Category: Management & Leadership

Top 2023 Talent and Recruiting Trends

With the global talent shortage expected to continue into this year, companies will need to be more proactive than ever when it comes to talent and recruiting. To remain competitive and find top-tier candidates, there are certain trends that employers should consider in order to attract and retain talented professionals. Here are the top trends for companies to watch for in 2023:

1. Competitive Compensation & Benefits

Competitive compensation is no longer just about offering a competitive salary – it’s about offering a comprehensive package of benefits that allows employees to feel valued and appreciated. This means thinking competitively about all elements of your benefits package: medical coverage, retirement plans, commuter benefits, childcare support, and other perks such as wellness programs or flexible work arrangements. All in addition to compensation that aligns – or slightly exceeds – the employee’s skill level.

2. Quick Recruiting Processes

Competition for talented workers is at an all-time high; and that’s not expected to change in the near future. Therefore, you need to streamline your recruitment processes in order to move quickly when you find top candidates. Have standard work for the recruitment process, which may include using automated applicant tracking systems or utilizing social networks like LinkedIn and Indeed as part of the process. Additionally, companies should consider virtual interview strategies as part of their hiring practices in order to reduce time-to-hire and make their recruiting efforts more efficient.

3. Focus on Employee Mental Health

Employers have started to prioritize mental health – and will need to continue to do so – by proactively creating an environment of acceptance and support for employees. This could mean providing access to mental health resources through an employee assistance program or offering training on how managers can better recognize signs of stress or depression in the workplace. Additionally, it’s important that, as an employer, you’re prioritizing flexibility.

4. Emphasis on Career Growth Opportunities

Employees want meaningful work experiences with potential for advancement. In addition to competitive salary and benefits, they want a job that provides long-term career growth opportunities as well as avenues for upskilling and expanding their abilities within the organization. Therefore, employers need to create career development paths within their organization that allow employees opportunities for learning new skills or advancing into higher positions over time.

Here’s a quick guide to some essential retention tactics.

How to Combat the Productivity Slump at Work

Productivity has been on the decline, resulting in what some are deeming “curbed ambition.” But, does this come as a surprise? Since the pandemic, employees have been dealing with varying work-from-home policies – leaving them confused about expectations. At the same time, inflation has caused associates to see decreasing value in their salaries, retirement funds, and bonuses. Through all of this, however, the need for companies to continually outperform hasn’t changed. So, how can managers combat this productivity slump? Here are four suggestions. 

1. Set Clear Expectations

When employees are unsure of expectations, it can be difficult for them to stay focused and productive. Make sure that everyone is aware of the company’s goals, as well as their own individual goals, and communicate these regularly. That said, it’s important to be understanding and a bit more flexible with your expectations during this hard season. Ultimately, it’s important that everyone is on the same page.

2. Encourage Breaks

The key to working better? Working less. Well, in a way, at least. IIt can be easy for employees to get bogged down in their work and lose focus if they don’t take breaks occasionally. Encourage your team to take a break every hour or so, even if it’s just for a few minutes. This will help them stay fresh and motivated, and they’ll be able to get more done in less time.

3. Facilitate Collaboration

Encouraging collaboration among team members can also help boost productivity. When employees work together, they can share ideas and help each other out with problem-solving. This can lead to a more efficient and productive team overall. Think about what individuals would work best with certain members on your team.

4. Celebrate Successes

When your team achieves success, make sure to celebrate! This will encourage them to continue working hard and put forth their best effort. A little recognition can go a long way in motivating employees.

As the economy ramps back up, you may find the best way to increase productivity is to add additional members to your team. Contact us today to see how we can save you time, cost and uncertainty while optimizing your company’s performance in the recruitment process.

For Managers: How To Avoid These 3 Interview Mistakes

Interviewing a candidate can be a daunting task. But what if it didn’t have to be? At the root of it: you want to ensure you’re doing everything you can to find the best possible candidate. However, to make the process smoother and more efficient, there are some interview practices you need to avoid. This article will help you avoid those bad interview practices — steering you towards a process that is more enjoyable for you, and for the candidate.

Don’t Make the Interview Process Unpleasant for the Candidate

Interviews are a window into what working for your company is like. They’re also the candidate’s first experience with the company. Therefore, it’s crucial that you leave a good first impression.

