4 Reasons Employee Retention Should Be a Top Priority in 2020

Given the costs involved with recruiting, employee retention needs to be among your biggest priorities. An effective retention plan fosters engagement, creates an authentic company culture, and shows you value what your employees care about most. Here are four reasons employee retention needs to be a top priority in 2020.

Employee Retention Conserves Resources

Retaining employees saves time and money. With the salary spent on HR and other departments involved in the hiring process, as well as the reduced productivity and output a new hire brings to a role, you could spend 6-9 months’ salary each time you replace a salaried employee. Even worse, replacing high-level employees can cost in excess of 150% of their salary. More hours spent advertising openings, reviewing resumes, interviewing candidates, and contacting references means less time for other tasks.

Supported Employees Remain Loyal

When you provide employee support as part of your retention plan, staff remain loyal to your company longer. Team members who feel valued, appreciated, and connected to your organization are less likely to leave when recruiters call or opportunities come up. Supported employees feel trusted, autonomous and engaged. They’re responsible for making a variety of decisions, receive constructive real-time feedback and have their contributions recognized. Staff who have support are well compensated, listened to and offered ongoing professional development opportunities. They’re treated with respect, offered opportunities to advance and given challenges to move their career forward.

Employee Turnover Is Contagious

When one employee leaves, others may feel encouraged to follow suit. This is especially true if a new hire starts work and finds out team members have been around for a short period of time. If the staff doesn’t stay very long, new hires might not feel encouraged to stay either. Because people are social creatures, we talk about almost everything. If there are significant issues affecting your team’s cohesion, teammates will discuss it. As problems increase in size because they’re not dealt with, employees feel encouraged to leave for a better work environment. In contrast, being welcomed to the team by employees who’ve been with the company for years and love working for you provide new hires confidence that they made the right decision in coming to work for the business.

Employees Get Stressed by Turnover

Turnover is stressful on your team. This is especially detrimental when teammates’ friends leave the company. Team members often leave because they miss working with people that they spend time with outside the office. Having significant numbers of employees leave affects collaboration and culture. Teammates feel stressed because of pressure to take on additional responsibilities, resulting in less time to perform their own work. To combat this issue, offer remote work options, additional paid time off, and other methods for reducing stress.

Hire Top Accounting and Finance Employees

Hire top finance and accounting professionals through Casey Accounting & Finance Resources. As a leading Rolling Meadows staffing firm, we fill your direct-hire, temp-to-hire and temporary staffing needs. Contact our leading finance recruiters today.

2020 Accounting and Finance Salary Survey Available!

Casey Accounting & Finance Resources has compiled updated salary data for the fields of accounting and finance. With the start of 2020 now passed and the recruitment industry getting busy, having the most up-to-date information is vital!

With compensation trends changing on a monthly basis, both sides can benefit from having this information during job negotiations.

Casey Accounting & Finance Resources can help financial professionals who want to learn more about what salary expectations should be. We have compiled our salary survey list with updated facts and figures including job descriptions for more than 110 accounting and finance positions for the Chicago metropolitan area.

Email us today at FinancialSalarySurvey@caseyresources.com and we will be happy to share this with you.  In the “YOUR MESSAGE” section, please enter “2020 Accounting & Finance Salary Survey”.

5 Accounting Trends for Hiring to Watch Out for in 2020

As we head into a new decade, the accounting industry continues to evolve. With the number of graduates entering the field continuing to decrease, the demand for accountants, especially those with specialized skills, and a number of accounting job vacancies continues to increase. Due to the changing demographics of accountants, companies need to adapt to evolve to attract new talent. Be on the lookout for these five accounting trends for hiring.

Employers Seeking Specific Accounting Skills

With the rise of automation for basic accounting tasks, employers are looking for accountants with more specialized, higher-level skills. For instance, knowledge of data analytics and cybertechnologies, critical thinking and client skills are increasingly in demand. Because these skills typically aren’t taught in college accounting courses, professionals who have them are in even greater need.

Accountants Changing Jobs More Often

With the number of available accounting jobs, more accountants will take advantage of their options for where they want to work. Many accountants will change employers to negotiate a greater income. Some will want to expand their skill set by taking on additional responsibilities, clientele or finance specialties.

