Challenges in Recruiting for Accounting & Finance Positions and How to Conquer Them

As The Great Resignation goes on, many employees are leaving their jobs for other opportunities. Therefore, the challenges in recruiting for accounting and finance positions continue to increase.

Many accounting and finance professionals are expected to accomplish more with fewer resources. This increases stress levels, especially during busy seasons. The inability to maintain work-life balance often leads to burnout.

As more accounting and finance professionals leave the industry or retire, fewer professionals are entering the field. This increases the challenges in recruiting for accounting and finance positions.

Because accounting and finance professionals are needed to drive business, company leaders must find ways to increase employee attraction and retention. These tips can help.

Learn the challenges in recruiting for accounting and finance positions and how to conquer them.

Loss of Talent

Many experienced accounting and finance professionals are leaving the industry. Job-related mental health concerns, such as anxiety and depression, are among the top reasons why.

Lack of work-life balance, especially during busy seasons, also contributes to the decision to leave. Constant exposure to work-related stress can lead to burnout.

Seasoned professionals are the hardest professionals to replace. This is especially true for mid-career professionals.

Increased Automation

Fortunately, you can support your accounting and finance team by implementing robotic process automation (RPA). This software emulates human actions and mimics how humans interact with technologies.

RPA can help with essential accounting and finance functions:

  • Analytical procedures
  • Financial statement preparation
  • Dual-purpose audit tests
  • Forecasting
  • Investment decisions
  • Cost allocation
  • Expense reimbursement
  • Accounts payable
  • Accounts receivable
  • Reconciliation
  • Tax reporting
  • Cloud-based applications

Providing access to the necessary tools, systems, and support helps accounting and finance professionals complete their work. This helps maintain work-life balance and positive mental health while reaching company goals.

Work with an Accounting and Finance Staffing Agency

You can conquer the challenges in recruiting for accounting and finance positions by partnering with a staffing agency that specializes in the industry. The agency has a vast network of experienced professionals with the skills and qualifications needed to help you achieve your company’s goals.

You can choose from temporary, temp-to-hire, and direct-hire workers to blend with your full-time employees. Taking advantage of this flexibility helps save money while filling your staffing needs.

Partner with Casey Accounting & Finance Resources

The loss of talent in the accounting and finance industry requires increasing use of automation to support your workforce. Working with an accounting and finance staffing agency can help you find the qualified professionals you need to reach your business goals.

Reach out to Casey Accounting & Finance Resources for help filling your recruiting needs. Get started today.

Reevaluating Recruiting in Today’s Hiring Market

It feels like changes in recruitment and retention are crossing our news feeds on the daily. That’s because it’s true. When was the last time you revisited your talent acquisition strategy? Last week? Last month? Last year? With so many fluctuations in the hiring market, your answer might be Yes, Yes, and Yes. While we may be exhausted by stories about the economy and possible recession, right sizing, layoffs, hybrid work environments, upskilling/reskilling, stretching your workforce, offering increased salaries, “perfect” candidates, culture, and more, the truth is that all these factors are creating a bit of lava in navigating how we recruit talent.

Looking Ahead

Even if you recently revised your practices, it may be time to be more forward-thinking. Some of the rules have changed. For example, skills may be more critical than experience. Could candidates with more general skills be a better fit to handle a wider variety of tasks if you can only hire one or two people? Maybe long-term adaptability is a better solution for your ever-changing business landscape.

How well are you monitoring your recruitment and retention data, and what’s missing in your data analysis? Most companies are pretty adept at monitoring cost per hire, speed to onboard, turnover, and poor performance. However, if you are just looking at the numbers within their individual silos for increases or decreases without truly analyzing the cause and effect of the numbers as a whole, you may be missing opportunities for significant solutions and improved milestones.

