Appreciating Senior Workers as an Asset

“Work gives you meaning and purpose, and life is empty without it.” – Stephen Hawking

Do you view employee longevity as an asset? As most companies face staffing shortages due to The Great Resignation, have you revised your recruiting strategy to include attracting and retaining older workers? So many companies have a DEI (diversity, equity, and inclusion) plan, but it may not include hiring people over the age of 50. If it doesn’t, it should. One reason is that you don’t want to be called out for age bias. Second and more importantly, according to the Bureau of Labor Statistics, around 25% of the U.S. workforce is currently over the age of 55. The number of people ages 65 and older who are still working is expected to rise to 29 percent by 2060.

Outdated assumptions about older workers persist but did you know that senior employees add value to your business? According to Josh Bersin, a global industry analyst, and Tomas Chamorro-Premuzic, chief innovation officer at Manpower, “people over the age of 40 are more entrepreneurial, patient, have collaborative natures, and they’ve moved beyond a phase of having to “prove myself.” In their article published in the Harvard Business Review, they note that even though there is an entire media and publishing industry that glorifies youth, the scientific evidence on this issue shows differently:

  • On average, raw mental horsepower declines after the age of 30, but knowledge and expertise – the main predictors of job performance – keep increasing even beyond the age of 80.
  • There is also ample evidence to assume that traits like drive and curiosity are catalysts for new skill acquisition, even during late adulthood. That means that there is no age limit to learning things.
  • Older workers can bring cognitive diversity to the workforce to help maximize team output.

In an opinion piece published by the Boston Globe, Tim Driver – president of the Age-Friendly Institute and founder of retirementjobs.com, Jody Shue – executive director of the Age-Friendly Institute, and Alice Bonner – director of the Age-Friendly Institute state a convincing case on “why employers should recruit and retain older workers.” The article explains that “smarter organizations view their employees’ longevity as an asset: their experience, lower turnover rates, ability to foster higher customer satisfaction, and diverse perspectives are among the crucial contributions older workers offer.”

Why Hire and Retain Workers 50+

Kerry Hannon, author of Never Too Old to Get Rich, provides the business case for seeing the benefits of hiring senior workers: “The truth is experience, put simply, gives you an edge.” In an article published by Forbes, Hannon offers 10 reasons to hire and retain workers 50+, including:

  • Loyalty and stability, attitude, productivity, and mojo
  • Decision-making skills, leadership skills, essential skills, and networks
  • Cognitive capacity and collaborative
  • Mentors

“When it comes to hiring, smart employers know that it’s not about age…An innovative company wants talented people, period,” commented Hannon. And with talented employees, companies win.

But considering that one-third of available workers are 55 years of age or older, there is an economic impact, as well. As the workforce ages, so will the global economy. Many people do not have enough money in their retirement accounts, which means they need to work and want to work longer. They enjoy the mental and physical stimulus going into an office provides and like to provide value to their companies and community. If your company is struggling with unfilled jobs, it is unable to meet the demands of customers, thereby creating ongoing supply chain challenges and affecting your profits.

Driver, Bonner, and Shue note that “postponed retirements are similarly beneficial to the economy as a whole: increasing GDP, providing skilled and less-skilled labor in a tight labor market, and reducing public health costs because people are active and engaged. By working longer, older adults are more likely to remain physically and mentally active, are better able to support themselves financially, and stay four times more socially engaged (vital to good health).”

How Can Organizations Appeal to Older Workers?

Bersin and Chamorro-Premuzic offer these suggestions:

  • Give older people titles and roles
  • Offer accommodations for flexible work such as more accessible workstations, the ability to perform tasks while seated rather than on their feet all day, and a varied schedule
  • Look at pay equity by job and level, not tenure
  • Bring age diversity into your DEI programs
  • Give older workers managerial roles, supervisor roles, and mentor roles
  • Coach and teach recruiters not to discriminate by age
  • Teach younger leaders about reverse mentoring

With a strategy in place, retaining your senior workers can be as easy as letting them know you want them to stay and/or offering phased retirements, reconsidering training and education opportunities, and incorporating the advice above. To attract senior workers, find organizations, programs, networking groups, and job boards targeted to the 50+ people in your community.

Summary

It’s time to rethink any antiquated points of view regarding senior workers and shift to a more well-rounded talent acquisition strategy. What else do you need to convince you to develop a plan for retaining and bringing back senior workers to your workplace? Let Casey Accounting and Finance Resources help you pursue talented Accounting and Finance professionals with years of deep-rooted knowledge, confidence, practicality, loyalty, and stability.

Workers Still Quitting. Where Are They Now and What Can Employers Do About It?

The big quit continues. Unemployment remains low. Jobs go unfilled. If workers are shuffling around and jobs are available, where did everyone go, and why is recruiting so hard these days?

