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

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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

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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

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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

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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  

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6 Ways to Harness the Power of Social Media to Attract Candidates

The majority of job candidates use social media to find better employment opportunities. Along with searching for job openings, candidates use social media to learn about potential employers, company culture and what a day at the office is like. For this reason, you want to maximize your use of social media to promote your company and open roles. Here are six ways you can use social media to attract qualified finance and accounting candidates.  

Build a Strong Brand 

Because candidates typically read six or more reviews before forming an opinion of a company, use social media to build a strong brand. Be sure you have an active Facebook page, Twitter account and LinkedIn page. Make sure your content is current and you have a strategy to keep it updated.   

Communicate Company Culture 

Show what your company mission, vision and values are and what a day at the office is like. You will attract more qualified candidates who have the required skills and experience and fit with company culture. Be sure to add photos and videos to your posts. Show interesting projects and events held in the office so candidates have an idea of what to expect. 

Target Your Audience  

Tailor your social media campaigns to reach your target audience. Identify who your ideal candidates are, then create tailored ads and messages designed for them. Notify your social community that you are hiring by updating your LinkedIn profile with a message about open opportunities or adding a recruitment banner to your Facebook and Twitter pages that links to your job listings.   

Continuously Build Relationships  

Connecting with substantial numbers of people increases your network of potential candidates. Even if your connections are not qualified or a good fit for open roles, they may know someone who is. Keep your posts consistent and valuable so you engage in two-way conversations with your audience. 

Attract Passive Job Candidates 

Although most candidates are not actively sending out resumes, they still are on the lookout for new opportunities. Posting available positions gains the attention of passive candidates who probably would not have known about the opening otherwise. You may gain their attention by using hashtags or purchasing paid social media advertising to target who sees your ads based on demographic and geographic ad criteria.   

Request Help  

Ask your existing social network to help you find qualified job candidates. When a position opens up, request that your fans, followers and connections share your posts. Include your employees in the sharing process. Because they know and love your company, they can better communicate what a great place it is to work. Plus, candidates who receive a personal invitation to apply from someone they know, and trust are more likely to respond.   

Find Qualified Finance and Accounting Candidates 

Find qualified finance and accounting candidates through Casey Accounting & Finance Resources. As a leading Chicago employment agency, we review resumes, complete prescreening and in-person interviews, handle background checks and negotiations and more. Get in touch with us today! 

 

Are You Staying Ahead of the Game? 5 Best Accounting Trends to Get Ready for in 2020

The accounting industry continues to evolve along with clients’ changing needs. Improvements in technology mean automating many accounting tasks and altering job duties. As a leader in the accounting field, you need to stay informed about developments affecting your industry in the coming year. Here are five accounting trends to prepare for in 2020. 

Machine Learning Will Increase Automation  

With the rise of machine learning, accounting tasks increasingly will become automated. For instance, vendor bill data entry, general ledger coding and expense reporting are being done by machine learningSome corporate accounting firms use a machine learning platform to review sales documents, leasing and derivatives contracts, invoices and financial statements for key accounting information. Corporate accounting firms also may use machine learning to maintain compliance with accounting standards.   

Digital Content Consumption Will Be Constant  

Because of growing access to video, social, meme and other formats, people’s consumption of online content continues to increase. To compete for people’s attention, corporate accounting firms need a dynamic online presence. In addition to a website, corporate accounting firms need extras such as a library of how-to videos and frequently asked questions that address common issues. Articles and posts that are easy to read and share are valuable as well.  

Most Clients Will Be Mobile-First 

The majority of accounting clients will be mobile-first, if not mobile-only. To provide the best user experience, corporate accounting firms’ websites must include quick load times, thumb-friendly buttons, and easyto-read text. Branded mobile apps make it easy to send individual messages tailored to each client’s needs. Information from smartphone cameras can be integrated and processed within a native app and used to record copies of receipts and invoices to send to an accountant.   

Increase in Millennials as Clients and Employees  

An increasing number of Millennials will be corporate accounting firms’ clients and employees. To attract Millennials, corporate accounting firms need to increase flexibility, convenience and brand image. They also need to offer meaningful work opportunities, foster connections, and show how each role impacts the company and society. Plus, corporate accounting firms should provide opportunities for development in the form of special projects, exposure to other departments, or classes and trainings outside the office. 

Breakthroughs in Blockchain 

Blockchain will be used for significantly more accounting functions. The single-ledger technology is a delivery method allowing users from multiple sources access to the same information in near-realtime. When one user makes a change, everyone with access can see it once it is validated. Transactions take minutes or seconds and include greater security and transparency. Auditing, compliance and reconciliation are faster and more accurate.  

Prepare for Your Accounting Future 

Prepare for your accounting future with Casey Finance & Accounting Resources. In addition to one-on-one assistance with finding accounting jobs in Chicago, IL, our Career Tools Portal provides free access to top job search tools, an article and video library, professional resume review, career assessment programs and more. Reach out to us today 

 

Why Hiring Beyond the Resume May Just Be Your Key to Finding Top Talent

Although a candidate’s resume provides you insight into how they may benefit your company, you need to look beyond what is on paper to determine which candidate is best for your team. Here are some actions you want to take to find top talent during your interview process.  

Discuss Career Goals 

Talk with each candidate about their career goals. For instance, find out whether they intend to stay with your company for an extended period. If they desire management experience and want to help shape their department, odds are they want to be with you for the long haul.   