  • Consider alternatives to in-person interviews: The digital world is here. And with it comes the opportunity to make the interview process more conducive to a candidate’s busy schedule. Especially if the candidate is currently working full time, consider making the interview process virtual – you might even be opening the doors to those who wouldn’t otherwise be able to make an in-person interview.
  • Respond to the candidate regardless of your decision: Failing to respond – or ghosting – a candidate is unacceptable. Plus, word travels fast: you don’t want to lose out on future candidates because of a bad-interview reputation. Instead, be sure you inform candidates whether or not they will be advancing to the next interview.

Don’t Ask Questions That Are Biased or Ignore Diversity, Equity and Inclusion (DEI)

In addition to illegal questions to avoid, it’s important that you’re considerate of something that 76% of candidates find important in potential employers: diversity and inclusion*.

  • Properly pronounce their name: The first step in creating a positive interview environment: ensure you’re pronouncing the candidate’s name properly. Sounds simple, but a mispronounced name for the duration of an interview is something that people remember – and not in a positive light. Instead, if you’re unsure, simply ask “Am I pronouncing that correctly?”
  • Ask each candidate the same questions: Doing so will help you avoid bias in the presentation of your interview questions – establishing a fair foundation to base your decision off of.

Don’t Forget To Make the Conversation Two-Sided

Hint: interviews aren’t only for the benefit of the employer. It’s important to make the candidate feel that this interview process is mutually beneficial.

  • Share information and allow the candidate to ask you questions, too: Interviews are two-sided. That means you need to talk about what the company culture is like and how the team operates. This will help candidates determine if the company is the right fit for them.
  • Avoid being artificial: It’s important to be professional, but also real. Talk openly and honestly about the company culture, but avoid overselling. Candidates are human; if you’re overzealous and make big promises about what it’s like to work at the company, often they’ll see through it.

Managing Hybrid Staff: 4 Insights for Success

Many companies are making the switch to hybrid, and as a manager, understanding and adapting to this new style of work is essential. How can you successfully manage a hybrid workforce? Here are four tips to help you out.

Be Flexible

You’re likely familiar with the fact that your employees — and their work preferences — don’t fall under a one-size-fits-all category. The good news? Knowing what types of hybrid workers you have in your organization can be a huge advantage. So, how can you determine employee preferences and personality types?

One way is to send out a simple survey. Ask your associates questions regarding in-person versus remote work preferences, hybrid work concerns, and opportunities they’re looking forward to. You’ll likely find that your employees fit into a few distinct categories: those that are happy with a hybrid schedule, those that are unsure about the change, and those that crave help with potential hybrid challenges.

Additionally, consider asking team members to take a workplace-based personality test. This list of the top employer-used personality tests might be a good place to start. Understanding the different personality types on your team will propel you to a more efficient way of working; once you know what workstyles are complementary to each other, you can have confidence in task assignment and navigating team synergy.

Be Strategic

If you know what types of hybrid workers are on your team, it’s time to be strategic. The importance of deadlines, expectations and accountability is heightened when considering a hybrid environment. Setting clear priorities for what work should be done in-person and what work should be done remotely is key to optimizing your team’s time.

Be Inclusive

Exclusivity is the enemy of hybrid work. That’s why it’s essential to be mindful of those who are working remotely while others are in the office. Ensure all-team meetings are held online, and create dedicated channels for team-wide and company-wide communications. That way no one misses a memo.

Also be sure to encourage communication and collaboration. To combat feelings of isolation, facilitate team-building activities such as social events or group lunches. This will help employees feel more connected to one another and foster a sense of teamwork.

Watch for Signs of Burnout

As employees adjust to the new routine of a hybrid workstyle, it’s important to be mindful of the key indicators of burnout. Worried about your team finding a healthy work-life balance? Here’s how to handle employee burnout and prioritize wellness in your workplace.

Elevating Employee Productivity During the Summer

How do you balance the relaxing nature of the summer season with the financial goals of the company? Here are the top three things that companies can do to encourage employee productivity during summer.

Set goals that stimulate employee productivity

When it comes to setting goals for employees, it’s important to think about things that will stimulate productivity. One way to do this is by setting goals that center around task importance and the diversity of the tasks at hand.

Task Importance

There’s a stark difference between completing tasks that feel mindless and those that greatly contribute to company wellbeing. The outcome of this difference? Job satisfaction. If you’ve heard the quote, “The whole is greater than the sum of its parts,” you’re likely familiar with this concept. Helping employees see the ultimate goals that a string of tasks are working toward can be highly motivational and lead to greater productivity.