The Facts

  • Many of those who quit or are considering quitting are Gen Zs. An Adobe survey of 5,500 workers found that 56% of those ages 18–24 say they are planning to switch jobs in the next year.
  • A key finding from the Lever “2022 Great Resignation: The State of Internal Mobility and Employee Retention Report” is that members of Gen Z are more than twice as likely to leave their current job (13%) as compared to Millennials (5%), Gen X (3%) or Baby Boomers (6%).
  • While the Adobe survey didn’t address Baby Boomers, Goldman Sachs estimated that the other half of employees who quit their jobs were Baby Boomers over 55 years old.
  • Steven Vaughan-Nichols, senior contributing editor of Red Ventures/ZDNet, notes the MIT Sloan Business Review, the biggest single predictor for companies losing workers by a big margin was a toxic work culture. “How big? A toxic corporate culture is 10 times more important than compensation in predicting turnover. Other reasons that ranked higher than wages were job insecurity/reorganization; high levels of innovation; failure to recognize employee performance; and poor COVID-19 response.”
  • Finally, some employees retired or “aged out,” some just took time off, some switched to “gig” work, and others forged a new path –  a new industry or different career, or started a company, to name a few alternatives.

Employers Need to Face the Issues

Workers are in a position of power and are being offered more opportunities and choices. Employers cannot deny or delay that much of their workforce, today and tomorrow, is requesting more from them. And the pandemic wasn’t the tipping point. Workers have been wanting changes for some time.

LinkedIn conducted a survey in 2018 to understand what professionals want. The key takeaways:

  • The Hiring Dealbreakers – professionals would not work at a leading company if it meant they had to tolerate:
    • Bad workplace culture (70%)
    • Lower pay (65%)
    • Forgoing a fancy title (26%)
  • What’s Making Them Stay the Next 5+ Years?
    • A sense of belonging (46%)
    • Benefits over perks (44%)
    • Support from the top (36%)
  • Tips for Attracting, Retaining, and Fostering Top Talent Today
    • Build pride in your company (87%)
    • Maintain values in the workplace (39%)

There are numerous articles and surveys today that echo these same indicators four years later. As Baby Boomers move on, Millennials, Gen X, Y, and Z are reexamining their careers and the workplace culture and environment that fits them best.

Twenty-seven percent of 18-39-year-olds tell YPulse they have quit or resigned from a job in the last year, and of that group, 14% have left their positions in the last 6 months. When YPulse asked why they left, “My previous job was not good for my mental health” is the top response, followed by “There was not a healthy work/life balance at my previous job.”  In the face of mounting crises, Gen Z and Millennials have been changing their lifestyles to cope with stress. Wanting to go into a different field/industry is another one of the top reasons young people told YPulse they have resigned or quit a job, and in fact, 29% of employed 13-39-year-olds say they have resigned or quit a job to combat stress/anxiety in the last year. Meanwhile, 26% of 18-39-year-olds tell YPulse they have taken time off from work or school, and 19% say they have moved to a new city or state to combat anxiety/stress in the last year.

Encouraging People to Stay

The pandemic gave people a new lens from which to view their lives, work, and integration between the two. There’s a disconnect between the many job openings and workers wanting their old jobs back. With nearly half of the workforce searching or being recruited for new opportunities, Vaughan-Nichols noted the Adobe survey sheds some light on why employees will elect to continue working in their current job/company:

  • Proper company recognition.
  • Pay raises.
  • In-person and remote flexibility.
  • Improved listening.
  • Hours and schedule flexibility.

The Lever study noted that the biggest motivator for employees planning to stay in their position is salary and/or potential bonuses (46% of respondents said as much). This top-rated motivator was followed by attractive levels of paid time off and flexibility (21%) and internal mobility (13%).

Retooling Employee Retention Strategies and Rethinking Hiring Credentials

Let’s assume you have an attractive company culture, offer very competitive pay, and expanded your benefits to include PTO, caregiver leave, and better healthcare, what else will make a difference in your recruiting and retention strategies as you prepare your organization for the future of work? There are two key opportunities to consider: skills development and alternative credentials.

  • Reskilling your workforce.

Gartner, Inc.’s 2021 HR Priorities Survey of more than 750 HR leaders found that 68% of respondents cited building critical skills and competencies as their number one priority in 2021. The survey, conducted from June through August 2020, found the other top HR priorities for 2021 are: organizational design and change management (46%), current and future leadership bench (44%), the future of work (32%), and employee experience (28%).

A LinkedIn survey revealed that 76% of Gen Z workers believe learning is the key to a successful career. Learning new skills and executive mentoring are appealing to this generation and are important to their future and how the companies they work for compete. Members of Gen Z and Millennials are also more likely than other generations to ask for role changes (36% and 43%, respectively), according to the Lever report.

“In the wake of the COVID-19 pandemic, HR leaders are moving away from crisis management toward focusing on what will make their organizations strong, both today and in the future, including having the right skills and competencies, building resilience and having a strong cadre of leaders,” said Mark Whittle, vice president of advisory in the Gartner HR practice.

According to the latest LinkedIn Workplace Learning Report, amid 2022’s storm of urgent priorities, skill-building and skills-based planning stand out as the most impactful places to make progress. While it’s natural to feel anxious that, for example, only 10% of HR and business executives say their organizations have a skills database with profiles for all employees, the report stated, “there’s a light in the dark clouds.”

