Boost Your Hire Quality with Employee Referrals

Asking your employees to recommend members of their network for job openings is an effective hiring method. Each employee who refers a candidate who becomes a new hire and remains for a set time typically receives an incentive.

An employee referral typically fits with your organization better than a non-referred candidate. As a result, employee referrals boost your hire quality.

Discover how employee referrals boost your hire quality.

Employee Referrals Have High Conversion Rates

A candidate with no connection to your company must undergo extensive screenings and interviews to determine their qualifications and fit with company culture. In contrast, an employee referral has a personal connection with your workforce. Therefore, the employee can provide extensive details about the referral’s background, qualifications, and fit with company culture. As a result, employee referrals typically receive more job offers for roles that non-referred candidates apply for.

Employee Referrals Decrease the Time to Hire

Hiring a non-referred candidate takes longer than hiring an employee referral. For instance, a non-referred candidate must undergo resume screening, extensive interviews, and background checks before potentially receiving a job offer.

In contrast, an employee referral has an employee advocate. Therefore, the employee can attest to the referral’s knowledge, skills, and experience. Also, because most people spend time with others who have similar personalities, the referral is likely to fit with your company’s culture. As a result, the referral typically needs a short interview process before potentially receiving a job offer.

Employee Referrals Strengthen Attraction and Retention Rates

An employee referral tends to remain with your company longer than a non-referred employee. For instance, an employee referral already knows a member of your workforce. Having personal ties to an organization encourages the employee to remain long-term.

Conversely, employees who lack personal ties from Day 1 can struggle to adapt to their new role and the culture. Therefore, if the employee does not form work relationships for guidance and support, they likely will not remain loyal to your company.

Employee referrals typically have higher job satisfaction than non-referred employees. For instance, an employee referral likely received accurate information about the company structure, culture, job duties and responsibilities, expectations, and other relevant details. As a result, the referral should understand what to expect and remain for several years.

In contrast, a non-referred employee might have received inaccurate information or misinterpreted the information. Therefore, the employee’s experience might not match their expectations. As a result, the employee likely will look for a new job within a short time.

Would You Like Help Boosting the Quality of Your Hires?

Employee referrals have high conversion rates, decrease your time to hire, and typically remain long-term. As a result, you save time and money on hiring, onboarding, and training.

Similar to employee referrals, Casey Accounting & Finance Resources can provide you with accounting and finance candidates to boost the quality of your hires. Connect with us to find out more today.

CSR’s Ripple Effect on Branding and Recruitment

Corporate social responsibility (CSR) has a ripple effect on a company’s branding and recruitment efforts. This management concept describes how an organization contributes to the well-being of communities and society through environmental and social measures.

CSR is a strategic method to enhance employer brand and help attract and retain top talent. Organizations that prioritize CSR stand out from the competition and appeal to new generations of employees. The results include a more attractive business reputation, stronger relationships with stakeholders, and a more sustainable and equitable future.

Why You Shouldn’t Neglect CSR

Core CSR Responsibilities

The three main CSR responsibilities help a company positively impact the environment and society. These responsibilities include:

  1. Adopting ethical business practices to ensure transparency, fairness, and integrity in business operations. Adhering to legal regulations, respecting human rights, and avoiding exploitative or harmful practices.
  2. Actively working toward environmental sustainability. Implementing eco-friendly practices, conserving resources, and minimizing pollution to reduce the company’s ecological footprint. Embracing renewable energy, reducing waste, and supporting conservation efforts.
  3. Engaging in philanthropic activities to give back to the community. Supporting social causes, educational initiatives, healthcare programs, or other projects that benefit society.

Categories of CSR

CSR typically falls into four categories:

  1. Ethical labor practices: Treating employees fairly and ethically.
  2. Environmental efforts: Taking steps to reduce a company’s carbon footprint.
  3. Philanthropy: Donating money, products, or services to nonprofit organizations.
  4. Volunteerism: Employees donate their time to local causes and community events.

Examples of CSR

CSR can take forms such as:

Importance of CSR

Many companies prioritize CSR for different reasons:

  • Improved brand: Many stakeholders look for socially conscious organizations to work for or conduct business with.
  • Stronger employee attraction and retention: Millennials and Gen Z are among the employees who want jobs with companies that emphasize people, planet, and revenue.
  • Investor appeal: Demonstrating a developed CSR program and initiatives helps attract and retain investors.

CSR for Branding and Recruitment

Employer branding is the perception of a company as a place to work. This branding reflects the organization’s culture and employee experience.

Strong employer branding helps differentiate the company from its competitors. Showing why the organization stands out helps recruit and retain qualified candidates. The results include:

  • Higher employee engagement
  • More productivity
  • Increased performance
  • Greater job satisfaction
  • More team cohesion
  • Better collaboration
  • Elevated employee morale
  • Greater innovation
  • Lower recruitment, onboarding, and training costs
  • Stronger bottom line
  • Bigger competitive advantage

Need Help to Recruit and Retain Accounting and Finance Employees?