There are plenty of articles and guidance available on the candidate application journey all the way through the onboarding process. While we won’t get into these topics in this article, we would be remiss in reminding everyone that these areas are often overlooked. You’d be surprised how many candidates drop out of the cumbersome application process. Also, investing in your onboarding process may create a positive experience from day one, which translates into highly engaged employees from the start of their employment journey at your company.

How We Can Help

According to Business.com, the cost of a bad hire is estimated at approximately 30 percent of the employee’s salary or more. Talent acquisition isn’t a pristine journey, and you are not alone if you feel your strategy isn’t perfect. Even if you don’t have all the digital bells and whistles, we can offer suggestions to track and get better results.

Let us review your processes and metrics to drive improvements.

  • Review how you’re filling roles. Is the process quick but suffering from low retention or poor performance? Stakeholders only see things like longer project completion rates or slower fulfillment of products or services. These factors affect business improvement.
  • Consider consistent question lists for all interviewers to help predict a candidate’s success in your organization.
  • Benchmark the employees who appear to be the “perfect” candidate to understand the soft and transferrable skills that make them better performers. Incorporate some of this data into job descriptions and interviews.
  • Remain engaged with candidates to assist in future referrals. Likewise, your employee base might be one of the better options to mine for new hires. This “human cloud” resource may help you stay connected to the talent you seek.

If you have limited resources to execute improved recruiting strategies, there are still ways to adapt your long-term talent acquisition strategy.

Call us today to discuss your recruiting challenges. We’ll put on our consulting hats to help create an environment that is adaptable to the unpredictable business climate, and where everyone wins.

Tips for Filling Accounting or Finance Positions

Filling your accounting or finance positions during The Great Resignation can be challenging. Many employees are leaving their jobs for opportunities that better align with their goals, values, and interests.

Fortunately, understanding what candidates are looking for in accounting or finance positions helps guide your approach to hiring. These suggestions can help.

Implement these tips for filling accounting or finance positions.

Be Involved in the Entire Hiring Process

Clarify exactly what you are looking for in a candidate. This provides a foundation on which other members of your hiring team can help source candidates.

For instance, assume you need to hire an accounting clerk. You might develop a list of the required and preferred skills as a guide for your hiring team.

Your list of required skills for an accounting clerk might include:

  • Knowledge of basic finance, accounting, and bookkeeping principles
  • Proficiency in mathematics
  • Ability to learn new technologies
  • Time management skills
  • Attention to detail

Your list of preferred skills for an accounting clerk might include:

  • Formal accounting training
  • Experience in administrative or accounting roles
  • Proficiency with budgeting and bookkeeping software
  • Collaborative work style
  • Strong communication skills

Stating exactly what you are looking for helps your hiring team properly source active and passive candidates. Narrowing down your pool of qualified candidates saves time when reviewing resumes and deciding whom to contact for interviews.

Build Candidate Relationships

Get to know active and passive candidates on a personal level. This increases their interest in filling your accounting and finance positions.

Learn all you can about a candidate’s education, skills, experience, goals, and interests. Find out what motivates them to work, what they like most and least about their jobs, and what attracts them to an employer.

Focus on how one of your opportunities fits with the candidate’s background. Emphasize what the candidate would gain by coming to work for you.

Focusing on your candidates’ wants and needs encourages them to want to work for you. This increases your likelihood of adding top talent to your team.

Ask Relevant Interview Questions

Pay attention to a candidate’s hard and soft skills and behavioral intelligence during an interview. For instance, if you need to hire an accounting clerk, you might ask:

How do you maintain quality control with your work?

Candidates should thoroughly check their work to ensure accuracy. Listen for cross-checking or strategies for quality control and attention to detail. Minimizing errors saves time and money.

How do you manage to work under tight deadlines?

Candidates should be able to juggle multiple projects and manage workflows while under pressure. They must work efficiently, delegate tasks, and request support when needed. Listen for a positive attitude while facing challenges, the ability to prioritize work, and effective time management skills.

How do you present financial data to nonfinancial professionals?

Candidates should feel comfortable sharing financial information in a calm, effective manner. Their audience should be able to understand and apply the information to their situation.