Demographics of Accountants Changing

Because Millennials soon will make up most of the workforce, the demographics of people working as accountants are changing. As a result, employers need to find ways to adapt to the changes to continue to grow. For instance, owners of public accounting firms and other companies should review their last 10 hires to determine how many stayed for 5 years, how many left and why. Owners also need to determine whether they’re employing a diverse workforce to help grow their business.

Accountants Being Offered Top Perks

Along with accountants being able to negotiate higher salaries, they’re able to negotiate top perks. For instance, accountants can improve work-life balance through telecommuting, on-site daycare and formal programs that help returning employees ease back into the workplace after leaving. Accountants also may receive additional vacation days during the non-tax season, be able to leave the office earlier in Summer, or work flexible hours, including part-time.

Accounting Jobs Going Unfilled

Given the high demand for accountants and a lower number of people entering the field, a significant number of accounting positions remain unfilled. Popular reasons include lack of expertise, cultural fit and problem-solving skills. Financial analysts, internal auditors and tax and general accountants are in the greatest demand. With the difficulty of finding full-time accountants, many temporary or contract accountants are being hired to fill the openings.

Fill Your Accountant Hiring Needs in 2020

Fill your accountant jobs in Chicago, IL, with help from Casey Accounting & Finance Resources. Our extensive networking and recruitment programs identify all levels of accounting and finance candidates, including candidates with hard-to-find skills. Get in touch with us today!

How Do You Calculate the ROI on Employee Engagement?

Employee engagement may be defined as proactively and passionately adding value while aligning with the company mission. Engaged employees demonstrate their commitment through their hard work, communication and body language. Because engagement impacts your bottom line through higher productivity and less turnover and absenteeism, knowing what a fully engaged team can do for your business is essential. Here’s how to calculate your ROI on employee engagement.

Reasons Employee Engagement Matters

Engaged employees are more focused and efficient than nonengaged employees. Engaged staff openly communicate about experiences, triumphs and challenges. They genuinely care about their work and don’t let anything stand in their way of attaining success. Engaged employees appreciate receiving feedback on their strengths and weaknesses so they can improve their performance.

Calculate Your ROI on Employee Engagement

To determine your ROI on employee engagement, begin by calculating your revenue per employee, which measures how efficiently you utilize your employees. Divide your annual company revenue by your average number of employees. For example, if your annual revenue is $31,550,000 and your average number of employees is 29, $31,550,000/29 means you earn approximately $1,087,931 in revenue per employee.

Next, determine your cost of absenteeism per employee. For instance, if your absenteeism per employee averages out to be 1.2% of total working days (3 days per year), take 1.2% of revenue per employee and add 1.2% of average employee salary. Based on the previous example, if your revenue per employee is $1,087,931 and average employee salary is $61,812, $1,087,931 x 1.2% = approximately $13,055 and $61,812 x 1.2% = approximately $742. Adding $13,055 + $742 means your cost of absenteeism per employee is $13,797.

Then, calculate your turnover rate by dividing the number of employees who left during the year by the average number of employees during the year. Based on the previous example, if your number of employees who left during the year is 11 and average number of employees during the year was 129, 11/129 means your turnover rate is 8.5%.

Next, determine your total cost of employee turnover by multiplying the average cost to replace an employee by the number of employees who quit or were fired last year. According to the Society for Human Resources Management, it costs 6-9 months of an employee’s salary to replace that employee. Nine months’ salary was used for this formula. So, $61,812/12 = $5,151 per month in salary; $5,151 x 9 = $46,359 for nine months’ salary. So, on average, if your cost to replace an employee is $46,359 and 11 employees quit or were fired last year, $46,359 x 11 = $509,949 in employee turnover.

Determine Your Total ROI

Finally, determine your total ROI value, which is the amount of revenue added due to a 20% increase in employee productivity, plus the money saved from a 41% reduction in absenteeism and 40% decrease in turnover. Based on the previous example, an increase in revenue would bring in an additional $28,068,594 ($1,087,931 x 20% = $217,586; $217,586 x 129 = $28,068,594). A reduction in absenteeism would save you $1,050,060 ($13,797 – 41% = $8,140; $8,140 x 129 = $1,050,060). A decrease in turnover would result in an additional $305,969 in revenue ($509,949 – 40% = $305,969).

Hire Engaged Employees

Hire engaged employees through Casey Accounting & Finance Resources. As a top Chicago employment agency, we provide high-performance candidates who make strong contributions to their companies. Partner with us today!

