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.

3 Ways to Hire Remote Talent in 2022

Before the pandemic, many sectors of the economy had only seen remote work as an experimental model — something permitted on a limited-basis. But as the pandemic made its entire presence, remote work’s advantages became more evident than ever before.

Even though workers are gradually returning to their onsite jobs as situations improve, many employees continue to work from home. In fact, some organizations are allowing employees to work remotely for the remainder of their tenure. Hybrid work schedules are also an attractive option for various companies, providing a balanced combination of remote and in-office employment. Understanding these trends is essential when considering hiring for a new position. Here are some pointers on how to find and hire outstanding remote workers in 2022:

1. Clearly Describe What You Are Looking For

Communication is essential, and your current and potential employees may be planning life changes that could affect their decision to stay with your company or leave. In addition, many workers who have become accustomed to working remotely appreciate it.

Although remote workers generally choose their schedules, they still want to know what the job includes and their responsibilities. Therefore, define the level of flexibility you provide and, if possible, give an example of a typical day in the life of the position offered.

2. Optimize Your Virtual Hiring Process

As the talent market becomes more competitive, corporate leaders are pushed to scrutinize their hiring process more thoroughly. Companies are also working to increase cohesiveness among employees and redesign their methods to achieve this goal virtually.

Companies with smart talent strategies now focus on applicant experience and emphasize quality-of-hire measures over speed-of-hire indicators from an operational standpoint. Furthermore, the pandemic has accelerated video interviewing and automation capabilities at various phases of the recruiting process and has increased engagement and overall usability for prospective candidates.

3. Build A Strong Online Employer Brand Profile

You’ll effectively attract and maintain qualified remote employees if you have a solid online employer reputation. Local prospects may be more accessible. They’ve likely heard of your organization, know one of your staff or have visited your premises during the interview process. With remote hires, however, prospects must rely on your digital brand to understand your business.

Make sure your web presence conveys trustworthiness, demonstrates your company’s values and allows prospects to envision themselves as part of your team. Create informative, professional pages and appealing social media accounts to accomplish this.

Connect with our team today to find out more about hiring remote employees.

Why Stay Interviews are the Powerful Retention Tool Your Company Should be Utilizing

There are two types of interviews you can expect with a company: as a candidate in the job search process and before moving on to your next opportunity. But what about interviews as an employee?

For employers in today’s tight hiring market, stay interviews are a great opportunity to check in with your most valuable team members, and most importantly, stay on top of what is most important to them in a role. Here are three reasons why your business should implement stay interviews as a powerful retention strategy — and keep your best talent engaged, happy and productive.

1. Get One-on-One Time

Annual reviews focus on the employee’s work performance and typically don’t stray too far from their job function. But in a stay interview, the objective of the meeting is to learn more about the professional as a person. Use this time to ask about their aspirations, goals and how you can support them as company in these endeavors.

2. Creates an Opportunity to Listen to Your People

A common reason employees leave their current company is because they feel unheard — people want to feel valued. An easy solution? Create opportunities to listen to your team. Stay interviews are a great way to have real conversations with your staff on a regular basis, as well as gather important, concrete Intel to address collective issues or concerns as a company. It’s imperative that you not only take time to listen, but make an effort to implement change, if necessary.

3. Learn What’s Working — and What’s Not

Knowledge is power and that’s definitely true for keeping your best people and building strong teams. Use stay interviews as a retention strategy for understanding which aspects of the position contribute to them continuing their tenure at the company, as well as those that could be improved upon. Ask questions like, “what are factors in your current role that you like best and would like to see more of?” and “Are there any ‘triggers’ that might cause you to consider leaving that I should be aware of?” to better gauge what is working for them and what’s not. Once you have this information, compare it to what you’ve learned as a group, and identify if there are any commonalities — both positive and negative.

Check out more retention strategies and tips that can help your company find and retain top talent in any hiring environment, or contact us for your hiring needs!

How to Secure Passive Candidates

Employers across all industries, including accounting and finance, are having to adjust tactics to identify and recruit top talent as the market shifts from client-driven to candidate-driven. Knowing how to target the “passive” applicant is more crucial than ever, since most of the ideal candidates have already been hired by competitors.

A passive candidate is anyone who is being considered for a position by an employer, but isn’t actively searching for work. Passive candidates haven’t applied to the job opportunities and doesn’t plan to. So the question is: how does one attract and secure passive candidates? We share best practices below:

1. Partner with Recruiting Experts

Contrary to traditional job seekers, passive candidates don’t actively search job listings or apply for open roles. No — to find these individuals, companies’ internal talent acquisition teams utilize different methods to help connect qualified passive candidates to their open positions. But with strapped resources, this process can be time-consuming and ineffective compared to the full manpower, expertise and technologies established recruiting firms use on a regular basis. Learn more about how partnering with specialized agencies can help you build stronger teams — while saving on overall costs.

