Author: dvillalobos

4 Ways to Improve Your Hiring Process for 2024 Job Seekers

The hiring process can often feel akin to dating. Both sides are evaluating the success of the fit — putting their best foot forward while they do so.

For companies recruiting in 2024, it’s imperative to assess and modify your strategy to attract the caliber of job seekers that align with your business’ values and work standards. Our suggestion? Meet them in the middle and showcase the single area key to all successful relationships: clear communication.

Here are four approaches to improve your hiring process this year.

1. Communicate Often

One of the most common complaints from candidates seeking new opportunities is the lack of communication from the companies they’re applying to. The black box effect. Improving this experience — even simply sending a follow-up email once the position has been filled — can provide transparency on the behalf of the hiring company. When it comes to the interview process, let the candidate know up-front what they can expect: total number of interviews, who will they be meeting, etc. Strong businesses go as far as sharing feedback with final candidates to help them in their job search moving forward as a show of good faith.

2. Evaluate Job Requirements

In tight labor markets, the most sought-after candidates are in short supply and high demand. Enterprising companies, however, understand the value of evaluating the role’s must-have requirements to engage skilled and overlooked professionals who can perform the job just as well. In fact, in a recent survey by Intelligent.com, 33% of business leaders have eliminated the requirement for a Bachelor’s degree for certain roles.

“The trend shift shows a broader recognition that practical skills, real-world work experiences, and the ability to self-learn can be more important measures of potential success than four years of formal college education in many job functions,” says Chief Education and Career Development Advisor, Huy Nguyen.

3. Streamline Your Internal Hiring Process

With attention spans rapidly shrinking, the push for brevity and speed is at an all-time high. Shouldn’t your company’s recruitment strategy follow suit? Acquisition processes that incorporate more than three interviews can stretch into weeks or even months — too long for skilled and seasoned job seekers active in their career search. Assess your current operation to ensure it’s as concise as possible, ensuring the candidates are meeting the most important people while also giving a clear picture of your company’s work culture and values.

4. Partner with a Staffing and Recruiting Firm

When in doubt, turn to the experts. Staffing and recruiting agencies are privy to all things hiring — having insights into what is and isn’t working for companies and today’s job seeker.

Recruiters are not only equipped with the skills to help businesses identify ideal candidates, but are also consultative regarding the entire hiring process. From helping managers effectively communicate their culture to professionals to offering suggestions that will optimize their hiring strategy, this type of partnership can give companies a leg up in the fight for top talent.

Q3 2024 Accounting and Finance Employment Report

The first half of 2024 has been well, slower, for the U.S. economy, to say the least. Real GDP growth decelerated to 1.4% in Q1 this year from 3.4% in Q4 2024 — a result of inflation and elevated interest rates that have impacted consumer spending and domestic demand the first six months of the year, according to The Conference Board.

In June, employers’ payrolls increased by 206,000 jobs, and is a continuation of the 12-month trend of the U.S. adding an average 200,000 jobs each month. The national unemployment rate changed little at 4.1%, per the U.S. Bureau of Labor Statistics.

Q3 2024 employment report

What can we expect for the latter half of 2024? More of the same, but there is hope for economic growth to pick-up toward the end of the year as inflation continues its cool down from 2022’s peak of 9.1%.

“In all, the very cool inflation data provided clear evidence that inflation is slowing meaningfully, exactly the kind of progress that Fed officials have been hoping to see as they contemplate when to begin cutting interest rates,” explains the New York Times.

In fact, Grant Thorton’s new survey of more than 225 senior financial leaders showed that 56% of participants are feeling confident about growth projections. Even more, 58% of respondents said that attracting and retaining key talent is a priority for the next 12 months. And, with the demand for skilled accounting and finance professionals in a shrinking sector — Q3 and Q4 have a lot of optimism in store.

Here’s our forecast of what both employers and job seekers can expect in Q3 2024.

For Employers

In an uncertain market, it’s understandable for companies to be more cautious in their hiring decisions. But that tactic may be costing you top talent.

Slower interview processes and limiting hiring strategies to only permanent roles can be inhibiting businesses from landing candidates with the most in-demand skills, experience and credentials. Effective steps like streamlining recruitment approaches from five interviews to two, or taking on consultants while identifying that direct hire unicorn can help you get the right people in the seat without affecting productivity.

