Strategies for Sustaining Business Growth in a Hiring Slowdown

Sustaining business growth in a hiring slowdown can be challenging. Helping your company move forward often requires adding additional members to your team.

Fortunately, you can take steps to sustain business growth during a slowdown in hiring. These suggestions can help.

Choose among these strategies to sustain business growth in a hiring slowdown.

Focus on Long-Term Stability

Show company leaders that employee growth is essential for long-term stability. Employees need ongoing opportunities for training to increase the value they provide your organization.

Without these opportunities for career growth, many employees will seek jobs elsewhere. The effects on your team and organization would be especially detrimental during a hiring slowdown.

Demonstrate the Return on Investment of Employee Development

Show company leaders that investing in employee development helps increase profits. For instance, software tools that impact your human resources, accounting and finance, marketing, and operations departments offer cost-effective upskilling methods to benefit your workforce.

Upskilling increases your employees’ ability to secure other positions within your organization. The results include:

  • Better engagement
  • Greater productivity
  • Increased performance
  • Higher employee morale
  • Stronger attraction and retention rates
  • Lower hiring, onboarding, and training costs

Strengthen Company Culture

Emphasize camaraderie and connection in your training programs. Build company culture and loyalty while you support employee learning and development.

For instance, offer in-person and remote Lunch and Learns. Employees can enjoy a meal together, engage in professional development, and learn from each other. These activities support relationship-building, collaboration, and cohesion.

Emphasize Employee Recognition

Managers should point out specific employee contributions, results, and impact on the company. These activities show that employees are valued and respected members of the organization. As a result, employees are likely to continuously improve their performance to add more value to the company.

Would You Like Help with Hiring After the Slowdown?

Strategies for sustaining business growth during a hiring slowdown include focusing on long-term stability, demonstrating the ROI of employee development, strengthening company culture, and emphasizing employee recognition. Prioritizing these activities helps maintain your company’s competitive edge without adding to your workforce.

If you would like help with hiring accounting and finance professionals after the slowdown, get in touch with Casey Accounting and Finance Resources. We can provide you with qualified candidates to help reach your business goals.

How to Utilize Automation to Better Your Hiring Process

The implementation of automation helps streamline your hiring process. The benefits include:

  • Time savings: You can automate tasks such as sharing job postings, sourcing candidates, scheduling interviews, and generating job offer letters. These actions free up time to build candidate relationships, conduct interviews, and fulfill other core activities.
  • Reduced biases: Automation in your screening process focuses on a candidate’s credentials rather than ethnicity, gender, age, and other personal identifiers. This process helps reduce unconscious biases that can influence hiring decisions.
  • Shorter time to hire: Automation of repetitive tasks helps speed up your hiring process. Filling jobs with the right candidates in less time helps save time and money.
  • Better candidate experience: Maintaining communication throughout your hiring process encourages candidate engagement. This process increases the odds of hiring the best candidates and receiving positive employer reviews.

As a result, you should start implementing automation in your hiring process today.

Discover how to utilize automation to better your hiring process.

Share Job Postings

You can use automation to share job postings with both the public and your employees. Letting your employees know which openings you are hiring for encourages them to provide referrals.

Employee referrals typically fit the job requirements and blend with your culture. As a result, you can fast-track referrals through your hiring process.

The sooner you begin onboarding and training employee referrals, the quicker they can begin producing. Even better, referrals are likely to remain long-term because they already know employees within your organization.

Streamline Your Resume Screening Process

A chatbot can evaluate resumes based on the criteria you set. Then, the bot can post on your chat platform the resumes of qualified candidates and mark them in your applicant tracking system (ATS) the rejected resumes. This process significantly reduces the time needed to screen resumes.

Schedule Interviews

Automation of the interview scheduling process lets qualified candidates decide when to meet for job interviews. The interviews get scheduled both in your ATS and on your scheduling platform.

The chatbot sends the interviewers and candidates reminders of the dates and times of the interviews. The bot also sends interviewers a link to each candidate’s profile in your ATS to prepare for the interview.

Sharing the interviewers’ availability lets candidates schedule or reschedule the times that work best for everyone. This process simplifies the ability to coordinate interviewer and candidate schedules.

Support Candidate Evaluations

Evaluating candidates soon after interviews helps provide performance feedback:

  • When a candidate moves to the interview stage in your ATS, a channel on your communication platform is created for the interviewers.
  • After the discussion, the interviewers receive a scorecard to fill out.
  • The responses populate the candidate’s ATS profile.
  • An HR chatbot schedules an interviewer videoconference to share thoughts on the candidate and determine the next step.

Deliver Job Offer Letters

Sending job offer letters soon after making hiring decisions increases the odds of candidate acceptance. Then, you can add the best candidates to your team.

The following process can create a job offer letter:

  • When a candidate in your ATS moves to the offer stage, a chatbot shares the offer details with the appropriate stakeholders through your communication platform.
  • The stakeholders approve or reject the candidate.
  • Approved job offer details are included in a letter created on your electronic signature platform.
  • A chatbot shares the job offer letter with the stakeholders to review and approve or reject it.
  • An approved letter is sent to the candidate through your electronic signature platform.
  • The signed letter is uploaded to your ATS.
  • The candidate’s status changes to hired.