The report goes on to say that organizations that shift to skills-based planning have a unique chance to catalyze learning culture and capitalize on emerging trends — especially the convergence of learning, talent acquisition, talent development, and the red-hot rise of internal mobility.

  • Employees who feel that their skills are not being put to good use in their current job are 10 times more likely to be looking for a new job than those who feel that their skills are being put to good use
  • 79% of Learning & Development (L&D) pros agree: It’s less expensive to reskill a current employee than to hire a new one
  • 54% of L&D pros agree that internal mobility has become a higher priority at their organization since COVID-19

 

  • Untapped Talent: The Rise of Using Alternative Credentials in Job Posts, Recruiting & Upskilling

Increasingly, U.S. workers are turning to alternative credentials to enhance and demonstrate skills and work-readiness, according to new research from the Society for Human Resource Management (SHRM), made possible by a grant from Walmart to the SHRM Foundation. SHRM’s new reports, The Rise of Alternative Credentials in Hiring, along with Making Alternative Credentials Work: A New Strategy for HR Professionals, found that nearly half of U.S. workers (45%) say they have some form of an alternative credential. Among those who don’t, about half (49%) have considered earning one.

But while employees and employers alike agree that alternative credentials bring value to the workplace and are instrumental in employee development, potential barriers to employers’ wider recognition of alternative credentials include a lack of systems that can easily identify an individual’s skills and talents, standards to recognize nontraditional or untapped talent, as well as employer reluctance to recognize a new way to validate these skills.

“Alternative credentials are key to uncovering untapped talent, especially when it comes to those job seekers who may not have the opportunity to build skills in a traditional way but have the competencies they need to succeed,” said SHRM Foundation President Wendi Safstrom. “A majority of executives, supervisors and HR professionals believe that including alternative credentials in hiring decisions can actually improve overall workplace diversity.”

Other key findings from the SHRM reports include:

  • Alternative credentials are popular with U.S. workers: more than 70 percent of U.S. workers agree they are an affordable way to gain the skills or experience necessary to enter a new job and that having a job-relevant alternative credential increases or would increase their chances of being hired for a job.
  • People who hold alternative credentials bring value to the workplace, according to executives (87 percent), supervisors (81 percent), and especially HR professionals (90 percent).
  • During a time of skills shortages, alternative credentials can uncover untapped talent. It becomes easier for diverse candidates to obtain employment (81 percent of executives, 71 percent of supervisors, and 59 percent of HR professionals).
  • Adjusting applicant tracking systems could help increase awareness of alternative credentials. Nearly half of HR professionals surveyed (45 percent) say their organization uses automated prescreening to review job applicant resumes, but only one-third of those (32 percent) say their automated system recognizes alternative credentials.

Ready to Remain Competitive?

If you are looking for ways to make your organization stand out, contact Casey Accounting & Finance Resources today. Let’s discuss the challenges you’re facing along with other hot topics in employee retention through upskilling and reskilling and considering alternative credentials in your job descriptions.

What’s the Price of Not Offering Mental Health Benefits in Your Workplace?

Employers might think that their employees’ mental well-being is none of their business. In fact, it’s just the opposite. The stress and isolation caused by the pandemic appear to have heightened our desire for work/life integration and exacerbated the pressure, tension, and anxiety we are all feeling.

According to Understood.org, the World Health Organization (WHO) estimates that depression and anxiety alone result in a cost of one trillion dollars per year in lost productivity (“Mental Health in the Workplace,” World Health Organization). A combined World Economic Forum and Harvard School of Public Health study estimated that between 2011 and 2030, the global financial impact of mental disorders will total $16.3 trillion in lost output (Candeias and Arnaud).

Nami.org notes that each year, one in five adults in the U.S. will experience mental illness, yet only one in three who need help will get it (Workplacementalhealth.org). Employees experiencing mental health issues like depression and anxiety are less productive or missing work altogether, even those working from home. This has a ripple effect throughout the organization. That’s why focusing on workplace mental well-being is important to an organization’s bottom line.

Stress Awareness Month and Mental Health Awareness Month

Helping employees improve their mental health is more important now than ever. April marked the start of Stress Awareness Month, and May is recognized as Mental Health Awareness Month. Since 1992, Stress Awareness Month raises awareness of the causes and cures for our modern stress epidemic. Mental Health Awareness Month has been observed since 1949 and was started by Mental Health America. This year’s theme of “Back to Basics” was chosen with the goal of providing “foundation knowledge about mental health […] and information about what people can do if their mental health is a cause for concern.”

While a healthy workplace culture can’t prevent stress and mental health problems, employers can provide more resources to help employees build mental strength. Understood.org states that according to the Society for Human Resources Management, many employers are enhancing emotional and mental health benefits. Types of support can range from managing stress to treating invisible disabilities such as anxiety and depression.