Another key factor to consider: what matters most to today’s worker. According to new research by Economist Impact, many employers are missing opportunities to align their benefits to employees’ expectations.

“Just three in 10 employees at mid- and large-sized American companies strongly agree that they are satisfied with their retirement plan,” the research showed. “Nearly six in 10 (57 percent) are not confident they will be able to retire at the federal retirement age.”

Evaluate your company’s compensation, benefits and other perks to see how they measure up. Not sure where to start? Check out some of these effective strategies that can help with both talent recruitment and retention.

For Job Seekers

The job market has been largely candidate-driven for the past few years, with the highest number of U.S. workers quitting their jobs in a single month peaking in April 2022. This clear power dynamic resulted in companies boosting salaries, offering flexible schedules and other attractive tactics to win over skilled talent.

Job seekers’ confidence has waned, however, and the quitting rate now sits below pre-pandemic levels at 2.2%. This trend comes alongside white-collar slowdown and decline in compensation for new hires, according to The Wall Street Journal.

Still, accounting and finance professionals do have an advantage — touting a much lower unemployment rate than the national average. Candidates seeking new opportunities in these functions can stand out from their peers by upskilling in areas that are most sought-after by employers, including, artificial intelligence, problem solving and earning advanced credentials.

Browse our most recent jobs in your area or connect with one of our seasoned recruiters today.

Where Have the CPAs Gone?

Many industries struggle to attract and retain top talent, and finance and accounting are no exception. In particular, the number of CPA professionals leaving the field has increased.

There are a few reasons for that. An aging workforce means more CPAs are reaching retirement age or opting to change careers. At the same time, fewer people are studying accounting and/or getting their CPA designation. This potential loss of knowledge and experience leaves companies scrambling to find people with the needed accounting skills, especially CPAs.

What CPAs Are Looking For

There are a few common reasons why people leave accounting. One recent survey of CPAs who had recently left their positions found that nearly 40% cited a higher salary as the primary reason. Other top responses included a desire for more flexible work options (35.6%), feeling that entry- and mid-level employees were more valued (33.5%), and better benefits (30.4%).

However, nearly 57% of respondents said they wanted to stay in the accounting field. That’s good news for employers: It’s within their capabilities to determine how to satisfy their employees and keep them engaged in the field, emphasizing the importance of meeting CPAs’ needs for their professional growth and satisfaction.

Keys To Retain CPAs

Taken together, it’s clear that most CPAs who recently left their job or who have left the field altogether did so to seek better compensation, have work-life balance, feel more valued, or some combination of the above. Salaries should be competitive for your area, but accounting professionals are also looking for improved benefits to help round out their compensation packages. Beyond compensation, it’s important for all workers to feel they have a career path and that their employer values them. Providing relevant professional development opportunities can be an important way to show accounting employees you’re invested in their continued success. Finally, while remote work doesn’t work for every position in every company, allowing flexible work options — whether that’s flexible hours or some version of remote/hybrid work — can go a long way toward attracting new talent and retaining the valued CPAs you already have on staff.

If you’re looking for help hiring CPAs or other accounting professionals, our expertise and network within finance and accounting can connect you with the skilled professionals your company needs. Contact us today to see how we can help.

How Investing in the Right Team Drives Business Growth

A talented finance and accounting team can critically influence the organization’s success, from strategic decision-making to operational efficiency. Businesses often underestimate the value of investing in top-tier professionals. They may view these roles as a cost center rather than a strategic asset — overlooking the return on investment (ROI) they can achieve by investing in finance and accounting talent.

The right team of employees is more than a collection of skilled individuals. It’s a collaborative unit where everyone contributes unique talents and works together toward a common goal, a recipe for sustainable business growth.

Here are some tangible ways investing in financial and accounting talent can drive your organization’s overall performance and long-term success.

Increased Revenue and Profitability

Organizations listed on the “Fortune 100 Best Companies to Work For” exceed market performance by a ratio of 3.36. This statistic highlights talent management’s critical role in driving business growth and profitability.

Companies that prioritize recruiting, developing and retaining top accounting and finance talent realize a decisive competitive advantage.

Experienced professionals have expertise they can leverage to identify new revenue opportunities, improve pricing strategies and optimize operational efficiency.