Ask Unique Questions 

Asking unusual questions encourages open discussion and gives insight into what makes each candidate who they are. Look for whether a candidate is self-aware and wants to continue to grow. For instance, ask “What is your natural strength?” While the strength may be easy for the candidate to display, it may be difficult for others. Also, “What kind of animal would you be and why?” If you are looking for a candidate to work in teams much of the time, you may want to hear an answer that includes a social animal. The candidate’s reasoning will provide insight into their level of self-awareness.     

Uncover Thoughts on New Technology 

Find out the candidate’s attitude toward new technology. Whichever industry you work in, technology plays a vital part in your business. Because technology continues to evolve, your employees need to adapt accordingly. A candidate should embrace technology and be willing to learn new programs and tools to enhance their work and improve performance.  

Find Out About Desire for Growth 

Look for a candidate who desires professional growth. They should be aware of which areas they excel in and where they can improve. Wanting to add to their skill set, experience level and position within the organization is required.  

Evaluate Candidate Personality  

Determine whether each candidate’s personality blends with those of your team members. For instance, when you take them on a tour and introduce them to others, how do they interact? Does the candidate ask questions about what each person does and how things work? Will the candidate get along with potential colleagues and enhance morale?   

Determine Candidate Potential 

Evaluate the potential each candidate may have. For instance, although they may lack the master’s degree or type of experience you prefer, a candidate may bring enthusiasm and energy to the office. Also, they may have fresh ideas to enhance your company. Plus, a candidate may be able to grow into leadership. 

Work With a Chicagoland Employment Agency   

Work with Casey Accounting & Finance Resources to find the talent you need when you need it. Our professional recruiters want to get to know your company and fill your accounting and finance staffing needs! 

 

Make Your Contract Employees Feel Welcome & Included From Day One

Contract employees bring as much to the table as full-time employees. Because contractors’ specialized skills often fill a need your full-time employees cannot, they are valuable members of your organization. However, because of the temporary nature of contract roles, employers tend to treat contractors differently than full-time employees. This discourages collaboration and production, which hinders progress. Rather than putting a wedge between contractors and full-time employees, take these steps to make contract employees feel included from day one.

Treat Contractors Like Full-time Employees

Set up a coworking space near the office. Use Skype, Slack or other technology to include remote contractors in meetings. Give them access to the company newsletter, gym and other resources. Invite contractors to lunch and company events both inside and outside the workplace.

Build Relationships

Schedule frequent face time with your contractors through a weekly Skype discussion, monthly coffee or participation in company events. You also can provide feedback on work performance so contractors know what they are doing well and how they can improve.

Encourage Company Representation

Wherever your contact employees are located, provide opportunities for them to represent your company. For instance, ask if they would like to participate in an upcoming industry even or conference. Suggest your contractors speak at a school’s career day or attend job fairs. Host a Meetup or networking happy hour for them to meet other professionals. Sponsor contract employees’ membership in an industry-related organization.

Offer Professional Development Opportunities

Contract employees are interested in gaining and sharpening their skills to remain relevant in the workforce. For instance, if your full-time employees are required to take an online class, provide your contractors with the same opportunity. Or, pay for contractors to take part in a workshop or conference and share key information at your next team meeting.

Express Appreciation

Let your contract employees know how much you appreciate their contributions. They thrive on positive feedback that increases feelings of self-worth. For instance, ask contractors to participate in company events, handle important tasks or provide input when making team decisions. Show how their contributions are helping to achieve company goals. Give shout-outs in the company newsletter and a bonus for a job well done.

Hire Contract Accounting and Finance Employees Through a Top Chicago Employment Agency

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Does Your Company’s Work Environment Impact Productivity?

Productivity levels depend on more than just your employees. Although staff can get more rest at night, eat breakfast, and take other steps to increase their output, there are steps you, the employer, can take to help as well. Focusing on the following areas helps to create a work environment that encourages workers to be more productive.

Lighting

All forms of lighting have a strong impact on productivity. Therefore, you want to provide windows near work areas to promote concentration and comfort. Keep overhead lighting bright to increase feelings of happiness. In winter, offer lamps that compensate for the reduced exposure to sunlight. This will increase calmness and decrease depression.

Company Culture

Cultivate a culture that promotes positivity. Everyone needs support to develop their uniqueness and feel valued. Encourage employees to build networks inside the office so they feel a sense of belonging. People who feel valued at work give their all each day.

Noise Levels

Monitor noise levels within the work environment. Because noise is a top workplace interrupter, it affects productivity. Since some people function better with noise and others without, aim to create room for both types of workers to fill their needs. For instance, install a white noise machine, or enforce quiet hours during the day.

Furnishings

Provide comfortable furnishing for employees. This is especially important if they sit for long periods of time. Include adjustable desks to allow workers to stretch their legs and ergonomic keyboards to prevent wrist injuries. Staff will feel more relaxed, less stressed, and more productive.

Color

Brighten wall colors to stimulate productivity. Low-wavelength colors such as blue and green improve calmness, focus, and efficiency. Medium-wavelength colors like yellow create feelings of happiness, optimism, and creativity. High-wavelength colors such as red increase heart rate and energy level

Designated Spaces

Design dedicated spaces to fill various needs. For instance, provide coworking spaces with relaxation rooms for employees to take a nap or meditate. Offer quiet, private spaces for staff who make frequent calls. Create collaborative spaces for those working on a team project. Include standing desks so workers can gather together to share ideas.

Air Quality

Provide the highest air quality possible. Having more oxygen going to the brain promotes concentration and increases energy. For instance, maintaining the air conditioning system prevents it from dehydrating staff so they stay focused on their work.

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