According to Understood.org, the potential benefits of supporting employee mental health include:

  • Increased productivity: Research shows that nearly 86 percent of employees treated for depression report improved work performance. And in some studies, treatment of depression has been shown to reduce absenteeism and presenteeism (lost productivity that occurs when employees are not fully functioning in the workplace because of an illness, injury, or other condition) by 40 to 60 percent.
  • Increased retention: In a 2019 survey of more than 1,500 employees nationwide, more than a third of the respondents said they had left a job due at least in part to mental health. Of these, 59 percent said mental health was the primary reason.
  • Decreased health care and disability costs: According to the National Alliance on Mental Illness, rates of cardiovascular and metabolic diseases are twice as high in adults with serious mental illness.

“It’s important for managers to be trained to recognize the signs of emotional distress so they can react in a supportive rather than a punitive way,” says Jerome Schultz, Ph.D., a clinical neuropsychologist and a lecturer at Harvard Medical School. “Some employees need people around them to say, ‘Hey, I see you might be feeling stressed. Maybe now is a good time to try some breathing exercises or go take a walk.'”

Amy Morin, author of “13 Things Mentally Strong People Don’t Do” and Inc. contributing writer, offers eight simple ways to create a mentally healthier workplace:

  • Promote a work/life balance;
  • Discuss mental health in the workplace;
  • Offer free screening tools;
  • Talk about EAP benefits often;
  • Make wellness a priority;
  • Provide in-service events;
  • Support employees’ efforts to get help; and
  • Reduce the stigma.

Ways to Support Employee Mental Health

To help you develop some activities or events for May as well as augment your current benefits, Total Wellness Health.com offers 21 Mental Health Awareness Month Activities for the Workplace. Ideas include:

  • Host a stress reduction workshop
  • Have a well-being or outdoor event day
  • Create a different kind of escape room
  • Discuss mental health
  • Schedule an on-site yoga day or other activity day; offer workplace massages
  • Have a paint party
  • Cultivate gratitude in the workplace
  • Create a coloring area
  • Giveaway wellness items
  • Promote random acts of kindness
  • Hold a community dance party

“Employees are more vulnerable to the negative impact of stress inside and outside of the workplace if they have not built strong positive relationships at work,” says Schultz. “Help make work interesting, social, and fun, so stressed-out employees aren’t working in isolation. Workplace relationships that are positive provide a source of support – that’s hard for anything else to replace.”

Additional Resources

There are many resources available to assist companies with understanding how mental health impacts their employees. We’ve provided a few of our findings here. Note that none of the resources shared in this blog are meant to be a substitute for medical diagnosis and treatment.

Recognizing and supporting your employees’ mental health with resources and stress-reducing activities is important to their well-being and productivity and should be a strategic priority for your organization.

Casey Accounting & Finance Resources Wins Two ClearlyRated 2022 Best of Staffing® Awards

The company received both the Talent Satisfaction and Client Satisfaction awards for service excellence.

Casey Accounting & Finance Resources, an industry leader in the recruitment of Accounting & Finance Professionals for direct hire and contract placements, announced they have earned ClearlyRated’s Best of Staffing® Talent Satisfaction Diamond Award for providing superior service to their job candidates for at least five years in a row. The company also received ClearlyRated’s Best of Staffing® Client Satisfaction Award. Presented in partnership with presenting sponsor Indeed and gold sponsor Talent.com, ClearlyRated’s Best of Staffing® Award winners have proven to be industry leaders in service quality based entirely on ratings provided by their clients. On average, clients of winning agencies are twice as likely to be completely satisfied with the services provided compared to those working with non-winning agencies. Clients rated the company with 4.8/5 stars for service excellence, and candidates rated the company with 4.9/5 stars for service excellence. This is the seventh consecutive year the company has won the Talent Satisfaction award and the sixth year to win the Client Satisfaction award.

Focused on helping companies find the right people for their job openings, Casey Accounting and Finance Resources received satisfaction scores of 9 or 10 out of 10 from 83.3% of their clients, significantly higher than the industry’s average of 41%. The company’s Net Promoter Score (NPS) of 83.3% for client satisfaction and Net Promoter Score (NPS) of 89.5% for talent satisfaction far exceeds the industry’s average of 29% for client satisfaction and 18% for talent satisfaction.

“We are extremely proud to earn this distinction as a leader in staffing excellence since 2014. The Best of Staffing recognition validates our service culture and hardworking philosophy to deliver superior solutions for our clients and job seekers,” stated Steven Drexel, president, and CEO of the Cornerstone Staffing Solutions family of companies.

“Winners of the 2022 Best of Staffing award have demonstrated their commitment to delivering exceptional service, even as Covid-19 has forced them to reimagine and rebuild their approach to business,” said ClearlyRated’s CEO and Founder, Eric Gregg. “These service leaders have kept the client, talent, and employee experience at the heart of their business strategy, and it’s my honor to celebrate and showcase 2022 Best of Staffing winners alongside feedback from their actual clients on ClearlyRated.com!”