Reduced Costs and Improved Decision-Making

Skilled finance and accounting professionals are adept at identifying waste, streamlining processes and implementing controls to mitigate unnecessary expenditures. This can translate into significant cost savings that drop straight to the bottom line.

With a high level of financial acumen and strategic insight, you can make informed decisions about capital investments, resource allocation and risk management. With the insights of a top-tier finance team, you can also adapt quicker to changing market conditions, pivot strategies and optimize capital utilization.

Enhanced Risk Management

A skilled and proactive accounting team is at the heart of effective risk management. They help you understand financial risks, adhere to compliance requirements and implement internal control frameworks to identify and mitigate potential threats.

By strategically hiring the right talent, you can take a proactive rather than reactive approach to risk management. You can allocate resources effectively, strengthen internal controls, and develop contingency plans to enhance overall resilience.

A robust risk management framework also has the advantage of bolstering stakeholder relationships.

Lenders, insurers and regulatory bodies all view effective financial governance and risk mitigation as signs of an organization’s stability and trustworthiness.

Assemble Your Dream Team With Century Group

A talented, experienced accounting team helps position any organization for sustained growth and profitability, even in an uncertain business climate. Century Group has a vast network of prequalified, experienced professionals, including active job seekers and passive candidates who are open to the right opportunity.

Don’t leave the future growth and profitability of your business to chance. Invest in financial talent that can propel you forward. Contact us today to learn more about our customized staffing solutions.

2024 Q2 Accounting and Finance Employment Report

The outlook for the U.S. labor market in 2024 signals a shift back to stability and regularity. Bolstered by the robust consumer spending and labor market of 2023, the recession concerns have diminished.

Economists anticipate a more stable economic climate, especially with inflation on a downward trajectory. While unemployment could see a marginal rise and job growth may temper, the demand for finance and accounting professionals is expected to remain exceptionally high.

unemployment March 2024

The projected annual GDP growth of 2.6%, supported by a decline in inflation, sets a promising economic backdrop. According to the March Employment Situation Summary from the Bureau of Labor and Statistics (BLS), average hourly earnings have increased by 4.1% over the past year, with a notable 0.2% rise in March. Meanwhile, the unemployment rate has consistently hovered between 3.7% and 3.9% since August 2023, staying level at 3.8% in March.

Given this backdrop, here’s what employers and accounting professionals can expect in the upcoming quarter of 2024.

FOR EMPLOYERS

The current hiring landscape in finance and accounting is complex. The shortage of accounting professionals became visible on Wall Street recently when Lyft Inc., Planet Fitness Inc., Mister Car Wash Inc. and Rivian Automotive Inc. had to correct typos in their quarterly earnings statements. Mistakes happen, but the increasing demands on accounting staff are cited as a significant cause of the recent increase in errors.

Talent Shortage Increases Burnout Risk

This staffing shortage, driven by the retirement of seasoned practitioners and the industry’s challenges in attracting the next generation, has increased workloads and extended hours for existing staff. The heightened risk of errors and burnout is a practical reality.

Efficiency and Automation

The pathway to efficiency includes leveraging automation tools and assigning more tasks to noncertified professionals where appropriate — freeing accountants to focus on the highest value work.

The thoughtful use of technology and noncertified professionals to improve workflow efficiency can limit the manual and repetitive tasks that hamper productivity. It can also increase accuracy and alleviate other issues caused by the staffing shortage.

Emphasize Social Impact

In addition to competitive salaries and job stability, Gen Z accountants seeking entry-level positions respond to social impact keywords. Employers who connected the accounting position to sustainability efforts, supporting local communities or other social impact keywords received 80% more applications.

When you work with Century Group as your strategic staffing partner, you gain access to our extensive network of accounting and finance professionals, including many passive candidates who would never respond to a job posting but are open to the right opportunity. Our diligent efforts and deep industry relationships have cultivated a network of candidates who can help drive your business forward.

FOR JOB SEEKERS

Navigating the job market in accounting and finance requires a clear understanding of where you are in your career and the strategies and leadership skills needed for advancement. At the heart of this journey is recognizing your expertise is a substantial asset that can open doors, especially with the right specialization and certification.

Career Growth and Opportunities

Accounting offers many options, from public and corporate accounting to roles within government sectors. Each path provides unique opportunities to specialize and progress toward high-level finance roles.