Need Help Filling Accounting or Finance Positions?

Being involved in the entire hiring process and building candidate relationships help source qualified candidates and encourage them to apply to your accounting or finance positions. Asking relevant interview questions lets you find the best candidates to add to your team.

For additional help filling your accounting or finance positions, partner with Casey Accounting & Finance Resources. Find out more today.

Chicago-Based Staffing Firm Casey Accounting & Finance Resources Wins Two ClearlyRated 2023 Best Of Staffing® Awards

 

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

SCHAUMBURG, Illinois – Feb. 7, 2023 – Casey Accounting & Finance Resources (www.caseyresources.com), 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® Client Satisfaction Award for providing superior service to their job candidates for nine years in a row. The company also received ClearlyRated’s Best of Staffing® Talent Satisfaction Diamond 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 4.9/5 stars for service excellence and placed candidates rated the company with 4.7/5 stars for service excellence. This is the eighth consecutive year the company has won the Talent Satisfaction award and the ninth 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 93.8% of their clients, significantly higher than the industry’s average of 46%. The company received satisfaction scores of 9 or 10 out of 10 from 64.7% of their placed job candidates, significantly higher than the industry’s average of 45%. The company’s Net Promoter Score (NPS) of 93.8% for client satisfaction and Net Promoter Score (NPS) of 58.8% for talent satisfaction far exceeds the industry’s average of 31% for client satisfaction and 19% for talent satisfaction.

The company is proud of the trust and loyalty its customers and associates have in the Casey team to be able to earn this distinction as a leader in service excellence for nine (client) and eight (talent) consecutive years. Best of Staffing recognition validates our hard work delivering high-quality, relationship-building workforce management solutions for its clients and job seekers. The team is grateful that its culture of customer satisfaction is appreciated by all those the company serves and that they meet and exceed expectations daily.

Casey Accounting and Finance Resources was acquired by Cornerstone Staffing Solutions, one of the largest staffing firms in America, in December 2017 and operates as an independent division of Cornerstone. Altogether the Cornerstone Staffing Solutions family of companies have won 37 ClearlyRated Best of Staffing Awards.

“I am pleased to introduce the 2023 Best of Staffing winners alongside their validated service ratings on ClearlyRated.com,” said ClearlyRated’s CEO, Eric Gregg. “These firms have demonstrated a remarkable commitment to delivering amazing experiences, despite another year of upheaval and macroeconomic uncertainty. Hats off to these service leaders – it’s truly an honor to recognize and celebrate their achievements.”

#staffing #recruiting #bestofstaffing #bestofthebest #winners #customersatisfaction

 

Supporting Your Employees’ Goals in 2023

Supporting your employees’ goals in 2023 is more essential than ever. Employees are finding new employers with better opportunities at a rapid pace. As a result, employee retention during The Great Resignation is extremely important.

How you support your employees in reaching their goals impacts whether you are an employer of choice. This affects your ability to attract and retain talent. The following ideas can help.

Implement these suggestions to support your employees’ goals in 2023.

Prioritize Employee Mental Health

Most employees continue to experience mental health challenges that began during the pandemic. Increasing exposure to stress can lead to anxiety, depression, and burnout. These factors impact employee engagement, productivity, and performance. They also affect job satisfaction, employee morale, and retention rates.

You can help your employees reach their goals for positive mental health by providing additional support for overall wellness:

  • Maintain an open-door policy for your employees to privately talk with you about their personal and professional challenges. Emphasize that these discussions are free from judgment or consequences.
  • Encourage your employees to get enough sleep each night. This helps maintain emotional resilience and performance throughout the workday.
  • Remind your employees to use all of their paid time off each year. They need time away from work to rest and rejuvenate.

Encourage Employees’ Soft Skill Development  

Many employees believe their soft skills were impacted by the social isolation caused by the coronavirus. This is especially true for Gen Z, whose educational and career goals were difficult to achieve during social distancing and lockdowns.