2. Simplify the Interview Process

One of the most difficult tasks when it comes to hiring passive applicants is encouraging them to schedule an interview. The goal of your initial messaging or introduction should pique the interest of the passive prospect. Include details about your business, and describe the role and how you believe the passive candidate will benefit from being a part of your team. Video interviews are a great way to show them that you are willing to accommodate their needs. A long and difficult application process may turn off a passive prospect, so keep things simple.

3. Outbid Their Current Role

When you’ve found someone who would be a good match for an open position, it is useful to determine what limitations they have in their current position. Passive applicants are unlikely to leave their current position for a position that is virtually identical elsewhere. In order to stand out, your company must have some distinct differentiators. Highlight a specific pain point the prospective employee has and emphasize how you can offer a solution.

Get more hiring insights by downloading our 2021 Salary Guide!

Flexible Leadership: The Importance of Adopting an Agile Mindset

Flexibility may just be the key to unlocking your potential as a leader.

But what does it truly mean for a leader to be “flexible,” and why is it important for leaders to strive for this way of thinking? The simple answer: even the greatest leaders can’t control all factors of their business. In fact, a tremendous amount of time would be lost trying to do so. Take the aftermath of the pandemic, for example. Between supply shortages and employee shortages, leaders today have all had to adapt to this new normal in order to stay on top.

What does it mean to be flexible as a leader?

At the core of every great leader lies the ability to manage and maintain business when changes occur and, most importantly, to be able to adapt and become greater from those changes. To respond to challenges more quickly and easily, it’s essential to be ahead of the curve and assess your internal and external standpoints.

Externally, look at how the world around you is changing and how you might be able to proactively make business changes that will better your team for success in the near future. Flexibility in this viewpoint requires leaders to think more logically. Ask yourself, “Are there opportunities to change our process to outperform and better succeed?”

Internally, think about your approach. Sometimes this is the most challenging part for leaders — many have difficulty changing their own tendencies when they’re set in certain ways. In this viewpoint, flexibility requires leaders to think more empathetically: “How can I better listen to my team and be open to new ideas?”

Why flexible and adaptive leadership is essential when it comes to leading others

Every business will face a certain level of unforeseen factors. The good news is that absorbing flexibility into your leadership style can create a sense of steadiness when unexpected variables arise. Plus, the more you’re challenged, the better you adapt to new situations and solve problems as they emerge. There are two key beneficiaries to a leader’s adaptability:

The Team

We all know there is value in investing in employee well-being. When you actively become a more flexible leader, in addition to improving yourself, you’re also making strides to better your team. By listening to your team and considering all possible viewpoints, you’re showing that you’re self-aware enough to value others’ opinions and continuously strive to learn. This vulnerability and trust in your team is often met with trust from your team.

The Business as a Whole

Flexibility is also an invaluable asset to your business. When you’re able to adapt to the continuously changing market, your team can adjust more quickly than its competitors, giving you a competitive advantage in the long run.

Interested in more employer insights? Browse our blog for more career development tips and hacks to get ahead in any market.

5 Strategies to Attract Gen Z Talent

Many human resources experts, recruiters and Generation Z professionals are laser-focused on true career advancement opportunities and a positive work atmosphere that stimulates creativity. But for Generation Z employees, developing insights into the company’s individual brand is crucial.

It should also come as no surprise that Gen Z is more digitally aware than any other generation. They are, after all, digital natives who are completely happy utilizing the internet for work, research and social networking. This generation’s skill set is especially suited to this era of hybrid work, and it will only grow in value as technology transforms industries.

As companies continue to woo candidates in this competitive, post-pandemic hiring market, it’s important they understand the wants and needs of the workers they’re looking to engage. Here are 5 strategies for attracting and retaining members of this generation — those aged 23 and under — in the workplace.

1. Step into the Digital World and Stay Up to Date

Since the pandemic, the digital world has been one of the few ways people are able to connect. It is imperative to have an online presence as a company looking to reach out to Gen Z. If your company’s web presence isn’t up to par, Gen Zers may be turned off.

A clunky user interface and malfunctioning software can give prospects the impression that your company is out of touch and outdated. If your website is hard to navigate or not mobile-friendly, or your application process has a tendency to crash, it’s time to tune it up or risk losing candidates.

2. Make Job Applications Online Accessible

Job boards like LinkedIn make it easy for you to take your recruiting search to the internet. Gen Z is more likely than previous generations to conduct online research prior to applying for a job. To discover more about your brand, they’ll read online reviews on sites like Glassdoor and look at your social media and website. Gen Z workers will not trust your organization enough to apply for a job if your online presence is unreliable, non-existent or reflects adversely on your brand.

3.Get Familiar with Social Media Recruiting Styles

Social media recruiting is one of the most effective ways to entice new workers, showcase open positions and promote your company’s culture. Get your company familiar with how to reach out to potential candidates through these digital platforms. After all, as social media sites grow in popularity and consumers spend more time on them, it’s critical that your company establishes its presence.