CSR has a ripple effect on employer branding and employee recruitment and retention. Companies that contribute to the well-being of communities and society through environmental and social measures are more attractive to employees, customers, and other stakeholders than companies that do not engage in these activities. As a result, businesses that prioritize CSR typically have strong employer brands and high employee recruitment and retention rates.

Partner with Casey Accounting and Finance Resources for help with recruiting and retaining accounting and finance employees. Find out more today.

Four Tips for Managing a Hybrid Work Model

Managing a hybrid work model can be challenging. Because every organization has different needs, their approaches to managing hybrid employees differ.

Having guidelines for managing a hybrid work model lets leaders know what to expect and suggested steps to take. These ideas can help.

Choose among these four tips for managing a hybrid work model.

1. Emphasize Outcomes Rather Than Output

Define success in terms of seeing specific changes within your organization and stakeholder behavior rather than how your work is proceeding. Focusing on outcomes rather than output helps your team reach the desired change with the smallest amount of initial and ongoing work.

Emphasizing outcomes rather than outputs provides many results:

  • Your definition of success is more meaningful. For instance, if you prioritize increasing your team’s number of new and renewing clients, you can tie your team’s efforts to something valuable for your organization and customers.
  • You are encouraged to learn through feedback. For instance, you can establish a metric you want to attain, decide which action should drive the desired results, take the action, and measure the results.
  • You gain flexibility. Focusing on outcomes means your main definition of scope is reaching the target value of your outcome-based metric. Therefore, you must act within the budget and timeframe to reach the intended outcome.

2. Be Deliberate About Team Interactions

A hybrid work model requires purposeful interactions between leaders and their teams when working remotely. More frequent interactions help build stronger work relationships.

For instance, leaders should allow remote employees time between virtual meetings for casual conversations as they would have if working at the office. Also, leaders should have check-in times throughout the day to monitor the well-being of their remote employees and offer support when needed.

3. Strategize Teamwork

Leaders should evaluate which tasks and projects require individual work and which require teamwork. For instance, projects with standardized metrics and routine tasks are typically suited for individual work. Conversely, creative tasks typically require team interaction.

4.  Prioritize Autonomy and Alignment

Managing a hybrid work model requires leaders to encourage autonomy and alignment within their teams. These leaders also must support their teams’ diverse ideas, thoughts, and viewpoints to improve the organization.

For instance, employees at all levels should be involved in making decisions that align with the culture. Encouraging open communication throughout the decision-making process supports innovation and company growth.

Do You Need to Add to Your Hybrid Accounting and Finance Team?

Casey Accounting & Finance Resources can provide you with experienced accounting and finance professionals to help your hybrid team reach company goals. Find out more today.

How You Can Make the Most of Employee Performance Reviews

Making the most of employee performance reviews can be challenging. Many companies do not have an effective process to provide constructive feedback in a structured manner to improve employee performance.

The purpose of performance reviews is to create an accurate, actionable evaluation of an employee’s performance and develop their skills in line with their job duties and responsibilities. The goal is to identify areas in which employees can improve, practice their skills, and develop into high performers.

Fortunately, you can follow these best practices to help streamline the process of planning and conducting employee performance reviews. Following these recommendations provides structure to have these important conversations.

Follow these steps to make the most of employee performance reviews.

Clarify the Employee Performance Standards

Let employees know well in advance the standards and expectations for their performance reviews. Then, they can understand what they working toward and can perform accordingly.

Clarifying which employee activities are most important helps show the impact of on-the-job behaviors. Demonstrating the causal relationships helps show which behaviors led to positive outcomes and which behaviors led to bad outcomes. Then, employees can focus on the relevant behaviors to reach the desired outcomes.

Describe Specific Observations of Employee Performance

Share specific, descriptive feedback about the employee’s strengths and weaknesses and concrete suggestions to improve their performance. Include examples of behaviors that led to positive outcomes during the review period.

Support Open Discussion About the Employee’s Performance

Encourage the employee to respond to your feedback. They can provide additional insight into why they behaved a certain way or how they can improve in specific areas.

Perhaps the employee requires training and coaching to develop certain skills and improve their performance. Or, the employee might need additional incentives to increase motivation.

Develop an Employee Performance Improvement Plan

Discuss specific steps the employee can take to improve their performance. Include relevant resources, deadlines for improvement, and measurements of success. Then, schedule a time to follow up.

Follow Up on the Employee Performance Improvement Plan

Meet with the employee at the scheduled time to review their performance improvement plan. Evaluate whether the employee reached their key performance indicators (KPIs) for successful change.

If the employee reached their KPIs, discuss the improved performance and provide a relevant reward. Conversely, if the employee did not reach their KPIs, talk about the behaviors you observed and how they impacted performance. Uncover the causes of the underlying issues and how you can help resolve them. Create another performance improvement plan with a timeline to follow up.

Do You Need to Add Accounting and Finance Employees to Your Team?

Casey Accounting & Finance Resources can provide you with accounting and finance professionals to help improve your team’s performance. Find out more today.

Four Ways to Stay on Track with Your 2024 Company Goals

Staying on track with your 2024 company goals supports business success. Knowing whether employees are reaching scheduled milestones increases the odds of goal achievement.

Holding employees accountable for reaching company goals encourages workers to continue to attain their milestones. These methods can help.