About ClearlyRated

Rooted in satisfaction research for professional service firms, ClearlyRated utilizes a Net Promoter® Score survey program to help professional service firms measure their service experience, build an online reputation, and differentiate on service quality. Learn more at https://www.clearlyrated.com/solutions/.

About Best of Staffing

ClearlyRated’s Best of Staffing® Award is the only award in the U.S. and Canada that recognizes staffing agencies that have proven superior service quality based entirely on ratings provided by their clients, placed talent, and internal employees. Award winners are showcased by city and area of expertise on ClearlyRated.com—an online business directory that helps buyers of professional services find service leaders and vet prospective firms with the help of validated client ratings and testimonials.

Is Your Next Great Candidate Already Working For You?

The “Great Resignation” has created a labor shortage that has had resounding effects on small businesses and large corporations alike. Workers retired early, quit jobs to accept a higher paying position, or changed careers entirely. The pandemic was the tipping point: employees already struggling with unfulfilling work, wage freezes, and limited benefits. Some candidates were “walled out” of contention if they didn’t meet minimum job requirements such as work experience or college degrees.

Now, employers are struggling to fill skilled positions. How can you best navigate the labor shortage? Here are five tips for reconsidering your open job skills requirements and looking within the organization for employees who can be groomed for an open position.

Is There a Labor Shortage?

Yes and no. According to the Bureau of Labor Statistics, 1,476,000 Americans were collecting jobless aid the week that ended February 5, 2022. This is the lowest level since March 14, 1970. The January unemployment rate edged up to a still-low 4% from 3.9%, as more people began looking for work, but not all of them are securing jobs right away. Keep in mind that there are discouraged workers out there – those folks who’ve stopped looking for work and who haven’t found suitable employment options or don’t make the list of candidates when they’ve applied for a job. Discouraged workers aren’t included in the headline unemployment numbers we see in the news. Yes, recruiters are struggling to fill open positions, but the reasons might not be identical in 2022 as they were during previous challenging recruiting periods. It’s time to rethink job descriptions, job requirements, and business objectives.

Tips to Fill Your Open Positions

Some companies have already revised their strategies to attract job candidates and modified benefits to retain employees. Things like enhancing pay and reward policies, continuing or offering remote and hybrid work options and home office stipends, providing increased mental health benefits, offering childcare/caregiver leave, and adding medical benefits such as fertility services, to name a few. And while these tactics have helped, companies are still struggling to attract talent.

Is your next great candidate right under your noses? It’s a possibility. Here are some ideas on assessing a current employee’s ability to fill a middle management or upper management position:

  • Is a college degree a requirement in the job description, and is that degree necessary for a current employee who already performs well, fits within the company culture, and deserves an opportunity for advancement? If the degree is required, what steps would the employer be willing to take to assist the employee in attaining the degree?
  • Is there a way to redistribute the job responsibilities to other positions and rethink what responsibilities you are looking for in the open position?
  • Assess the employee’s strengths and weaknesses as well as helping them increase their hard or soft skills. Skills testing can help determine where an employee scores on those required skill levels, and Learning Management Systems can provide training modules to improve upon the necessary skills.
  • Pair the employee with a mentor who can offer the guidance and expertise needed to advance with the company.
  • Allow the employee to participate in apprenticeship or leadership training and/or pay for their membership in professional groups outside the workplace.

The Benefits of Fewer Hiring Barriers

Every worker deserves an opportunity to advance their career, and if they are a valued employee, why wouldn’t you fight to keep them in the company? By re-evaluating your job descriptions and the total employee experience, your best candidate pool may have already walked through your doors and is yearning for a path to career advancement.

And once you’ve filled that open position from within, you can reconsider strategies for filling the vacated position. Is this just shifting one recruiting challenge for another? Not exactly. For one, you are now searching for candidates to fill an entry-level or junior-level position. There are many untapped talent pools out there. A retiree whose skills and experience are a good fit and who is more interested in being a sole contributor versus a manager. Offering internship/apprenticeship opportunities. Posting job openings on more diverse job boards. Or hiring temporary staff or contractors to pick up the slack and who also enjoy flexible work options.

We Can Help

Shifting to skills-based hiring opens the doors to a larger talent pool who may have previously been excluded from the recruiting mix. Lifting assumptions like degree requirements versus making allowances for strong performance achievements gives overlooked workers a renewed hope in their career journey and helps companies fill jobs more quickly.

We have helped companies review and re-evaluate their hiring strategies and job descriptions. We can conduct online behavioral and skills testing to predict candidate workplace performance. The tests are developed by subject-matter experts for content validity and contain questions for basic, intermediate, and advanced skill levels. We then help you use the knowledge obtained from assessments to determine a candidate’s skill level and aptitude to perform the duties required for an open position.

Contact us today to find out more.

Talent Acquisition Trends for 2022

It’s the most unusual talent acquisition time in many years. Let’s all face the reality – recruiting has gotten weird. Hiring surges. Reductions in force. Salary Increases. Ghosting. Candidate expectations. You name it; it’s happening.

