the scarcity of NetSuite professionals is the relative newness of the software. While NetSuite was founded in 1998, it wasn’t until the company’s acquisition by Oracle in 2016 that it became widely recognized as a premier cloud-based ERP solution. As a result, there are fewer NetSuite professionals available than those with experience in more established systems like SAP and Oracle and the NetSuite certification program is only 10 years old.
Another factor is the complexity of the NetSuite system. While it is a powerful tool, it requires a higher level of expertise to use than some other ERP systems. To become proficient in NetSuite, professionals must have a solid understanding of accounting and finance principles, as well as advanced technical skills. This level of expertise takes time to acquire, meaning that there is a limited pool of experienced NetSuite professionals.
Additionally, NetSuite professionals are in high demand due to the system’s broad functionality. NetSuite is used in a wide range of industries, from manufacturing and retail to nonprofit and financial services, meaning that the need for NetSuite professionals is spread across multiple industries.
What can companies do to cope with the shortage of NetSuite professionals?
Invest in training and development: One of the best ways to cope with the shortage of NetSuite professionals is to invest in training and development programs for existing employees. This not only improves the skills of your existing workforce but also helps to retain employees by showing a commitment to their professional growth.
Partner with a staffing agency: Working with a staffing agency that specializes in NetSuite professionals, such as SuiteSource, can help to fill the talent gap. We have access to a larger pool of candidates, many of whom may not be actively looking for work, and we help to match companies with the best-fit candidates.
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Outsource NetSuite support: Outsourcing NetSuite support to a third-party provider can be a cost-effective solution for smaller businesses or those with limited IT resources. By partnering with an experienced NetSuite solution provider, companies can benefit from the expertise of trained professionals without the added cost of hiring and training in-house staff.
Offer competitive compensation packages: With the demand for NetSuite professionals outstripping supply, companies may need to offer more competitive compensation packages to attract top talent. Offering a comprehensive benefits package, flexible work arrangements, and other perks can also help to attract and retain qualified candidates.
This last paragraph also alludes to the different strategies that can be implemented to avoid as much as possible high turnover.
Hiring top-notch talent is only half the battle; retaining them is equally important.
Because of the fast-growing tendencies in the tech industry, companies struggle more and more to retain their tech talent, and NetSuite professionals are not the exception as the demand keeps rising.
Here are some tips to combat the high turnover rate in the technology industry:
Offer Competitive Salaries and Benefits: As mentioned earlier, one of the most important things companies can do to become attractive to top talent is to offer competitive salaries and benefits. According to a survey conducted by LinkedIn, salary and benefits are the top two factors that motivate employees to stay with their current company. NetSuite needs to ensure that it pays its employees what they are worth and provides them with a comprehensive benefits package that includes health insurance, retirement plans, and other perks.
Provide Opportunities for Growth and Advancement: Another critical factor that motivates employees to stay with a company is the opportunity for growth and advancement. Companies should offer their employees the chance to learn new skills, take on new challenges, and advance within the company. This can be accomplished by providing training and development programs, mentorship opportunities, and clear career paths.
Foster a Positive Company Culture: Creating a positive company culture is essential for retaining top talent. Your company should strive to create a work environment that fosters collaboration, open communication, and mutual respect. Encouraging employees to share their ideas and feedback can help them feel valued and engaged in the company’s mission. At SuiteSource, we provide helpful tips to harvest the #PowerOfPause means to create positive company culture.
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Recognize and Reward Employee Achievements: Recognizing and rewarding employee achievements can go a long way in retaining top talent. Companies should acknowledge and celebrate their employees’ accomplishments, whether it’s through bonuses, promotions, or other incentives. Recognizing employees’ hard work and dedication can help them feel appreciated and motivated to continue to excel, plus the bonus of higher levels of company loyalty.
Offer Flexibility and Work-Life Balance: Finally, offering flexibility and work-life balance can be a significant factor in retaining top talent, especially in post-pandemic times, where the remote work paradigm forces us to update the way we approach work. Offering remote work options, flexible schedules, and time off to recharge have become topics of discussion during and after the hiring process, being, sometimes, the critical point for candidates to opt to take the job or leave their current companies.
The shortage of NetSuite professionals can be a significant challenge for companies looking to implement or maintain the system. However, with a proactive approach that includes offering competitive compensation packages, and partnering with staffing agencies, such as SuiteSource, or leaning on NetSuite Solutions providers, companies can successfully cope with the shortage and ensure they have the talent needed and retained to keep their business running smoothly.