Assignment Diversity

Having a diverse set of assignments allows for employees to engage different parts of their brain, and utilize different skill sets – both of which stimulate productivity. How, exactly? Ultimately, task variety reduces boredom. So, think about each employee and the different tasks and assignments you can be implementing into their schedules.

Square-away the yearly calendar during the slower season

With tax season out of the way, it’s time to take advantage of the summer work lull. This is the perfect time for you and your team to review the goals that were set at the beginning of the year. Also, evaluate what still needs to be done before January, and create a plan for the remaining months of the year. This is the perfect season to inspire your employees to tackle tasks that may get in their way come tax season.

This is also the time to encourage your associates to pursue development objectives. If there are any trainings or certifications they could complete that would benefit their careers – and the company – this is a great time for them to do so.

Support flexibility for your employees

Flexibility goes a long way. The potential summertime lull in workload is matched with an uptick in associates’ personal lives. The busyness of having children out of school for the summer coupled with vacations and long weekends causes employees to cherish flexibility in their work schedules during this season. So, how can you help? Think about creative ways to provide flexibility in employees’ schedules. Perhaps they can work an extra hour Monday through Thursday and take Fridays off. Also be sure to encourage them to use their paid time off. Flexible schedules help your employees feel appreciated in addition to providing a healthy work-life balance.

If you’re driving a team’s productivity this summer, be sure to read up on adopting an agile mindset.

Successfully Handle Tough Conversations Remotely

Constructive criticism can be uncomfortable and stressful for both the giver and receiver. But these conversations are necessary – especially when it comes to maintaining healthy work relationships. With the amount of remote workers on the rise, how can you navigate tough conversations when you’re not face-to-face? Here are a few tips.

A Successful Conversation Starts with Preparation

Mentally prepare a general agenda. This will help you focus the conversation and avoid getting sidetracked. It may help to jot down a few talking points, but try to keep them brief and to the point. The goal is to have a productive conversation, not to overwhelm your employee with a list of everything they’re doing wrong.

Clarity is key. The ability to read nonverbal cues is limited when you’re not in the same room, so it’s important to be as clear and concise as possible. Before you start that video call, you should know how you’re going to communicate in a way that leaves no room for misinterpretation. Be respectful and avoid sounding judgmental or condescending.

Reach out for advice. If you have access to an HR manager or a mentor, ask them for tips on how to handle this situation. Chances are they’ve experienced a similar scenario in the past.

Enter the Meeting Assuming Good Intentions

Provide time for the associate to explain the situation from their perspective. This will help you understand their reasoning. It can be easy to jump to conclusions, but remember that there are usually two sides to every story.

Ask follow-up questions, such as “what prompted those actions?” or “do you feel like you had all the tools and resources you needed to properly handle that situation?” The benefit to asking these questions is twofold: you get to the root of the situation, and you can note how to better equip your team for future scenarios.

But, don’t forget the goal.

The goal of this conversation is to maintain a productive, positive work relationship – not to put your employee on the defensive. Entering the meeting with the mindset of finding a solution, rather than placing blame, will help set the tone for a more positive discussion.

Stay in Control of the Conversation

You may find yourself in a scenario where you need to have a difficult remote-based conversation with the whole team. With multiple people on the call, it’s important to ensure the meeting is under control. Provide a time for questions so that others aren’t interrupting what needs to be said. Despite careful planning, the conversation might take some twists and turns. If the conversation begins to go off topic, bring everyone back to the root of the meeting and continue towards finding a solution.

End on a positive note – when the conversation comes to a close, thank your employee for their time and reaffirm your commitment to working together. If there’s a solution that needs to be implemented, provide a timeline and next steps.

Is it possible your employees are facing burnout? Learn how you can prioritize wellness in the workplace.

Handling Burnout: Importance of Prioritizing Wellness in the Workplace

Most employees have experienced feelings of overexertion and exhaustion at some point in their professions. Employees are at increased risk of burnout when these symptoms are persistent. How common is burnout in today’s society?

Burnout can happen for many reasons, but the most typical causes include:

  • Failing to establish a work-life balance
  • Working with people
  • Working in high-stress environments

That being said, certain groups are more vulnerable to burnout than others. Burnout is a typical occupational danger for some professions and has intensified since the pandemic.

