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

 

 

Your Ultimate Guide to Year-End Reviews

A year-end review assesses an employee’s performance over time, recognizes achievements and goes over areas for development and improvement. When properly set up and approached as an ongoing conversation, year-end appraisals become part of the continuous performance management system throughout your organization. Your employees and you can reflect on their self-evaluation and your assessment and plan for future development. Here’s your ultimate guide to year-end reviews.

Topics

Talk about a variety of topics in year-end reviews. For instance, discuss how each employee displays company values in their approach to work. Focus on subjects that matter most to your team. Bring up role-related questions that evaluate job-specific competencies relevant for each employee’s level in the company. Discuss company goals to see what was planned and achieved and what went off course. Focus on whether the goals were too easy or difficult, which coaching is needed to improve development and whether the context of the goals is clear and relevant for the business.

Self-Assessment

Provide each employee with a self-assessment well before year-end reviews. Share the information on the self-assessment so employees have time to prepare. They need to know which topics will be addressed so they can add to the discussion.

Collaboration

Encourage an open conversation with each employee. They should have completed a self-assessment that considered peer feedback and recognition received over the last period to provide a balanced picture of performance. Promoting discussion about an employee’s self-assessment encourages autonomy and responsibility going into the talk. You provide coaching and suggestions from your experience to help the employee develop.

Honesty

Allow each employee to acknowledge what they improved without fearing punishment. You’ll promote trust in both you and the company. Point out what’s been going well and specific ways the employee can improve. Celebrate employee wins to show support.

Action Plan

Determine what action each employee should take to improve performance. For instance, share company goals and how they apply to individual staff. Outline steps to achieve them. Offer training and support. Provide clear measurements for success.

Outcomes

Establish what will happen with each employee’s information after year-end reviews. Include who will see the review and what each employee is expected to do. Being transparent about the process and following up on the actions you agreed to take promote trust and respect.

Hire Through a Leading Chicago Employment Agency

Hire top accounting and finance workers through a leading Chicago employment agency. Casey Accounting & Finance Resources has an in-depth understanding of accounting and finance functions and competencies to accurately assess candidates’ backgrounds, ensuring that only highly qualified candidates are presented for review. Reach out to us to get started today!

When’s the Right Time to Discuss Salary, Flexible Work Arrangements and Other Benefits During an Interview?

Career coaches typically say to put an employer’s needs ahead of your own during an interview. As important as that advice is, you also need to determine whether the employer can fit your personal needs and interests with salary, flexibility and other benefits. The trick is how to gain the information you need without coming across as overly demanding or not focused on the company’s needs. With a proper strategy, you can determine when the right time is to discuss salary, flexible work arrangements and other benefits during an interview. Here are some suggestions.

When the Interviewer Shows Interest in Hiring You

A good time to discuss salary, flexible work arrangements and other benefits is after the interviewer expresses interest in hiring you. For instance, they may ask when you can start or whether you can provide references. Doing so shows you have their attention and are a good fit for the role. Because you showed the value you can add to the business, you have the leverage to ask for information about salary, flexibility and benefits.

After Being Offered a Job

Discuss salary, flexible work arrangements and other benefits after you receive a job offer. Be sure you thoroughly researched everything you want well before your first interview. For instance, review the company website and job description for salary information. Use sites such as Glassdoor and Comparably to figure out the organization’s salary range and benefit structures. Connect with employees through LinkedIn to ask about company culture. You can state your case and provide evidence for why you should receive it. After negotiating your salary, bring up benefits. Be sure you clearly understand what the company is offering and whether it fits your needs. For instance, find out whether you’ll receive health insurance, a retirement plan and PTO. Depending on your lifestyle and interests, you want to ask about reimbursement for ongoing education, daycare, a gym membership or other benefits. After negotiating your benefits, bring up flexible work arrangements. For instance, ask how the teams are structured and which work arrangements best serve the company’s mission. Ask about the number of hours employees work each week. If there is flexibility, share whether you’re looking for a variable start and end time at the office, a four-day workweek, the ability to work remotely one or more days per week or some other option. Be ready to compromise on what you request.

Interview with a Leading Chicago Employment Agency

As a leading Chicago employment agency, Casey Accounting & Finance Resources offers complimentary use of our Career Tools Portal to help with your job search. You gain access to top job search tools, an article and video library, professional resume review, career assessment programs and more. When you’re done, you can set up an interview with one of our seasoned recruiters. Contact us today to get started!

Is Offboarding Just as Important as Onboarding? Yes.

As an HR professional, you know the importance of onboarding to help new hires acclimate to their workplace and job responsibilities. What you may not realize is that offboarding is just as important. Putting the same care and concern into the experience for departing employees provides significant benefits for your company. Here are six reasons why offboarding is as important as onboarding.  

Communication 

When an employee leaves, offboarding lets other department members know about the change. Rumors have less of an impact when the truth is told. Remaining employees are less distracted when they know what’s really going on. Telling staff when a colleague is leaving encourages them to facilitate a smooth transition into a new relationship with a different employee.  

Exit Interview  

Upon an employee departure, offboarding lets you set up an exit interview to gain insight into their decision. Collect honest feedback that reflects their true experience working for you. Find out whether they’re leaving their team or manager or simply for another opportunity. Perhaps there are personal reasons such as starting a family or relocating for a spouse’s career. Thank the employee for their service. Leave the door open for rehiring if you’d like to see them in the future. 

Maintaining Contact 

After an employee leaves, offboarding makes it possible to keep in touch. Find out which company they are going to and how you can contact them. Send occasional emails asking how they’re doing. If you see the former employee at industry events, go talk with them. If you visit their city, ask them to lunch. Show that the former employee is still a valued member of your extended community. 

Brand Ambassadors  

Because former employees may act as brand ambassadors, they need to be adequately offboarded. People who used to work for you are likely to share stories about their experiences. Leaving them with an affirming last impression means they’re more likely to share positive memories than negative ones. 

Referral Source 

Since departing employees may serve as a source for referrals, appropriate offboarding is necessary. Leaving on a positive note encourages them to tell other top professionals about their experience working for you. You’re likely to gain more qualified job candidates who understand the business and blend with company culture. Plus, you may gain customers and contacts through former employees. 

Boomerang Effect 

Because employees who leave may want to return someday, they need to be properly offboarded. They may miss working for you and bring with them new skills they acquired. This is especially important if the employee had a significant tenure with you. They already fit with company culture, understand the department and have experience with your business operations.   

Find Accounting or Finance Professionals  

Find the professionals you need with Casey Accounting & Finance Resources. As a leading Schaumberg employment agency, we reduce your time spent on recruiting, evaluating, screening and interviewing candidates to find the best match for your organization. Connect with our leading staffing specialists today!