Jobvite’s survey of over 800 recruiters illustrates the challenges recruiters are attempting to overcome:

  • 59% of recruiters said their organizations have experienced increased turnover since the onset of the pandemic in 2020
  • 49% of workers reported that job seekers are inquiring about the company’s DE&I initiatives, an increase in 16 percentage points from 2020
  • Recruiters shared that medical/dental coverage (51%), 401(k) (49%), and work from home flexibility (44%) have all been effective benefits in attracting new candidates
  • 73% of recruiters are seeing candidates ask about negotiating higher salaries. This is up 20% from 2020.

Last month we released our semi-annual salary survey. If you haven’t requested it yet, here is how you can receive a copy of the report.


Email us today
 at FinancialSalarySurvey@caseyresources.com, and we will be happy to share this with you. In the “YOUR MESSAGE” section, please enter “2022 Accounting & Finance Salary Survey”.

 

Jobvite also took a pulse on the toll this strange talent acquisition landscape has taken on recruiters:

  • 65% of recruiters reported that their stress levels have increased since the onset of the pandemic, pressured to fill roles quickly with qualified talent that is in short supply and being wooed by many other companies.
  • Current hurdles in recruiting include a lack of qualified candidates (47%), employer competition (40%), and requirements for in-office work (33%).

“Things have been changing so quickly, and we’re finding that recruiters are becoming more adaptable to labor market trends,” said Kerry Gilliam, vice president of marketing at Jobvite.

“Recruiters are short-staffed themselves, and yet they are having to hire more than before amid a shortage of talent.”

But where there’s great challenge, she said, there’s also great opportunity: “Hiring teams are using more external workers, looking at different sourcing channels and rethinking requirements for roles. If companies can invest in their hiring teams and rethink their employee value proposition, it is a great opportunity.”

Recruiter Mantra for 2022? Continuing to Adapt.

Roy Maurer, SHRM Online Manager/Editor, Talent Acquisition, shared his thoughts “Talent acquisition professionals continue to face recruiting and hiring challenges in the second year of an unprecedented labor market characterized by record-level turnover and job openings, increased stress, and significantly changed candidate expectations.” Maurer concurs with Jobvite’s survey conclusion: agility will be key to being successful. In his article, Maurer offers additional information from Jobvite’s report.

Jobvite states that around 78% of recruiters reported that their priorities have shifted over the past year to:

  • Improving quality of hire (48%)
  • Improving time-to-hire (28%)
  • Increasing retention rate (26%)
  • Growing talent pipeline (25%)
  • Updating recruiting technology (21%)
  • Improving diversity (18%)

What’s a Recruiter to Do? What are the trends in talent acquisition besides more money and more meaningful perks?

At Casey Accounting & Finance Resources, we scoured numerous articles on recruiting and found these five trends mentioned repeatedly:

  • Proactive recruiting: rather than wait for job openings, continually look for active and passive candidates who meet job requirements.
  • Upskilling and reskilling: invest more time on giving employees professional development opportunities for continued learning.
  • Candidate Experience: first impressions are key to keeping candidates engaged. Followed by…
  • Employer Branding and Employee Experience: The experiences don’t end once you’ve hired a candidate. Employees want to know that they are working for a great company and feel valued for their contributions. Increase your focus on DE&I.
  • Recruiting analytics and AI/Recruiting Automation

Final Thoughts

Everyone is fishing from the same pond. Your improved recruiting strategies can make all the difference in hiring someone or getting ghosted by them. We have experienced staffing experts, many with decades of experience, at the ready to assist you with your recruiting needs. We’re passionate about finding talent. We’re here to help you make the most of this disruption with the best suite of recruiting strategies for your company. Contact us today.

2022 Accounting and Finance Salary Survey Available!

Resignation departures are on the rise. Microsoft’s 2021 Work Trend Index, a survey of more than 30,000 workers, found 41 percent are considering quitting their jobs; the number jumps to 54 percent when Generation Z is considered alone. Gallup reports 48 percent of employees are actively searching for new opportunities. Persio reports that 38 percent of job seekers planned to make that change between now and early 2022. PricewaterhouseCoopers’ August 2021 survey found 88 percent of executives said their company is experiencing higher turnover than normal. While the power sits clearly with employees, employers can also see the “great” in this resignation trend.

Fortune Magazine published a Deloitte study in October 2021 and found that among Fortune 1000 companies, 73 percent of CEOs anticipate the work shortage will disrupt their businesses over the next 12 months, 57 percent believe attracting talent is among their company’s biggest challenges, and 35 percent have already expanded benefits to bolster employee retention. Derek Thompson, a staff writer with The Atlantic, commented, “Supply chains are breaking down because of a hydra of bottlenecks. Running a company requires people and parts.” Turnover is expensive, and the above data isn’t encouraging, which means that employers need to address the challenges sooner rather than later.

Casey Accounting & Finance Resources has compiled its January 2022 salary data for the fields of accounting and finance. Recruitment and retention is on the minds of all employers and 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 understand what salary expectations should be. We have compiled our salary survey list with updated facts and figures, including job descriptions for 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 “2022 Accounting & Finance Salary Survey”.