The demand for skilled finance and accounting professionals is high, and salaries are rising, which can translate into stiff competition for the most desirable roles. Focusing on niche areas within accounting can set you apart. Professional certifications can enhance your credibility and position you for advancement.

Market Dynamics

As some accounting tasks are automated, staying adaptable and upskilling are critical.

More employers want candidates with data analysis and interpretation skills alongside core accounting knowledge.

This shift reflects vast amounts of available data, emerging technology, and the value of analytical capabilities in decision-making processes.

Adapting to Change

Continuing to upskill ensures you remain indispensable as the field and technology evolve. Depending on where you are in your career now, you may want to develop leadership skills and an understanding of business processes. Analyzing financial data to forecast trends and impact profitability positions you to help steer the organization’s financial strategy.

At Century Group, we specialize in advancing the careers of accounting and finance professionals. Whether you’re seeking to accelerate your career trajectory or find a position with opportunities for professional development or advancement, our expert team is here to help you find the right role.

Strategically Positioning for Future Opportunities

The 2024 Q2 Accounting and Finance Employment Report paints a picture of a labor market rebounding and stabilizing in the wake of the pandemic. The finance and accounting sectors hold a strong and vital position as the U.S. labor market transitions toward a more normalized state. By staying attuned to market dynamics and embracing strategic workforce development, employers and professionals can navigate this landscape and capitalize on the opportunities it presents.

The Contract-to-Hire Advantage: Flexibility and Fit in Staffing Accounting Professionals

The business world constantly changes, and accounting teams must be agile to keep pace. The traditional full-time, permanent hires model may not always meet the dynamic needs of growing or evolving organizations. Adaptable, flexible finance and accounting teams offer a competitive advantage — from driving business growth to adhering to new regulations.

Here are notable ways contract-to-hire staffing solutions help organizations stay ahead in a fast-paced, ever-changing business environment.

1. Reduced Risk of Bad Hires

A bad hire can be a costly and disruptive mistake, especially in accounting roles where a good cultural fit is critical to teamwork and impacts accuracy, retention and morale.

Close to 75% of employers admit to having hired the wrong person for a position, and the average financial toll of each bad hire is $18,700.

The traditional hiring process relies on limited interactions and secondhand references, leaving the door open for surprises down the line. In contrast, the contract-to-hire model reduces the risk of bad hires by giving you more time to assess the fit. Before committing long-term, you gain firsthand experience of the candidate’s performance and team dynamics.

2. Time and Cost Savings

From crafting and posting job listings to conducting interviews and checking references, the time and effort required to find the right full-time hire can be significant. This is especially true when hiring specialized finance and accounting roles where competition for top candidates can be fierce.

The contract-to-hire model is a more streamlined, efficient and cost-effective solution. By tapping into the staffing company’s extensive network of prescreened and qualified candidates, your team has faster and easier access to talented professionals to meet their immediate needs.

It also allows you to scale your teams up or down as needed, which can be invaluable during growth, seasonality or other demand fluctuations.

3. Time To Experience the Candidate in Action

The contract-to-hire approach gives you adequate time to experience a candidate’s fit within the team dynamic.

Rather than relying on a resume and an interview, you can see how well they collaborate in real-world scenarios, observe their communication style and test their problem-solving skills.

This informed decision-making maximizes the likelihood of a strong cultural fit and aligns expectations, leading to more successful, productive hires.

The Flexibility To Scale Your Team

A contract-to-hire model is a flexible approach that helps reduce hiring risk, saves time and money and lets you gain insights into a candidate’s fit. At Century Group, we have deep expertise and a vast network of candidates to help our clients optimize their staffing strategies. We work closely with you to understand your unique needs and identify top-tier candidates who can deliver immediate impact and long-term value.

If your finance or accounting team is facing challenges with scaling, meeting evolving demands, or ensuring the right cultural fit, connect with our team today.

Key Steps To Negotiate the Best Salary After You Accept the Job

After spending time and energy searching for the right new opportunity, you’ve accepted the offer. You know you should negotiate your salary, but you’re not sure how best to do so.

Don’t worry! The start of a new job is one of the best times to negotiate for more money because companies expect to have to offer a new hire more money to bring them on board. In fact, not negotiating now can hurt you down the line in two ways: future negotiations will start from a lower baseline, and the company may assume it’ll be easy to get you to settle for less.