Top Finance & Accounting Candidates – December

We wanted to introduce some amazing accounting professionals we have recently surfaced who are looking for new opportunities.  Each of these candidates would be a great addition to your team!

Frank –  Credit Manager CCP

Frank is available on a contract to hire and direct hire basis. He has worked within organizations ranging in sales revenue of $350M-$1B+. Frank was responsible for 28 locations in multiple states. He carried a 90 percentile in current with his locations combined and collected 101% of his receivables and carried a DSO of 30 days. He effectively collected more than $150M per year in credit payments. He is proficient with Agility and SAP.  Frank has managed and mentored up to 6 professionals.

Karolina – Accounting Manager

Karolina is a finance and accounting professional with over 10 years of leadership and global experience overseeing financial planning, budgeting, and forecasting processes, developing financial analytics, standardizing reports and processes. Carolina has significant experience collaborating with executive leadership to analyze results and translate them into successful strategies and process improvements and increased financial performance. She is available on a direct hire basis. .

Angela – Accounts Receivable Specialist

Angela has excellent communication skills and 3+ years of accounts receivable experience using SAP. Experience with collections, cash posting, financial analysis, and strong Excel skills (Pivot tables, v-look ups, macros, formulas). She is open to contract and contract to hire.

Sean – Staff Accountant

Sean possesses 10+ years progressive experience that includes; sales and use tax, month-end close, accruals, and accounts payable. Strong knowledge of SAP and MS Excel (pivot tables, lookups, formulas, sum-ifs). Sean is available on a direct hire and contract to hire basis.

Please let me know if you or someone you know would be interested in setting up a time to meet with one of the accounting professionals.

The Top Technologies Impacting the Accounting Industry

With increasing regulation and client demands, your company may be automating its time-consuming tasks. Using technology to perform repetitive, low-value tasks frees up time for accountants to add increased value to the organization. Here are four top technologies impacting the accounting industry.

Artificial Intelligence

Artificial intelligence (AI) analyzes large volumes of data at high speed and uses machine learning to make predictions about the data. AI helps accountants increase productivity and accuracy while decreasing costs. For instance, automating administrative tasks that involve data handling and processing increases compliance. The technology can quickly generate a tax report with guaranteed accuracy. AI can recognize and categorize data from various sources for the right accounting head. Accountants use the technology for monthly or quarterly close procedures, procurement, accounts payable and receivable, audit and expense management. AI chatbots can quickly answer questions about bill due dates, current account balances and the status on accounts.

Robotic Process Automation

Robotic process automation (RPA) uses software tools to transform the audit process from a handmade process to an assembly line process. Rather than using a variety of computer-dependent tools and processes linked by manual steps and keystrokes, new software combines such actions into one automated process. RPA automates repetitive tasks like copying and pasting information to improve audit quality, business processes and services provided by public accounting firms. For instance, many tax activities, such as calculating book-tax differences and preparing tax returns, are automated by RPA. Also, revenue audits are automated by software robots performing rules-based functions to execute reconciliations, analytical procedures and dual-purpose procedures.

Cloud Technology

Cloud technology uses accounting software to host data on someone else’s server and make the data available on any device with an internet connection. Accountants access and edit the same files from anywhere at any time. Scanning invoices, purchase orders, account statements and other documents into the cloud makes them available any time from anywhere. Securely storing files in the cloud means reduced cost due to less need for physical storage space. Real-time updates mean accountants access current information to make faster, more informed decisions. Giving accounting teams access to the same information streamlines accounting practices.

Mobile Accounting

Mobile accounting means accounting professionals can input data, update tax information, or run reports from anywhere. Team members can record expenses or payments any time from anywhere and gain updated information on the financial health of the company. Accountants access emails, balance sheets, tax data, files and other information from anywhere. They also can retrieve statements, exchange notes and easily communicate. Plus, accountants create and send invoices, perform bank reconciliations, track time and billable hours, add receipts and submit expenses with mobile technology. Using the right combination of efficient, scalable, secure technologies results in decreased costs, greater financial stability and improved business growth.

Hire Technologically Savvy Accountants

Hire technologically savvy accountants through a leading Rolling Meadows employment agency. Casey Accounting & Finance Resources provides high-performance candidates who will make strong contributions to your business. Contact us to find out more today!