What We Love About the Holiday Season

If you’re like us, this time of year gives us all the holiday feels. It’s like everyone is in good spirits.

There are many reasons to love the “most wonderful time of the year.” Snowball fights. Eating. Celebrations with friends and loved ones. Finding the perfect gifts. Volunteering. More eating. Writing letters to Santa. Driving through neighborhoods to see the lights and decorations. Carolers. Did we mention eating?

Are you jamming to holiday music? Let’s see a show of hands. Who started in November? Who breaks out the Jingle Bells in the heat of the summer?

Are you the holiday sweater wearer? The tackier, the better? Yes, please!

With all the cheerfulness surrounding us, we decided to share some of the things we love about the holidays.

Eileen R., Ponderer of Good Fortunes

Director of Sales & Recruiting – Casey Accounting & Finance Resources

I love the holiday season because it is a time to gather with family and friends in sharing some cheer. It is always a good time to reflect on all the blessings you have been granted throughout the year and the anticipation of what is to come in the new year of 2022!

Nina S., Present Wrapper Extraordinaire

Administrative Assistant

I love the holiday season because growing up, my parents always worked so hard to make sure my brother and I had a great Christmas and wanted to see our faces GLOW on Christmas morning. And still, to this day, at the age of 27, I still get very excited, like a little kid, about Christmas. I enjoy the lights, the songs, and surprisingly – I love to wrap presents! The whole Holiday Season gives me so much Joy! My most favorite family traditions are getting a real Christmas tree every year and decorating it together and having Mom’s home-cooked Prime Rib Dinner on New Year’s Day!

Cheryl R., Expert Party Organizer

Director of Recruiting and Sales – Arlington Resources

I love the holiday season because for the last 20 years, I have hosted a girlfriend’s Christmas party, and it is one of the best nights of the year that I always look forward to. It started out as a cookie exchange and gift exchange, and now we skip the cookies but like to have a theme party. The party brings my old friends and new friends together and helps me celebrate my most favorite holiday and time of year. I love my real Christmas tree, Christmas music, Christmas cookies, Christmas decor…I LOVE it all!

Denise Y., The Chef

Director, Recruiting, and Sales – Arlington Resources

I wanted to share one of my favorite party recipes: Hot Crab-Cheddar Spread

1 (8 ounce) container of crabmeat, drained and shredded
2 cups of mild or sharp cheddar cheese (grated)
½ cup of Mayo

¼ teaspoon Worcestershire sauce

Preheat oven to 350

Mix together all ingredients, bake for 25-35 minutes and serve with crackers or toast

Elizabeth L., Christmas Tree Lover

Senior Recruiting Consultant, Arlington Resources

I love the holiday season because I love having our Christmas tree up and lights on. We get to take cute pictures with our dog, Amy!

Erin G., Witness to the Best in Humanity

Senior Recruiting Consultant, Arlington Resources

I love the holiday season because, in general, people seem to be more kind, giving, and caring during November and December. I also love holiday lights and decorations.

Julie J., Believer in Magic

Sourcing Specialist, Arlington Resources

I love the holiday season because my young kids are very into the magic of Christmas, and it’s a very special time!

From All of Us to All of You

We want to take a moment to say how grateful we are for our customers for trusting us with your staffing needs and for all our associates who work for you. It is truly our pleasure to serve you and to partner with you.

‘Tis the Season to be Jolly

Can you relate to our list? Here’s to a season of merriment and peace. It’s important to recognize what we have and all the wonderful blessings we’ve received. Go out and put a smile on someone’s face.

Spread love throughout the season and keep it going throughout 2022!

I Quit! The Great Resignation Power Shift.

If you are unaware of the mass exodus of employees who are seeking better opportunities, you will. Countless articles have been written about The Great Resignation and, more recently, Striketober. Employees seeking more flexibility and fuller personal lives are considering changing jobs. In fact, a July 2021 Monster.com poll reveals:

  • 95 percent of employees are considering changing jobs;
  • 34 percent feel the best way for advancement is to find a job with a new employer;
  • 86 percent of workers who feel their career has stalled during the pandemic; and
  • 80 percent of workers do not think their current employer offers growth opportunities

With troubling trends in employee/employer relationships, the term “Great Resignation” was created in 2019 by Anthony Klotz, a professor of management at Mays Business School of Texas A&M University, to predict a mass, voluntary exodus.

The Old Work Environment Isn’t Working in the New Work Environment

Let’s face it. Working in an office hasn’t changed for decades. Aside from some companies offering perks like childcare, ping pong tables, and espresso machines, employers had the upper hand regarding an employee’s career path.

Millennials and Generation Z employees have been requesting better work/life balance and flexibility for more than a decade. The scales have been tipping to the employee’s favor, and the pandemic is creating the shift at an accelerating rate.