Many members of Gen Z say their education did not effectively prepare them to enter the workforce. They missed out on developing the soft skills that are essential for career success. This includes networking, speaking to groups, and negotiating.

Employees from other generations experienced a lapse in their soft skills due to working remotely. The lack of in-person interaction significantly increased stress, exhaustion, and burnout.

You can support your employees’ goal of soft skill development by providing online skills training courses and opportunities to implement their learning. You also can match your employees with mentors to model and develop the soft skills required to advance within your organization. Plus, you can assign group projects that require collaboration among teammates.

Need Additional Guidance for Supporting Your Employees’ Goals?

Prioritizing employee mental health and encouraging soft skill development help support your employees’ goals in 2023. These actions increase employee engagement, productivity, and retention. They also lower your hiring, onboarding, and training costs.

For further advice on supporting your employees’ goals, get in touch with Casey Accounting & Finance Resources. Connect with us today.

Are You Hiring for Culture Fit or Culture Add?

It’s still a struggle to find qualified candidates. We’ve talked about refining your long-standing hiring habits to improve finding qualified and quality candidates to fill your open positions. One area that seems to be getting a bit of airtime is “culture fit.” Oftentimes, we look for candidates that “fit the mold” of current employees – you know – finding candidates whose working preferences and values match the company. What may be happening inadvertently is an unconscious bias when you hire for culture fit. Some experts agree that you might want to consider hiring for “culture add” to not only widen your candidate pool but also improve the creativity, diversity, and thought-provoking dialogs in your department and organization.

Why Culture Fit Falls Short of Being Fair

According to Gallup, many assumptions can be made when hiring for culture fit:

  • It assumes the hiring decision-maker understands and role models organizational values, beliefs, and expected behaviors. Decision makers often come with their own values and beliefs that may not align with the organization’s, further creating hiring bias.
  • It assumes the decision-maker can make a fair, informed selection decision.
  • It assumes that an organization has a level of maturity in its culture journey.

Typically, if the candidate doesn’t fit the culture, they aren’t hired. You may be escorting a candidate who could be a great employee right out the door because of culture-fit hiring practices.

What is Culture Add?

Gallup defines culture add as “a fresh spin on the concept of culture fit. Rather than making hiring decisions that create a homogenous, familiar culture, culture add promotes hiring decisions that focus on the candidates’ unique and beneficial attributes, values, beliefs, and behaviors. It is what they bring to your organization from their distinct perspective and experiences.”

What’s the upshot of hiring for culture add? Gallup explains it like this. If the workforce is shrinking, the fundamental need is for organizations to recognize what they are hiring for and why it matters. The right hiring practices examine not only cultural needs, value systems, and technical competence but also factor in role-specific talent attributes and behaviors for high performance.

In today’s marketplace conditions, 85% of currently employed U.S. workers say they are considering leaving their jobs in the next six months, according to LaSalle Network. U.S. Secretary of Labor Marty Walsh said in an interview at the CNBC Work Summit that he expects job growth should continue into 2023.  However, the demographic data on the U.S. working-age population is concerning, with baby boomer retirements expected to accelerate in the years ahead, compounded by a peak being reached in high school graduates by 2025, limiting both the total size of the next-generation labor pool and the transfer of knowledge between the generations of workers.

The thing to pay attention to here is recruiting and retention. If managers and employees are disengaged, and the statistics hold true, finding and keeping good employees will continue to be a challenge.

Does Culture Add Practices Even Make a Difference With Remote and Hybrid Work?

Some may argue that remote/hybrid work environments destroy a company’s culture. That’s not necessarily true. There’s a common belief that when employees are physically together, they develop important social bonds that simply can’t be replaced by email, Zoom, and Slack.