Want to Be More Profitable: Improve Your Culture!

A profitable company culture requires people, processes and systems to be geared toward optimizing profitability. Each employee must behave in a way that promotes the organization’s financial success. They must understand that their actions determine whether other individuals want to work for the company and whether customers remain loyal. As a result, if you want your company to be more profitable, you need to work on improving its culture. Here’s how.

Leadership

Getting leadership on board with implementing cultural change is one step in transforming the entire organization. You need leadership’s consensus, commitment and support to guide their teams in creating desired change. Share how much more profitable your business can be by developing an attractive culture to increase employee and customer retention.

Desired Outcomes

Working with leadership to clearly define desired outcomes and profitability lets you clarify company goals for cultural change. You need a method for getting teams inspired to create cultural change and determine whether you’re making progress. Making clear progress and achieving small victories improves motivation to continue implementing change. A 1%-3% in a few key metrics can mean a significant increase in your bottom line.

Uniqueness

Establishing a unique culture helps you build a following. As with your employees’ individuality, unique aspects of your culture differentiate your company from the competition. When your culture sounds, feels and is experienced unlike any other, it attracts top talent and customers. Begin identifying your company’s uniqueness by examining your purpose. Focus on why your business exists and whom it serves. Come up with what uniquely differentiates your culture and makes it attractive. Make that obvious in your culture.

Communication

Having leadership communicate the benefits of cultural change to their teams helps get them on board with implementation. Employees need to understand how an improved culture and increased profitability benefit them. They also need their questions and concerns addressed before deciding to move forward. Understanding the expected value to the company and employees increases buy-in for cultural change.

Accountability

Because what is measured is done, you need to hold employees accountable for implementing cultural change. As a result, you must establish a performance management process in line with new cultural expectations. Include clear rewards, recognition and consequences for performance. Also, monitor and measure key performance metrics to determine profitability. Your goal is to improve both at the same time.

Work with a Leading Rolling Meadows Staffing Firm

To find top candidates who can increase profits, work with a leading Rolling Meadows staffing firm. Casey Accounting & Finance Resources provides professionals with innovative and creative solutions that exceed expectations and help achieve company goals and objectives. Reach out to learn more today!

DIRECT HIRE ACCOUNTING & FINANCE EXPERTS AVAILABLE

Accounting Manager # 167794

Areas of expertise: Financial planning, budgeting, and forecasting processes, developing financial analytics, standardizing reports and processes.

Noteworthy: 10 years working with one company and has plant MFG industry experience

Available for Direct Hire roles

Bookkeeper  #167731

Areas of expertise:   High-volume A/P, A/R, and payroll. Major ERP & Payroll systems including; ADP, Great Plains, and QuickBooks.

Noteworthy:   Took office from being manual to completely computerized.

Available for Direct Hire

Accounts Receivable Specialist #167693

Areas of expertise: Accounts receivable, accounts payable, collections, cash posting, SAP

Noteworthy: 3+ years of accounts receivable experience in the logistics industry

Available for Direct Hire Roles

Grant Accounting and Contract Accounting Specialist #167778

Areas of expertise:  Budgeting, Financial Reporting, Spending Projections, Contract and Grant Administration

Noteworthy:   Financial Edge, ABM, Atlas Financial Management System

Available for Direct Hire Roles

Project Accountant  #128206

Areas of expertise:  G702, G703 from start to finish, Sworn Statements and Liens of Waiver

Noteworthy:   Processed Payroll for 600 Unions and Certified Payrolls, Excel skills include pivot tables, vlookups and macros

Available for Direct Hire Roles

Senior Cost Accountant #147082

Areas of expertise:    Inventory, Cost Accounting & Analysis, SAP

Noteworthy:  CPA with excellent communication skills, someone with advancement potential

Available for Direct Hire only

 

 

ACCOUNTING & FINANCE TEMPORARY & CONTRACT SPECIALISTS AVAILABLE

Accounts Payable Specialist # 167775

Areas of expertise:  Processed 150 invoices daily, ACH payments, and handled monthly closings processes.

Noteworthy:   SAP & Excel guru

Available for Contract and Contract to Hire Roles

Senior Property Accountant #142277

Areas of expertise:  Periodic close activities for commercial, retail, and residential properties, establishing policies and process improvements.