Would You Like Help to Hire Accounting and Finance Professionals?

Casey Accounting & Finance Resources can provide you with qualified accounting and finance professionals to benefit your team. Contact us to learn more today.

Why Diversity, Equity, and Inclusion (DEI) Are So Vital in Your Organization!

Diversity, equity, and inclusion (DEI) are vital in your organization. These initiatives help create a positive workplace focused on innovation and growth:

  • Prioritization of diversity shows investment in employees at all levels regardless of their culture, ethnicity, gender, sexual orientation, religious beliefs, abilities, and other personal characteristics.
  • Creating equitable opportunities for advancement demonstrates dedication to every employee’s career development.
  • Providing an inclusive work environment helps employees feel welcome, valued, and respected for their contributions and results.

Emphasizing DEI in your organization increases employee engagement, performance, and productivity. The results include elevated job satisfaction, employee morale, and attraction and retention rates. These factors help strengthen your bottom line.

Discover why DEI is so Vital in your Organization.

More Attractive Company Culture

Emphasizing DEI helps create a company culture that attracts and retains employees:

  • Diversity means employees of all backgrounds are welcome, valued, and respected within your company.
  • Equity means employees at all levels have access to the unique resources and support they need to advance within your organization.
  • Inclusion means every employee has access to the benefits and support needed to help them feel like valued, respected members of your organization.

Greater Problem-Solving

Prioritizing DEI throughout your organization encourages employees to share their unique ideas and perspectives. This diverse information helps develop and implement creative solutions to complex problems. The results include elevated innovation and a stronger competitive advantage.

Elevated Employee Retention

Employees want to work for organizations that honor and reward diversity, actively help them reach their career goals, and provide effective resources and support to help them feel welcome and respected. Therefore, prioritization of DEI encourages employees to take pride in their work and remain long-term. The results include lower hiring, onboarding, and training costs.

Clearer Customer Understanding

Hiring diverse employees helps clarify what your targeted customers are looking for in the products and services they purchase. Gaining additional insight into your customer base helps fill their needs and increase sales.

Stronger Customer Base

Customers who see themselves represented in your diverse workforce are likely to do business with your organization. For instance, hiring diverse employees provides a sense of authenticity and support for customers of all backgrounds. Also, providing a voice for diverse customers’ concerns helps build better customer relationships and strengthen the bottom line.

Would You Like Help to Increase DEI in Your Accounting and Finance Team?

Casey Accounting & Finance Resources can provide you with diverse accounting and finance professionals to help increase DEI in your team. Contact us to learn more today.

Salary Trends to Be Mindful of as 2023 Concludes

Heading into the last few months of the year, you should continue to be mindful of salary trends in the accounting and finance industry. You can use Casey Accounting & Finance Resources’ July 2023 salary data as a guide.

Using our salary survey list with updated facts, figures, and job descriptions for accounting and finance positions in the Chicago metropolitan area can help you understand what salary expectations should be. Being mindful as these salary trends continue to change helps employers present the best offer to job applicants.

What trends should you monitor?

Expectations of Higher Salaries and More

Inflation is one factor driving higher salaries for accounting and finance professionals. Because additional income is required to keep up with the increasing cost of living, these professionals want their employers to provide support.

Back in 2021 when there were so many job openings, demand for higher salaries was a key trend in recruiting accounting and finance professionals along with many other positions. Today companies might find jobs are harder to fill because candidates are not as willing to make a move right now as a result of a slower economy and accelerated inflation rates. So it is not that the talent isn’t there, it just has to be a perfect storm for them to make a move.

Increasing workloads are an additional factor elevating the desire for higher accounting and finance salaries. Rising turnover means the remaining employees must take on additional tasks until a replacement is hired. These employees want to be compensated accordingly, too.

Employers are re-evaluating their benefits package to encourage skilled talent to work for them long-term.

Generational Expectations and Technology Change the Recruitment Landscape

Communication, adaptation, and continuous learning are among the most in-demand skills in the industry. Also, treasury and accountancy support are among the roles that require skilled professionals. Monitoring applicant needs by generation can help you develop a robust and diverse workforce. Boomers have different needs and expectations from their employers than Gen-Z workers. The days of “one-size-fits-all” employment packages are long gone.

The rise of blockchain, artificial intelligence (AI), and reliance on technology means many accounting and finance tasks are now automated to increase productivity. Therefore, considering candidates with skills that complement these tasks will most likely negotiate higher salaries that blend their accounting and finance acumen with their technology expertise.

Do You Need Additional Guidance on Salary Trends?

Accounting and finance professionals in 2023 expect higher salaries due to inflation, increasing workloads, and the specialized skills businesses need for growth.

If you need additional help with salary information or negotiations, reach out to Casey Accounting & Finance Resources. Get in touch today.