Consider these tips to help you prepare to make your best case and make the most of this prime time to raise your salary.

1. Get Help From the Experts

Staffing or executive recruiters have the skills and insider knowledge of the current job market and can help you negotiate the best compensation package. You may feel like you have a good idea of what your skills are worth, but recruiters see what new hires are earning across industries and areas and can provide you with more insight into compensation trends that are most relevant to you.

2. Consider Your Benefits and Perks

Salary is usually the first thing you consider when considering your compensation, but it’s not the only element. Your benefits and perks can add a lot of non-cash value to your total compensation package. Depending on what you need and value, you can try to negotiate for more vacation time, a more flexible schedule, funds for professional development, increased benefits and more.

3. Back Up Your Argument

No company will give you extra money just because you ask. The stronger a case you can make for why you deserve a higher salary, the more likely you are to get it. You make that case not by pointing out how expensive things are or the size of your student loans — you have to show what you bring to the table. Review your work history to highlight tangible achievements — when you improved workflow to reduce errors, created a more efficient process, or increased sales. Ideally, you’ll have hard numbers to back that up, but a compelling story can be effective, too.

Negotiating a higher salary is important and nerve-wracking, but help is available. Download our 2024 Salary Guide to help ensure you have the best information for your next salary negotiation.

3 Strategies for Hiring Top Finance and Accounting Talent

A recent survey of more than 1,000 employers revealed that hiring and retaining employees is a significant concern. The right talent fuels any organization’s success, and the cost of a bad hire can be steep. Companies are realizing they need to be proactive and strategic to attract and retain top performers, especially in finance and accounting, where competition for qualified candidates is fierce.

Robust hiring strategies ensure organizations build a strong team of knowledgeable and skilled professionals. Here are three ways you can enrich your team with high-caliber professionals.

1. Promote Regular Salary Reviews as Part of Company Culture

Regular salary reviews ensure your compensation packages remain competitive and aligned with the market rates. This helps you retain your current staff and makes you more attractive to new hires who see you stay up-to-date by regularly raising pay rates.

Research industry standards, consult salary surveys and benchmark against competitors in your region. Make it part of your company culture to adjust salaries to match or exceed market rates at least once a year.

2. Highlight Growth and Career Paths During the Interview Process

While competitive compensation is crucial, top finance and accounting talent is often drawn to organizations offering robust professional growth and career advancement opportunities. During the hiring process, it is essential to highlight the potential career paths available within your organization.

Engage candidates in open discussions about their aspirations and long-term goals. Outline clear roadmaps for progression within the company to demonstrate your commitment to their professional development. By vividly portraying the potential trajectories, you can position your organization as an attractive destination for ambitious professionals seeking challenging and rewarding careers.

3. Give Your Team the Technology it Needs to Thrive

Don’t bog down your top performers with outdated software or clunky processes. Seek out software that streamlines workflows, eliminates tedious manual tasks and provides real-time insights.

By giving your finance and accounting aces access to cutting-edge tech, you’ll empower them to work smarter, not harder. They’ll appreciate your commitment to arming them with the best resources available. When they can maximize their efficiency and deliver exceptional results, they’ll be more motivated to stick around.

Productive Teams Equal a Competitive Edge

You don’t want to waste time attracting and hiring strong candidates while your company misses opportunities or your current staff is overloaded. Partnering with a specialized recruitment firm such as Century Group can significantly enhance your hiring process — granting you access to a wealth of unadvertised and passive talent pools.

With our expertise and vast network in the finance and accounting sectors, we can connect you with the skilled professionals your company needs to thrive. Don’t let hiring challenges hold your business back. Contact us today, and let’s build a productive, competitive team to give your business an edge.

4 Benefits of Building Your Professional Brand in Finance and Accounting

Whether you’re an up-and-coming professional looking to get noticed or an experienced veteran ready for your next challenge, a thoughtfully curated digital presence helps you stand out. It puts you in control of the narrative surrounding your expertise and accomplishments, increasing your visibility and opening doors to job prospects and career growth opportunities. After all,  Employers take notice of candidates with a visible, credible online footprint.

Here are four benefits of developing a powerful professional brand in finance and accounting.