In fact, 23% of U.S. hybrid workers strongly agree that they feel connected to their organization. Only 20% of all employees strongly agree they feel connected to their organization’s culture.[1]

And leaders have good reason to care. Employees who strongly agree that they feel connected to their culture are:

  • 3.7x as likely to be engaged at work
  • 5.2x as likely to recommend their organization as a great place to work
  • 37% more likely to be thriving
  • 68% less likely to feel burned out at work always or very often
  • 55% less likely to be looking for a job[2]

Gallup’s data shows us that being in the office never equaled a great culture. There are many ways to create connectedness within teams and across companies. Here are some best practices for managing remote teams.

With remote and hybrid work being the preferred option for many employees whose job allows this option, a solution of culture add or a revision of culture fit may still make it possible to add employees who bring value that is lacking in the organization.

We Can Help

Be less concerned about culture fit and more interested in adjusting hiring practices to align with employee talents, competence, and aspirations. Choose that employee who helps move the organization forward. Also, continue to watch for managers and staff who are disengaged and talk to them about the value they bring to your organization.

Let’s discuss the challenges you’re facing. Contact Casey Accounting & Finance Resources today.

 

[1] https://www.gallup.com/workplace/401576/dont-confuse-office-culture.aspx?utm_source=workplace&utm_medium=email&utm_campaign=gallup_at_work_newsletter_send_2_october_10182022&utm_term=newsletter&utm_content=a_new_chapter_cta_1

[2] https://www.gallup.com/workplace/401576/dont-confuse-office-culture.aspx?utm_source=workplace&utm_medium=email&utm_campaign=gallup_at_work_newsletter_send_2_october_10182022&utm_term=newsletter&utm_content=a_new_chapter_cta_1

The Association for Finance Professionals “Best of 2022” Research Reports & Guides

Wondering which topics treasury and finance professionals were most interested in throughout 2022? We have the research, guides, articles, training, podcasts, and conversations that were most actively sought from the Association for Finance Professionals (AFP).

Best of 2022 Lists for Treasury

Top Deep-Dive Research and Guides

Top Articles

Top Training

Top Podcast Episodes

Top Conversations on AFP Collaborate

Best of 2022 Lists for Financial Planning & Analysis

Top Deep-Dive Research and Guides

Top Articles

Top Training

Top Podcast Episodes

Top Conversations on AFP Collaborate

Looking to Expand Your Accounting & Finance Team?

Partner with Casey Accounting & Finance Resources to add qualified members to your team. Learn more today.

What to Do When Your Employee Asks for a Raise

As a manager, an employee likely will ask for a raise at some point. This is especially true when the labor market is tight and employees have significant job opportunities.

Understanding how to handle your employee’s request for a raise is important. You need time to determine whether a raise is appropriate and how much to increase the pay rate.

Mishandling the request can lead to lower employee engagement and retention. As a result, preparation is essential.

Here’s what to do when your employee asks for a raise.

Conduct an Internal Pay Audit

Determine how much your employee is paid compared to their coworkers. Include each employee’s role, education, experience, tenure with your company, and pay. This helps keep your raise review process fair.

If you discover that your employee earns less than a coworker in the same role, ask yourself questions such as:

  • Did prior raise negotiations impact the employee’s income?
  • Do differences in education, experience, or tenure with the company contribute to the pay discrepancy?

If your employee’s pay is comparable to their coworkers’ pay, take notes on your findings. Keep them handy for when you meet with your employee again to discuss receiving a raise.

Include Your Employee’s Value

Consider how your employee’s knowledge, skills, and experience contribute to your organization:

  • Would your company be fine if your employee left?
  • How much would your employee’s departure impact business operations?

Use historical data to determine your employee’s value. Include your employee’s non-monetary value:

  • Contributing innovative ideas
  • Serving as a brand ambassador
  • Providing excellent customer service.

Consider the time and money needed to replace your employee:

  • How long would the hiring process take?
  • How much would the hiring process cost?
  • Would your remaining employees be able to fill in until you hire a replacement?
  • Would you need a temporary worker until you replace the employee?
  • What would your training costs be?

