Category: Management & Leadership

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.

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.

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.

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.

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.

It’s a challenging market for attracting and retaining workers in all industries. As many experienced workers retire and others look for new opportunities, employers can find themselves challenged to hold on to top talent. The good news: There are straightforward, practical steps you can take to ensure your best employees stay with you. Even more — those retention strategies can double as impactful recruiting methods, as well.

Top Retention Strategies for 2024

While the details of why any employee looks for a new position vary, it usually boils down to a few factors: employees who feel underpaid, under-appreciated and overworked. So, your retention strategies should be focused on preventing those issues from developing. Take some time to look at your current policies and practices to ensure employees feel they have the following:

1. Fair Compensation

For employees, fair compensation means more than just making more than they used to. Look at the salaries you’re offering compared to what your competitors are paying and the cost of living in your area. Salaries can be above average for your industry but still lag within your geographical location. You can factor in the value of benefits and other job perks, too, but keep in mind that free bagels every Monday can only go so far if the company down the street pays an average of $5k more per year.

Check out our 2024 Salary Guide for a curated compensation report of more than 40 accounting and finance positions and other hiring insights.

2. Work-Life Balance to Prevent Burnout

We may be out of the crisis period of the pandemic, but its effects on the work world continue. Many people have permanently changed their view on work-life balance, and it’s a significant factor in where they choose to work. Try to build in flexibility so employees don’t have to choose between their jobs and personal lives. Benefits like remote work, flexible hours, and maybe even a four-day workweek can boost morale while maintaining productivity.

Plus, employees who experience an increased workload become looser in the seat — sometimes seeking alternative opportunities that better meet their needs.

Utilizing consultants for project-based work can help alleviate unexpected job duties, so your team doesn’t have to bear that burden in addition to their regular responsibilities.

3. Recognition and Rewards

Everyone likes to feel appreciated for their work — and few of us feel we get enough of it. Even simple, inexpensive ways of recognizing employees’ efforts can help them feel that they and their work are recognized and appreciated. It’s also worth reminding managers to sprinkle more positive affirmations in their informal discussions with employees. In the day-to-day, it’s easy to focus on challenges and then forget to follow up with an appreciation for the solutions employees find.

4. Opportunities for Training and Development

Even workers who love their job and the company may get antsy if they don’t see a clear path to career progress — however, they may envision it. You can prevent that by ensuring you have a solid onboarding process to set the right tone from day one, as well as mentorship and formal training opportunities. That can look different for every employee. Some people may want to move into management, while others are happy to stay in their current position as long as they can learn about the latest trends and software in the industry. The most important thing is to make sure whatever training and development you offer is tailored to employees’ career goals as much as possible.

Retention strategies to attract and keep top talent don’t have to mean reinventing the wheel. All it takes is reviewing your current efforts on compensation, training and more with an eye to how it can be a tool to help you improve your team. If you’re still challenged to find the talent you need, contact us to see how we can help.

Every new hire comes with risk, and the competitive talent market adds another challenge to an already complex task. The cost of a bad hire can be substantial, leading to disrupted operations, lowered staff morale and the daunting task of repeating the recruitment process.

A 2019 survey of over 1,000 hiring managers found companies reported an average loss of $18,700 on each bad hire. Even more, it’s not unusual to go through the hiring process only to discover the new staff is not a good fit. The survey found that around 75% of employers have hired the wrong person for a position.

Partnering with a professional staffing agency can streamline your hiring process, provide deeper insights into candidate compatibility and help you make more informed, successful hiring decisions. Here are five ways a staffing firm can help you avoid bad hires in 2024.

1. Tailored recruitment strategies

Professional staffing firms can help you avoid bad hires in 2024 through a customized recruitment strategy. Experienced staffing professionals regularly go beyond the standard hiring procedures. They understand that not every role necessitates a full-time employee, and they can help you determine the most effective hiring approach, whether a contract position, permanent role, or contract-to-hire strategy. This tailored approach aligns the hiring process with your immediate needs and long-term goals.