1. Expand Your Realm of Influence

Sharing insights and thought leadership on platforms such as LinkedIn, Twitter and industry blogs and publications showcases your expertise. You expand your influence and bolster recognition of your knowledge and expertise.

Give more people a chance to see your impressive background and knowledge. A vibrant, professionally focused online presence gives you more visibility while solidifying your reputation as a trusted voice.

2. Build Credibility and Instill Confidence

Credibility and trust are crucial in finance and accounting. A polished, professional online brand instills confidence in potential employers and clients. Your digital footprint allows employers and prospective clients to verify your background and observe your professional aptitude easily. It also shows that you are genuinely invested in the industry and committed to driving it forward.

3. Redefine Your Career Trajectory

An influential, far-reaching digital brand builds a network of people who know and trust you. As you gain recognition within your field, you’ll get noticed by hiring managers, internal recruiters and leadership teams. Your profile, portfolio of work and professional insights can put you top-of-mind for new opportunities.

4. Score Higher-Paying and Harder-to-Find Roles

An influential online presence can help you access opportunities that might otherwise be out of reach. An authentic, well-rounded brand presence conveys the full depth of your professional knowledge, skills and passion for your profession. This competitive edge allows hiring managers and recruiters to understand the unique value you’d bring to their team.

When you differentiate yourself through skillful brand-building, you position yourself to find your dream job with an earnings potential to match.

Unlock Exclusive Career Opportunities with Century Group

If you’re considering elevating your professional brand, you know the value of an insider’s edge. That’s where Century Group’s extensive employer network and long-standing relationships can help. We can give you exclusive access to career opportunities you won’t find advertised on public job boards — connecting you with roles perfectly aligned with your expertise, salary goals and long-term ambitions. Search our available jobs or submit your resume today to accelerate your career ascent.

4 Reasons to Become an Auditor

You may be surprised to learn that an auditor is a dynamic profession offering diverse opportunities, ongoing growth and the potential to make an impact.

Auditors safeguard businesses from the devastating pitfalls of financial discrepancies while helping to uphold public trust in vital economic systems. If you like the idea of a career that combines accounting and analytical skills with ethical responsibility, becoming an auditor might suit you perfectly.

Here are four ways becoming an auditor can bring you professional achievement and personal satisfaction.

1. You Learn Highly Valued and Transferable Skills

Skills you develop in a career as an auditor can empower you to take your talents anywhere. While a mastery of finance and accounting is foundational to the job, auditors are strategic evaluators armed with an expansive and cutting-edge toolkit.

In addition to traditional analytical abilities, today’s auditors develop data visualization, analytics and IT capabilities. New technologies help auditors work smarter and faster, whether reviewing anomalies or tracing transaction cycles. This gives them the resources to tackle risk, provide strategic advice and generate vital insights.

As an auditor, you also develop communication skills that forge a solid foundation for later leadership positions. Honing abilities like identifying patterns and exceptions, critical thinking, explaining complex concepts to different people and brainstorming with colleagues make you versatile, valuable and recession-proof.

2. You Can Work Anywhere

As an auditor, you can work with companies anywhere across the country or worldwide. Skilled auditors are in high demand, and many corporations with offices in the U.S. have offices or do business with companies in other countries. If you want to travel and see the world, becoming an auditor can help you do that.

If you work in or with companies in a foreign country, you will need the appropriate licensing for that location. It’s also essential to learn applicable laws and regulations.

If you don’t want to travel, you can still work internationally. In today’s digital and virtual workplace, you can work with international companies from home or a local office.

3. Auditors Are in Demand

There is a high demand for qualified auditors. The U.S. Bureau of Labor Statistics reports 1,538,400 U.S. auditor and accounting positions in 2022, with an annual growth rate of 4%. Firms prioritize hiring an auditor after discovering an accounting or operational failure. Auditors are critical in helping businesses maintain integrity.

4. Work With Innovative and Interesting Clients

Working as an auditor gives you an inside view of innovative companies in every industry worldwide. Every public company has an external auditor, which means you have the unique opportunity to peek behind the curtain of some dynamic organizations.

Future Proof Your Skills by Becoming an Auditor

Whether you’re a recent graduate or a seasoned professional, working as an auditor can position you for outstanding professional experiences and long-term growth. As recruiting experts dedicated to accounting and finance, Century Group is here to help.