It’s an Employee’s Market

According to Derek Thompson, a staff writer at The Atlantic, “the basic terms of employment are undergoing a Great Reset…we may look back to the pandemic as a crucial inflection point in something more fundamental: American’s attitudes toward work. Since early last year, many workers have had to reconsider the boundaries between boss and worker, family time and work time, home and office.”

While employers may have been unprepared for this movement of talent, all hope isn’t lost. There are ways to improve employee retention as well as attract great talent from the prospective employee pool of those who have already resigned from their former companies.

Employers Must Compete for Talent

Phillip Kane, CEO and managing partner for Grace Ocean, commented, “the Great Resignation caught so many employers flat-footed because it ran contrary to everything traditional management thought they knew about labor markets. Resignation departures we are seeing is an (employee’s) decision to no longer accept the unacceptable.”

Recent research from Harvard Business Review (HBR) revealed that resignation rates are highest among mid-career employees aged between 30 and 45 years of age. Burnout from the pandemic, high workloads, and other pressures are key trends driving resignations.

First, understand your company’s turnover rates to quantify the problem. HBR offers this formula to calculate your retention rate:

Number of Separations per Year ÷ Average Total Number of Employees = Turnover Rate

Your turnover rate will help you understand the impact resignations have on business operations and profits.

Next, talk to your employees. Find out what perks are meaningful, what challenges they have, what would improve the morale and culture, etc. Armed with this information, the company can begin to develop tailored retention and targeted recruiting programs, especially for employees at the highest risk of leaving.

Kane stated employers can “stem the tide. Employees are looking for employee-centric cultures with companies they are proud to work for. Companies that are involved in the community and stand for things that they believe matter. It’s all about caring. It’s a simple choice. One that some 11.5 million people and counting are begging for companies to make.”

We Can Help

How employers respond may make all the difference not only in more contemporary recruiting and retention practices but also in business growth.

Reach out to our team at Casey Accounting & Finance Resources. We’ve helped with recruiting and retention program ideas and look forward to assisting you.

Typical Salary Increases Won’t Keep Pace With Inflation

The Society for Human Resource Management recently posted a very detailed article on 2022 salary increases versus inflation rates. The author, Stephen Miller, CEBS, is SHRM’s Online Manager/Editor, Compensation & Benefits. Below is a summary of the article. Read the entire article here.

Companies continue to face a perfect storm of economic concerns – the pandemic, inflation, unrest across other nations, and other uncertainties – that have made it a challenge for employers to manage budgets. When COVID-19 hit, budgets were often slashed, and salaries were frozen. As the U.S. economy continues to recover, employers are finding it increasingly difficult to fill positions with salaries that, at the very least, will keep pace with the inflation rate.

According to venerable organizations such as The Conference Board, Independent Institute, ADP Research Institute, Willis Towers Watson (WTW), PayScale, WorldatWork, Empsight, and Salary.com, there is agreement that the usual 3 percent salary increase will hold true in 2022, with a small percentage of organizations planning to give 4-5 percent increases. According to Salary.com, these planned increases will be offered across all job categories and to hourly employees up to executive-level employees.

“This is the first sign of a notable shift in salary budget increases in 10 years, particularly for hourly employees who have long experienced stagnant pay,” said Chris Fusco, senior vice president of compensation at Salary.com, a provider of compensation data and analytics. “Minimum wage legislation sweeping the country is a big factor. But the re-emergence of lower-level workers executing their market power is undeniable. Aging Baby Boomers and pandemic-related worker shortages have created this scenario where we have more jobs than we have people willing, or able, to work.”

So, what’s the rub? Let’s look at the numbers.

  • The Bureau of Labor Statistics reported:
    • A year-over-year inflation rate of 5.4 percent
    • Consumer prices rose 5.3 percent
  • The Department of Labor (DOL) reported:
    • The energy index in August 2021 rose 25 percent over the last 12 months
    • The food index increased 3.7 percent over the last 12 months.

We don’t need to be a mathematician to figure out that these numbers may just wipe out any real gains in employment compensation. Couple that with salary freezes or decreases in 2020, and employees could be even further behind. This weakens consumer spending and could also result in higher turnover rates.

Is There Any Positive News?

PayScale, a compensation data, and software firm, reports that wages are rising particularly fast for occupations such as food services (up 4.1 percent), transportation (up 4 percent), and retail (up 3.9 percent.

For employees looking for a new opportunity, ADP Research Institute reports that most workers in the U.S. will get an average of a 5.8 percent raise by changing jobs. A bit of a good news/bad news scenario. Employers will have to weigh the balance between losing a valued employee over a few percentage points just to hire and train someone new at a higher salary.

“Companies are between a rock and a hard place when it comes to compensation planning,” said Catherine Hartmann, North America Rewards practice leader at WTW. “On one hand, employers need to continue effectively managing fixed costs as they rebound from the pandemic. On the other hand, companies recognize they need to boost compensation with sign-on, referral, and retention bonuses; skill premiums; midyear adjustments; or pay raises.”

Casey Accounting & Finance Resources produces a salary survey two times a year. Reach out to our team to help recruit suitable candidates and determine the best compensation offers for your current employees and job applicants.