2. Streamlined recruitment process

A staffing agency can significantly reduce your time and effort in writing job descriptions, posting ads, sorting applications and evaluating resumes. A streamlined recruitment process lets you get to the most qualified candidates quickly.

3. Specialization

Professional staffing specialists are experts in specific fields, such as accounting, administrative and customer service, legal, marketing and creative or technology. This focus means they have deep knowledge of which skills are critical for each area and how to identify candidates with these skills.

4. Proactive Recruitment With Advanced Technologies

A staffing firm never stops recruiting. It uses advanced AI-driven recruiting technologies to network, building extensive databases of qualified candidates within their industries. This list of pre-vetted candidates means there’s already a reservoir of potential candidates when you need to fill a position.

5. Embracing Remote and Hybrid Work Models

Flexible work arrangements can be as crucial to some candidates as salary. If you are filling a position that can be done remotely, a staffing agency can help you tap into out-of-market talent pools to find the right fit for your organization.

Avoid Bad Hires in 2024

You want the best people for your organization, and a staffing firm like Century Group can help. By leveraging our specialized knowledge, advanced recruitment technologies, and expansive networks, you can secure qualified professionals who align with your organizational culture and operational needs. Connect with us and get started today.

Starting a new job used to mean confirming a start date and hoping there was an available desk when you arrived. But now, onboarding is often a much more detailed and thoughtful process — or at least it should be. Giving newcomers the support they need upfront helps them quickly ramp up in their role and strengthens company culture by making people feel welcome and valued.

Designing and implementing a great onboarding program takes work, but it is well worth it to boost your employees’ productivity and morale. It also provides continuity between the recruiting process that convinced them to join and the reality of the job — prospects are often looking for red flags and inconsistency or disorganization is one of them.

Here are some great onboarding principles that will help employees get a running start in contributing to your business goals.

Start Before the Start Date

It’s never a good idea to ask employees to start working before their first day, but there are things you can have them do in advance that will help everyone involved.

This works well for tasks such as filling out payroll and benefits paperwork, which will get important information into your systems and prevent delays in employee paychecks and perks. Before the start date is also a good time to schedule a team lunch (virtual or in person) for the new member’s first week, and you should prepare and send a preliminary schedule for their first few days so they know what to expect.

Another benefit of productive advance communication is that it signals to your new employees that your company is organized and excited for them to join the team.

Build in Opportunities To Derive and Create Value Right Away

New employees need to get up to speed on many things quickly, but it is both overwhelming and ineffective to rely on written material you hope they’ll read and absorb. Instead, create a more dynamic learning program that includes some combination of 1:1 meetings with leaders and/or team members, workshops on topics important to the business and a clear picture of your expectations for their first week, month and three months.

At the same time, it’s important for new employees to feel that they’re adding value even as they’re on a learning curve. Identify projects they can own and deliver a piece of within their first week or two. This doesn’t mean throwing them into the deep end without support, but it does set them up for an early win that can build confidence and enable ongoing success.

Prioritize Mentorship

Everyone expects new employees to have a lot of questions, but the newest team members might not know whom or how to ask. This is why every newcomer should be paired with a more tenured colleague they can turn to with everything from “Where’s the coffee?” to “What could my career path look like here?”

Ideally, a mentor is someone with more experience both at the company and in the industry who doesn’t directly manage the new employee. The official relationship could last for a week, a month or a year, but there’s no better way to establish a positive, career-nurturing culture and integrate new employees from the get-go.

Employee reviews. A time when managers can find themselves intimidated with what questions to ask, and how to deliver meaningful feedback. Sure, while the idea is to assess an employee’s performance, identify areas for improvement and set goals for the future — the objective of these meetings is flooded with intention and purpose. And as a manager, to maximize the productivity and meaningfulness derived from these one-on-ones, you need to ask the right questions. That’s why we’ve rounded up the essential questions you should ask during employee reviews.

1. What have you achieved this year that you’re proud of?

The best way to put both parties at ease during the annual review? Starting off on a positive note. By asking this question, you’re able to shine a light on the employee’s strengths and provide validation for their hard work. Plus, this will help you when it comes to highlighting contributions toward the organization’s overall goals.