Who is Affected

Workplace burnout isn’t just a minor annoyance that employees must overcome. It is a problematic and affecting issue that can have many dire implications in different aspects of your life. For some professions, experiencing burnout early on in their careers is considered normal. Women, people with young children and those with lower income levels are all at risk of increased burnout. The most prominent rate of burnout was for individuals whose incomes falls within the $30,000 to $60,000 salary range, according to these 2022 statistics.

What are the Consequences?

Workers suffering from burnout can generate a slew of issues if ignored. At first, there is tardiness and low performance. As time passes, workers’ performance deteriorates, and they may potentially acquire health concerns. The Great Resignation is perhaps the most visible manifestation of the widespread impacts of burnout.

So, What Can Be Done?

Unfortunately, there is no quick solution for burnout, particularly the intense form that many people are suffering from right now. So what steps can professionals take to begin the remedy?

For starters, say no more frequently and create structure. That can look like avoiding checking work email or taking work phone calls during specific hours or on our days off. It is critical to establish boundaries. Secondly, it is important to prioritize self-care. Finding out what re-energizes us is essential for preventing and treating burning out. You can also implement more breaks in your schedule. Whether that’s through mini breaks throughout the day or taking a vacation, making time for a pause is a must. Lastly, seek support if you feel like your burnout symptoms become unbearable. Try talking to your manager to see what resources your company offers for counseling and mental health.

For more tips on improving employee well-being in the workplace, read on.

Why Retention is Key to a Successful Hiring Strategy

As we enter into a time where employee leverage is tipping the scale, it’s more important than ever to turn the focus on retention. Why? It boils down to time and money. The costs associated with employee turnover are astronomical, and it can take a long time to find and train a new employee.

Here’s the problem

According to Gallup, 52% of voluntarily exiting employees say their manager or organization could have done something to prevent them from leaving their job. The kicker? Over half of employees that were leaving (51%) say that in the three months before they left, neither their manager nor any other leader spoke with them about their job satisfaction or future with the organization.

Never stop interviewing

The first step in adding retention to your hiring plan should be to hold informal interviews with current employees. Avoid the costly “exit interview” by meeting with employees and asking them about job satisfaction and their thoughts on their future with the organization.

Implement a regularly occurring engagement survey. This TINYpulse survey found that employees who don’t feel comfortable giving upward feedback are 16% less likely to stay. That’s why it’s important to create an environment where the team can feel comfortable voicing their thoughts. If you are actively ensuring that employees feel valued and heard, they will be more likely to stick around.

Also consider creating a development plan for each employee based on their goals and aspirations. Don’t simply ask them where they want to be in five years, create a plan to get them there.

It’s not always about the money

One common misconception is that employees leave solely for a higher salary. While a competitive salary and benefits package are certainly a large piece of the puzzle, here’s one question you need to be asking: Are my employees being challenged enough? More than ever, employees want the work that they do to matter. However, if they don’t feel they are trusted with enough responsibility, under-appreciation may be the result.

A company culture tune-up

When was the last time you thought about company culture initiatives? A Glassdoor survey found that 56% of adults say company culture is more important than salary when it comes to job satisfaction.

After interviewing your employees, you may find your company culture needs a tune-up. While the answer to this challenge will vary for each company, check out these long-lasting ways to improve employee well-being for inspiration.

The Benefits of Skills-Based Hiring in 2022

There’s no way around it: to remain competitive, businesses must update their hiring strategies in 2022. Traditional hiring tactics are no longer a realistic solution for satisfying labor demands, and necessitates a shift toward skills-based recruiting.

As one of the determining aspects of work performance, skills-based recruiting prioritizes individuals’ technical abilities and core competencies over degrees or credentials. This approach requires recruiting teams to specify the needed and desired talents for a position and objectively evaluate those skills to reduce bias in the hiring process.

Let’s review some of the benefits of skills-based hiring strategies:

Eliminating Degree Inflation

Skills-based hiring doesn’t mean excluding college graduates from consideration or reducing any entrance hurdles. Instead, it’s about separating the skills for which the degree is intended to be a proxy. As a result, both degree holders and those with alternative skills can be considered for the position. This promotes economic opportunities for everybody and broadens the talent pool available to businesses.

