Under pressure, understaffed: Fixing the accounting skills gap in Block Management

This shortage is more than a staffing issue; it’s a structural bottleneck. Growth opportunities are being turned away—not due to a lack of market demand, but because teams don’t have the capacity to deliver. Every vacancy adds pressure on the remaining team members, increasing burnout risk and reducing service quality.
A demographic dilemma: Retention is not enough
The industry is fortunate to have a strong core of experienced accounting professionals. Over 40% of staff have more than a decade of experience, and nearly 60% have stayed for at least six years. But half of them are considering leaving within three years.

This looming exodus threatens to drain the institutional knowledge that has been built over time and increase training burdens for already stretched teams. High turnover among junior staff compounds the problem, as senior employees are forced to absorb the shortfall, creating a cycle of overwork and attrition.

Building resilience
The solution to the challenges addressed in this article goes far beyond just hiring, it’s about adopting a more strategic approach to workforce planning. Forward-thinking organisations are taking three proactive steps to future-proof their finance functions:

1. Invest in technology and skills development: Modern systems combined with a culture of continuous learning can transform productivity. By standardising processes and reducing reliance on single knowledge holders, organisations can boost agility and staff morale. The right tools also make onboarding faster and help teams adapt to regulatory changes or market shifts with ease as well as

• Promote operational agility,

• Foster a culture of continuous learning and shared knowledge,

• Make onboarding of new staff more efficient by standardising processes,

• Increase adaptability to market changes, regulatory updates, or shifts in client demand,

• Support scalability as the business grows without proportional increases in headcount,

• And ultimately enhance employee satisfaction by reducing frustration with outdated tools or unclear procedures

2. Get more out of your existing solutions: Many companies underuse the technologies they currently have. Regular system audits and incremental configuration updates can uncover hidden efficiencies and reduce reliance on manual processes. They can also: 

• Yield efficiency gains and reduce reliance on headcount

• Continually optimise workflows to match evolving operational needs

• Identify unused or underutilised features that drive further efficiency

• Reduce over-reliance on manual interventions or workaround processes

• Minimise technical debt and training requirements for new staff by maintaining consistency in systems

• Extend the lifecycle and ROI of existing platforms without major reinvestments

3. Embrace co-sourcing partnerships: Outsourcing doesn’t have to mean loss of control. Co-sourcing partnerships – where internal teams are supported by skilled, system-literate professionals – handle time-consuming tasks, reduce onboarding delays, and bring in specialist knowledge that uplifts internal teams.

Rather than relinquishing control, this method offers the flexibility of scaling expertise as needed, while:

• Mitigating the risks of staff turnover or seasonal workload spikes

• Bringing in system-literate professionals with niche skill sets or technical experience

• Allowing internal teams to focus on high-value, strategic activities while routine or time-intensive tasks are shared

• Enhancing knowledge transfer through collaboration, which contributes to upskilling the internal workforce

• Offering a faster, more agile alternative to lengthy hiring and onboarding processes
  

Closing the gap for a brighter future
The future of service charge accounting doesn’t depend on recruitment alone. It hinges on how well we redesign our teams for scalability, flexibility, and resilience. By blending smarter systems, co-sourcing strategies, and skills development, the block management sector can convert today’s challenges into tomorrow’s edge.

Dan Foryszewski, Managing Director, MRI Living (Private Residential)