Noteworthy:   Managed accounting department operations on last contract assignment.

Available for Contract and Contract to Hire Roles

Cost Accountant #3539

Areas of expertise: Month-end close, budget preparation, fixed assets, financial reporting

Noteworthy: 8+ years of cost accounting experience and 6+ years of manufacturing experience

Available for Contract and Contract to Hire Roles

Payroll Manager #164999

Areas of expertise:  Full cycle multi-state payroll for 5000 employees weekly, bi-weekly and semi-monthly Noteworthy:   ADP Workforce Now, Vantage, Excel skills of pivot tables and vlookups

Available for Contract and Contract to Hire and Direct Hire Roles

Senior Accountant  #114220

Areas of expertise:  General Accounting & Cost Accounting, supervisory experience

Noteworthy:  Strong MFG background and great work history

Available for Contract-to-Hire and Direct Hire

Accounts Payable Specialist  #167705

Areas of expertise:  Full-cycle A/P, 3-way match experience

Noteworthy:  Great work history – open to Part-Time or Full-Time situations

Available for Contract and Contract-to-Hire

Hot Candidates – November 2019

ACCOUNTING & FINANCE TEMPORARY & CONTRACT SPECIALISTS AVAILABLE:

Accounts Payable Specialist # 167775

Areas of expertise:  Processed 150 invoices daily, ACH payments, and handled monthly closings processes.

Noteworthy:   SAP & Excel guru

Available for Contract and Contract to Hire Roles

Senior Property Accountant #142277

Areas of expertise:  Periodic close activities for commercial, retail, and residential properties, establishing policies and process improvements.

Noteworthy:   Managed accounting department operations on last contract assignment.

Available for Contract and Contract to Hire Roles

Cost Accountant #3539

Areas of expertise: Month-end close, budget preparation, fixed assets, financial reporting

Noteworthy: 8+ years of cost accounting experience and 6+ years of manufacturing experience

Available for Contract and Contract to Hire Roles

Payroll Manager #164999

Areas of expertise:  Full cycle multi-state payroll for 5000 employees weekly, bi-weekly and semi-monthly Noteworthy:   ADP Workforce Now, Vantage, Excel skills of pivot tables and vlookups

Available for Contract and Contract to Hire and Direct Hire Roles

Senior Accountant  #114220

Areas of expertise:  General Accounting & Cost Accounting, supervisory experience

Noteworthy:  Strong MFG background and great work history

Available for Contract-to-Hire and Direct Hire

Accounts Payable Specialist  #167705

Areas of expertise:  Full-cycle A/P, 3-way match experience

Noteworthy:  Great work history – open to Part-Time or Full-Time situations

Available for Contract and Contract-to-Hire

 

DIRECT HIRE ACCOUNTING & FINANCE EXPERTS AVAILABLE:

Accounting Manager # 167794

Areas of expertise: Financial planning, budgeting, and forecasting processes, developing financial analytics, standardizing reports and processes.

Noteworthy: 10 years working with one company and has plant MFG industry experience

Available for Direct Hire roles

Bookkeeper  #167731

Areas of expertise:   High-volume A/P, A/R, and payroll. Major ERP & Payroll systems including; ADP, Great Plains, and QuickBooks.

Noteworthy:   Took office from being manual to completely computerized.

Available for Direct Hire

Accounts Receivable Specialist #167693

Areas of expertise: Accounts receivable, accounts payable, collections, cash posting, SAP

Noteworthy: 3+ years of accounts receivable experience in the logistics industry

Available for Direct Hire Roles

Grant Accounting and Contract Accounting Specialist #167778

Areas of expertise:  Budgeting, Financial Reporting, Spending Projections, Contract and Grant Administration

Noteworthy:   Financial Edge, ABM, Atlas Financial Management System

Available for Direct Hire Roles

Project Accountant  #128206

Areas of expertise:  G702, G703 from start to finish, Sworn Statements and Liens of Waiver

Noteworthy:   Processed Payroll for 600 Unions and Certified Payrolls, Excel skills include pivot tables, vlookups and macros

Available for Direct Hire Roles

Senior Cost Accountant #147082

Areas of expertise:    Inventory, Cost Accounting & Analysis, SAP

Noteworthy:  CPA with excellent communication skills, someone with advancement potential

Available for Direct Hire only