Larger Talent Pool with More Diversity

Skills-based recruiting also assists firms in bringing on a more diverse and inclusive staff, providing a comprehensive picture of employees that incorporates talent and skill into how companies build their teams. It’s also an opportunity for employers to fill today’s talent gap in a way that promotes real, systemic change. When we focus on diversity and growth simultaneously, we are compelled to reconsider how we welcome individuals into our companies.

Stronger Retention

Another benefit of skills-based recruiting is that it might help your business strengthen retention. According to LinkedIn, employees who do not have a four-year degree stay 34% longer than those who do. This indicates that employees are more involved and believe the organization is banking on their success. Leadership’s commitment to employee learning and development is no longer optional. It’s what employees want, and is what leaders must provide in order to remain competitive. Up-skilling is not about checking off a list. Rather, it’s a long-term strategy for remaining relevant by continuously learning new abilities.

Reduced Cost

It is crucial to evaluate your organization’s future needs and create a roadmap that involves identifying skills that the business will need as it grows. For example, employers might fill vacancies faster and save money on training and onboarding by defining roles based on skills rather than a strict set of job descriptions that focus on finding candidates the traditional way. A degree or credential does not guarantee that candidates have obtained the hands-on experience to do the job.

Learn more about successful recruiting strategies or contact our team to see how we can assist with your company’s hiring needs.

2022 Q1 Accounting and Finance Employment Report

Forecasts for 2022 are in — and the good news? The economic outlook is even better than 2021. Employers are expected to continue adding to their staffs in the coming year, with 52% planning to replace/backfill positions and 41% hiring for new jobs, according to Monster’s 2022 Global Report, “The Future of Work.”

And while December’s numbers dipped slightly for temporary employment, the U.S. Bureau of Labor Statistics reports the U.S. added 199,000 jobs last month and the unemployment rate dropped to a healthy 3.9%. For college-degreed professionals — the most sought-after by employers — that number edged down to 2.1%.

2022 Q` accounting and finance employment report

 

 

 

 

 

 

 

 

 

 

Credit: U.S. Bureau of Labor Statistics

Many companies are on track to continue this 12-month trend of steady job growth into Q1 and beyond — but it won’t be without some difficulty. This year promises to be a year of hard-to-find talent. In fact, nine of 10 employers surveyed in XpertHR’s Survey of HR Challenges for 2022 listed “recruiting and hiring” as one of the top challenges in 2022.

We break down what both clients and job seekers in the accounting and finance field can expect in Q1.

For Employers

When it comes to talent in 2022, companies’ focus is two-fold: attracting new employees, while also keeping their current teams engaged and happy. Last year’s “Great Attrition” had thousands of professionals quitting their jobs, with a record 4.5 million American workers resigning from their jobs in November 2021 alone. In response, many employers are making it a priority to:

  • Increase salary and hourly wages for prospective employees and current staff.
  • Shorten hiring processes and decision-making as a way to combat the multiple offers candidates are fielding on a regular basis.
  • Offer flexible work arrangements, including fully remote, hybrid and flexible hours for new workers and current teams.
  • Provide employee development and advancements internally, including training, education and promotion opportunities.
  • Partner with skilled staffing and recruiting teams to identify and hire strong candidates, whether they’re currently open to new opportunities or are not active in the job hunt. To learn how you can be more strategic in your hiring efforts, contact our team.

2022 Q1 accounting and finance employment report

Credit: Monster’s 2022 Global Report, “The Future of Work”

For Job Seekers

There’s a lot of perks to being in the driver’s seat. Not only are candidates setting the pace for the current job market, but also the rules. With job vacancies at record-high numbers, it’s important that job seekers evaluate new roles in terms of:

    • Defining your wants. Are you seeking higher pay? Flexible work schedule? Industry change? These are all questions to consider when understanding what matters most to you in a career, so you can make a better informed decision when juggling multiple offers.
    • Looking beyond the benefits. Many employers will roll out the red carpet to attract top professionals, but it’s still imperative to do your due diligence. Ask key questions during the interview process that help you evaluate a company’s culture and other important factors.
    • Standing out. Sure, there are more job openings than applicants, but a survey by the American Staffing Association notes that 41% of those surveyed are likely to seek new positions in 2022. Enlisting the assistance of an experienced recruiter can help you find the right career opportunity and get your resume in front of the hiring manager quickly.

For more career advice and industry insights, check out our blog.