"The more flexibility an employer can give their employee, the more likely it is that they would want to continue working with the employer."
Jonathan Maharaj is a FCPA (Aust), Virtual CFO and the founder of Aurora Financials, an award winning purpose driven New Zealand accounting and consulting practice with clients globally.
He works with clients in a range of industries and helps them to digitally transform and grow their businesses. Jonathan especially enjoys working with small to medium enterprises because they create significant value for many global economies.
Check out more interviews with entrepreneurs here.
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Table of Contents
We are thrilled to have you join us today, welcome to Valiant CEO Magazine’s exclusive interview! Let’s start off with a little introduction. Tell our readers a bit about yourself and your company.
Jonathan Maharaj: It’s nice to meet you all, and thank you for the interview. By way of introduction, I’m a qualified Accountant and Virtual CFO based in New Zealand.
I’m also the Founder and CEO of AuroraFinancials.com which is an award winning accounting and consulting firm with clients globally. I really enjoy working with my clients to grow their business by unlocking their financial potential. Making a difference to our local community is also important to me and my team.
Who has been the most influential person(s) in your life and how did they impact you? How did that lead to where you are today?
Jonathan Maharaj: Growing up my mother had the the most impact on me. She wanted me to be the first person in our family to graduate from university. She worked hard for all of her children and actively sought opportunities for us to learn and gain more real world experience.
Through a lot of sacrifice and hard work, I graduated from university and got my first job at PwC. The rest they say is history as I went on to work in a range of industries, where I learnt a lot before starting my own business.
The pandemic led to a myriad of cultural side effects, including one that was quite unexpected that is informally known as “The Great Resignation”. Did this widespread trend affect you in any way?
Jonathan Maharaj: During the pandemic, working from home gave a lot of people the time they needed to step back from their office culture and really reflect on what was important.
They asked themselves questions such as:
- Is the daily commute to work really worth it?
- How can I spend more time with my children and be there for the family moments that matter?
- How can I increase my income and save costs during these difficult economic times?
I understand the motivation for people wanting to leave their work for better opportunities and more flexible working. For our business, as we were already operating on a remote and fully flexible working basis, that was attractive to staff who wanted to continue to work from home and have more time for their family.
According to the U.S. Bureau of Labor Statistics, 4 million Americans quit their jobs in July 2021. How do you feel about this trend? Explain.
Jonathan Maharaj: I think that a lot of people realised that their work environment and culture wasn’t making them happy. They had enough time to reflect on what was important to them and sought better opportunities that aligned with their goals and family.
I think this trend will continue to increase because technology is making it easier to work from anywhere globally.
According to a study by Harvard Business Review, Employees between 30 and 45 years old have had the greatest increase in resignation rates, with an average increase of more than 20% between 2020 and 2021. That can be quite an alarming rate. What advice would you share to increase employee retention?
Jonathan Maharaj: Employers need to flexible with their employment practices because of this changing environment.
More employees are looking for the opportunity to learn, grow, and earn more income outside of a traditional job. The more flexibility an employer can give their employee, the more likely it is that they would want to continue working with the employer.
I don’t think paying more money will solve the problem. Instead, provide a better work environment and a supportive culture. This leads to employees feeling more valued which makes it more likely that they would want to continue to work in that place.
A more recent survey by Joblist asked about 3,000 respondents if they’re actively thinking about leaving their job. That survey found that 73% of 2,099 respondents who answered this question on their employment plans are considering quitting. How are you preparing for the future to counter this potentially persistent problem?
Jonathan Maharaj: The reality for business owners is that staff can leave at any time.
You can’t force people to stay. You just have to be consistent and keep building a positive supportive culture which offers your people the opportunity to learn and grow. If staff decide to leave for better opportunities, wish them the best.
There will be other candidates who would be willing to work for you because you treat them well.
Thank you for all that, our readers are grateful for your insightful comments! Now, if the Great Resignation isn’t your greatest concern, what is the #1 most pressing challenge you’re trying to solve in your business right now?
Jonathan Maharaj: Finding our ideal clients is something we and other businesses are likely to have challenges with. While there is a lot of information available online to do research on prospective clients, not everyone that looks like an ideal client will be a good fit for a business.
It takes time to learn more about potential clients, and then assess whether they would be a good fit for your business. We try to find good clients who want to do the right thing, operate legally, and make a difference in their local community.
Before we finish things off, we do have one last question. If you had $10 Million Dollars to spend in one day, what would you spend it on?
Jonathan Maharaj: That’s an interesting question. If I had $10 million dollars today, I would:
- Firstly make sure that my family is taken care of financially;
- Donate funds to charities;
- Save for the future; and
- Invest in a range of asset classes.
Jerome Knyszewski, VIP Contributor to ValiantCEO and the host of this interview would like to thank Jonathan Maharaj for taking the time to do this interview and share his knowledge and experience with our readers.
If you would like to get in touch with Jonathan Maharaj or his company, you can do it through his – Linkedin Page
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