2. What were the biggest hurdles you faced this year?

Equally important to discussing accomplishments: recognizing challenges within your team. Likely you’re already aware of the key obstacles your team members have faced throughout the year, but utilize this as an opportunity to follow up. Ask the employee how they managed to overcome this challenge and if they would do anything differently. By encouraging employees to reflect on their problem-solving abilities, you can lead them to insights on how to tackle future obstacles. It also provides visibility into the challenges your team is facing, which better equips you in helping your team avoid those hurdles in the coming year.

3. What professional skills would you like to develop? How can I support you in this?

According to a Gallup survey, 61% of American workers say upskilling opportunities are an important reason to stay at their job, and 48% of workers would switch to a new job if offered skills training opportunities. So, consider this question important in the eyes of employee retention. Specifically, this question demonstrates your interest in the employee’s professional growth and shows that the organization is committed to helping them advance their career.

4. What are your goals for the upcoming year?

As a birds-eye-view type of follow-up to the previous question, ask your team members what their short- and long-term career goals are. Take time to consider if the skills they’re interested in developing align with the goals they share. If not, make recommendations for specific skills and focus areas to help them reach these goals.

5. What feedback do you have?

While the primary goal of the review is for you to provide feedback to your team members, it’s also crucial to allow time for your employee to share their own feedback with you. Often, there aren’t many organic opportunities for the employee to do so. By asking if they have any opinions or concerns, you’re demonstrating that you’re open to receiving input and are committed to improving the work culture.

Employee reviews are a crucial aspect of being a people leader — but they don’t have to be intimidating. By asking the right questions, you can ensure that employees feel valued, acknowledged and motivated to continuously improve. For more insights, check out our 2023 Q3 Accounting and Finance Employment Report.

Today’s accounting and finance climate is fast-paced and evolving. That’s why — in order to stay ahead — companies need to be agile and adaptable. One way employers can optimize operations? By adding consultants to their hiring strategy. Hiring a consultant (or someone fulfilling a contracted position) allows businesses to bring in skilled workers for a specified time period — be it full- or part-time work. If you’re looking to achieve the following things, it’s likely time to consider adding consultants to your team.

1. Market Responsiveness

You’re likely well aware that the accounting and finance market is known to have sudden shifts — especially in today’s economy. That’s why one of the biggest benefits of adding consultants to your hiring strategy is the ability to react to those shifts. Companies that are slow to respond to sudden market changes can quickly find themselves falling behind. Consultants offer specialized knowledge and expertise that companies should use to their advantage to meet changing demands.

2. Flexibility

How can you react to changes with finite labor resources? As we enter a highly uncertain economic climate, flexibility is key. And a key benefit of working with consultants? You guessed it — flexibility. As new opportunities arise, many companies often don’t have the internal resources to handle the new work that comes subsequent to those opportunities. Without the time burden of hiring permanent staff, companies can quickly scale up their workforce efficiently by hiring consultants. This mitigates the risk of wasting resources while opening doors to expansion or reduction, as needed.

3. Diversity of Thought

When you add consultants to your team, you’re also adding fresh perspectives and new ideas. Often, employees currently immersed in a project have a harder time identifying new opportunities or approaches that might be offered from a fresh set of eyes. For that reason, companies can gain a competitive advantage by bringing on consultants.

4. Cost-efficiency

Working with consultants can be a cost-effective solution. Not only can the hiring and training of new long-term employees be time consuming, but it’s also expensive. Doing so also runs the risk of the new hire not working out. By working with consultants, companies have access to top-tier talent — without the long-term commitment and expense of hiring a full-time staff. A hybrid mix of long-term and contract employees on your team ensures you have the right talent in place. It also better allows you to complete projects on time and within budget.

Ultimately, adding consultants to your hiring strategy allows your team to be agile and adaptable. Learn more about today’s hiring landscape for finance and accounting professionals or one of our hiring experts to find the best solution for your team.