Determine an Appropriate Raise

If you approve your employee’s request for a raise, decide whether to provide a flat rate or a percentage of their pay rate. If you use a percentage, use an average pay raise or cost of living adjustment to determine the increase.

Meet with Your Employee

Talk with your employee about your decision to approve or deny their request for a raise. Include your findings and the rationale for your decision:

  • Providing a raise without a reason often creates an entitlement mindset.
  • Your employee might tell their coworkers and encourage them to ask for raises.
  • Denying a raise without a reason lowers engagement and retention.

Need Additional Guidance for Compensation?

Conducting an internal pay audit and including your employee’s value help determine whether to approve your employee’s request for a raise. Determining whether to give a raise and sharing your reasons why help your employee understand your decision. These actions encourage your employee to remain with your company.

For additional guidance with compensation, use our 2023 Accounting and Finance Salary Survey. If you have questions, reach out to Casey Accounting & Finance Resources.

2023 Accounting and Finance Salary Survey Available!

The labor market remains to be very tight across the board! It is not just direct-hire but contract-to-hire and contract roles.

Casey Accounting & Finance Resources has compiled its January 2023 salary data for the fields of accounting and finance. Recruitment is really heating up, and job postings are plentiful. The war for talent is on, so having the most up-to-date information is vital!

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

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

If you would like to view the salary survey, please click the link to download!

Accounting and Finance Trends to Watch for in 2023

The role of accounting and finance candidates continues to expand. The increasing use of technology is responsible for many changes in client expectations.

Today’s professionals are impacted by the changing accounting and finance trends. Companies that keep up with these trends and train their teams accordingly maintain a competitive edge.

Pay attention to these accounting and finance trends to keep your company competitive in 2023.

Diversified Client Services

According to Sage’s The Practice of Now 2020 report, 79% of accountants state that their client expectations now include business and finance consultancy. In addition to bookkeeping and accounting guidance, these clients want advice on complying with emergency legislation, leveraging government assistance, and computing leave entitlements and wage subsidies.

Most accountants use technology to provide clients with more efficient services. This significantly improves client satisfaction.

Enterprise Resource Planning Systems

Implementing enterprise resource planning (ERP) systems lets companies combine their accounting and financial data with other business areas. Examples include supply chain, order, and production management. Using an ERP system lets the data be entered into one application that is accessible throughout the organization.

Implementing an ERP system means employees must be trained to use only one system. These employees also can find the information they need from one source. Additionally, having one source of information promotes collaboration. Plus, the centralized information for analytics and reporting helps leaders make more informed business decisions.

Artificial Intelligence

According to the Harvey Nash/KPMG CIO Survey 2020, 47% of CIOs say the coronavirus pandemic caused digital transformation and adoption of emerging technology to accelerate. Examples include artificial intelligence (AI), machine learning (ML), blockchain, and automation.

The extraction of quality data is critical to effectively using AI. The process requires the right applications, cloud solutions, analytics, and business processes.

Providing accurate business intelligence maximizes the use of the data. This gives organizations a competitive edge.

Cybersecurity

The handling of confidential data requires strong cybersecurity. Data breaches allow cyber criminals access to payroll, tax, and other financial information. These breaches impact a company’s credibility and reputation.

According to the Harvey Nash/KPMG survey, spear-phishing increased by 83% in 2020 because of the pandemic. Malware increased by 62% and denial-of-service attacks grew by 21%. This is why 47% of CIOs included security and privacy as one of their top three technology investments. As a result, accounting and finance professionals must comply with cybersecurity best practices to safely collect, store, use, and share data.

Competition in Hiring

Diversified client services, implementation of ERP systems, increasing use of AI, and the evolving need for cybersecurity are among the accounting and finance trends for 2023. Capitalizing on these trends helps your company stay competitive.

Steep competition for hiring accounting and finance professionals is expected to continue throughout the next year. Turn to Casey Accounting & Finance Resources for help. Get started today.