4. Get In Touch With a Top-Notch, Modern Recruiting Firm

Find a firm that is in the know on the latest trends for the industry your company is in. Publishing your job posting with a reputable recruitment agency will attract a large number of candidates who will be looking for help as job seekers. This is still one of the most used techniques of finding a career. To shortlist and locate good potential candidates for your business, you can engage a temporary and direct hire employment agencies. You will want to find a firm that is tuned in with the needs and wants of Gen Z. This will ensure you find the right candidate for you!

5. Get Your Team on the Same Page

Match your company culture with the type of employees you are trying to attract. A few things are more essential to Generation Z members than a company’s commitment to social obligation on both socio-economic and environmental issues. Not only what your firm and its CEO have said, but also what they’ve done on these problems, is crucial. A happy employee says a lot about the state of the company, and Gen Zers are well aware of this. Another viable option for attracting them? Encourage employees to push for referrals. You may attract new talent by enlisting the help of other young employees to advocate for your company, but it must be genuine.

For more hiring insights and trends, download our 2021 Salary Guide.

Long-Lasting Ways to Improve Employee Well-Being in the Workplace

What is employee well-being and why does it matter?

The mental and physical health and wellness of employees is crucial for a thriving business. But many organizations fail to prioritize their employees’ well-being due to the common misconception that it’s too challenging to implement. This couldn’t be further from the truth. Plus, healthy and well-supported employees are more likely to perform better at work, produce higher quality products or services, have less absenteeism and create a positive environment for other workers.

Bottom line: If you want your company to thrive in today’s competitive climate, then you need to pay attention to employee wellness. Here are three solid ways you can improve employee well-being in your organization:

Foster a culture of wellness in the workplace

Setting work boundaries and ensuring employees can take breaks from work when needed is an easy, impactful way to help foster a culture of wellness in the workplace. As the amount of long-term remote employees continues to trend upwards, now, more than ever, the line between work and personal time continues to be blurred. Combatting this is a two step process: First, communicate with employees to determine what the set work hours are. Second, ensure these boundaries are respected amongst all employees.

Listen to employees

A recent survey found that 42% of employees are worried about job security since the start of the pandemic.

The first step in tackling this is to listen to how employees are feeling. Open-mindedness and incorporating employee concerns into the work day create an environment where morale can increase. As always, be mindful of the current circumstances employees are facing while you navigate performance reviews or evaluations.

Mitigate stressors in the workplace

One of the biggest inhibitors to employee well-being is stress. Wrike’s United States stress statistics from 2019 found that “around 94% of workers report feeling stress at work, and almost a third say their stress level is high to unsustainably high.”

Thankfully, there are ways managers can help promote awareness around it and reduce these work-related stressors.

1) Send out emails to increase awareness of the signs of stress.

2) Communicate with employees to identify the cause of stress and help think of solutions, when possible.

3) Promote stress-management activities such as meditation, yoga or webinars.

4) Send them this list of 5 ways to overcome stress at work.

Check out our blog for more employer insights and trends.

The Value of Virtual Employee Recognition (and 4 Ideas To Get Started)

As many companies are continuing to utilize remote work, now, more than ever, teams can be comprised of employees that live in different states, countries or continents. But whether face-to-face or behind a screen, employee recognition is key in order to create a strong, productive environment. Doing so boosts morale, helps promote feelings of investment in the workplace and leads to increased productivity.

Employers need to be mindful of virtual employee recognition and ensure employees feel valued especially when in-person communication is taken out of the equation. Here are a few ways you can thoughtfully recognize employees while working remotely:

Highlight Individual Achievements

A simple yet effective way of telling employees you recognize and appreciate their efforts is to highlight their individual accomplishments. Send out a monthly email spotlighting an employee who went above and beyond and encourage fellow employees to respond with their notes of gratitude.

*If you receive positive customer feedback, share that with the team, too!

Recognize the Team as a Whole

It takes a village. And sometimes, that village needs to feel appreciated. Schedule a virtual team lunch where employees can chat about non-work-related topics, or send reminders encouraging employees to recharge. Organizing a virtual team-building experience, such as wine tasting or team trivia, can also help your employees feel acknowledged and valued.

Be Intentional

In order to gauge employee appreciation, it’s important to be proactive. Simply put: communicate with your employees. Set up one-on-one meetings and ask employees individually if they feel appreciated and how you can help.

Be intentional when it comes to getting to know your employees better. Remember, in a virtual environment you’re missing out on chatting by the water cooler. Instead, periodically reach out to employees and ask them how their day is going or what they’ve been enjoying in their free time – questions like these go a long way in ensuring employees feel known.

Invest in Employee Development

Professional development is a must when it comes to showing employees you’re interested in their career journey. This demonstrates that you are focused on retaining that employee, and interested in helping them achieve their career goals. In addition to benefiting the employee, the employer reaps rewards as well. Reducing turnover, attracting talent and increasing engagement and productivity are all outcomes of professional development.

Learn more about why you should be investing in professional development.