Four Tips to Reach Your Goals

1. Ensure Each Goal Has Milestones and Deadlines

Clarify that managers and employees have copies of their individual and team goals, milestones, and deadlines. Also, ensure managers and employees understand what should be accomplished, when each task is due, and the impact on the organization.

Remind managers and employees they are responsible for completing each of their milestones and goals according to the schedule. Also, clarify you will be periodically checking in to track employee and manager success in reaching your 2024 company goals.

2. Regularly Review Progress Toward Company Goal Attainment

Ask managers to track their individual and team progress toward your 2024 company goals. Then, regularly check in with managers to evaluate how well they and their teams are reaching their milestones.

If a manager is not staying on track with their goals, talk about the underlying reasons. Work with the manager to resolve the issues, provide additional resources and support, and get back on track. Ask managers to do the same for their employees who get off track.

3. Modify Company Goals as Needed

Regularly evaluate your 2024 company goals to determine whether they remain relevant throughout the year. If your strategic plans change, your company goals might change as well.

Communicate with the relevant manager about the changes to your company goals as quickly as possible. Let them know exactly what is being changed, why, and who is impacted. Then, ask the manager to communicate the changes to the relevant employee. Follow up to ensure the changes were implemented correctly.

4. Provide Recognition and Rewards for Company Goal Achievement

Recognize and reward employees at all levels who attain a company goal. Let these employees know how much their efforts and results are valued and appreciated. Consider providing a bonus, pay increase, or promotion to help your business grow.

Would You Like Help to Reach Company Goals?

Partner with Casey Accounting and Finance Resources to hire accounting and finance professionals who can help reach your 2024 company goals. Start the process today.

5 Workplace Trends Set to Impact 2024

As companies wrap up 2023 and set their 2024 budgets, at Casey Accounting and Finance Resources we’ve scoured the internet for the top workplace trends. This article is a compilation of our research on the categories that are expected to further develop or emerge next year. They are reasonable assumptions from the likes of HR Executive, EY, Gartner, Staffing Industry Analysts, IBM, LinkedIn, and Recruiterflow.

  1. Generative and Predictive AI

AI has received lots of buzz in 2023. From what we read, it will become more of a modern staple, not just in recruiting but across the organization and all industries.

According to Jill Barth, HR Executive tech editor, “Job market pressures …have some executives evaluating … recruiting technology infused with artificial intelligence. Madeline Laurano of Aptitude Research Partners and Tim Sackett of HRUTech.com report that 63% of companies are currently investing or have plans to invest in AI solutions for talent acquisition problems.”

According to EY’s recently released “Work Reimagined Survey,” GenAI is “expected to have an outsized impact on the labor market, on career and learning pathways, and on the realities of work.”

Emi Chiba,  a principal analyst in Gartner’s human resources practice, said the “hype around generative AI has served as a ‘tipping point’ for vendor roadmaps, sparking attention to ‘regular AI’ and how it can produce value for hiring teams.” Yet, as AI interest grows, Chiba also stated that employers will tread cautiously into the AI space until regulatory activity catches up with innovation.

  1. Diversity, Equity, and Inclusion (DEI) Sustainable Hiring Practices

The topics of DEI and sustainable hiring practices make the top prediction lists again as they continue to grow in importance for many candidates and employees, too. The goal of sustainable recruiting is to ensure that the recruitment process benefits not only the organization but also the broader environment and society. With a workforce comprised of tech-savvy, environmentally-conscious Gen Z candidates to Baby Boomers, companies need to prepare AI strategies that target and attract both sets of candidates.

According to research by Eagle Hill Consulting, fifty-three percent of U.S. workers say DEI is a key factor when considering a company for employment: Gen Z at 77 percent and Millennials at 63 percent. However, Recruiterflow states that currently, only one in three recruiters track the diversity of candidates.

If employers already haven’t included the following value propositions for employees and candidates, they should consider them: a bias-free hiring process, transparent and equitable wages, corporate social responsibility and community engagement, environmentally friendly practices, and prioritizing employee well-being.

This leads us to segue into the topics of employer branding and employee satisfaction, as much of the logic around DEI also applies to employer branding.

  1. Employer Branding / Employee Satisfaction

Recruiterflow notes that employer branding continues to be extremely important. Even if you have a team of 3-4 people, it’s time to make it a priority. It’s vital that you position yourself as a company that cares about its recruiters’ and other employees’ well-being and development.

Furthermore, the company states that “only a fraction of workers are currently fully engaged in their roles. Fostering a harmonious corporate culture that values collaboration and communication is essential in this new dynamic, where both parties hold significant sway in shaping the work environment. By embracing these shifts, employers and employees can forge a stronger, mutually beneficial relationship that celebrates and rewards their contributions.”

  1. Pay Transparency

Yes, we’re still talking about pay transparency, too, and in 2024, it will continue to gain traction. The gender pay gap has been a persistent issue despite equal pay legislation being in place for over 50 years, according to Recruiterflow.

A recent research report by Staffing Industry Analysts identified nine different legislative measures related to pay transparency, including access to pay information, advertising salary information in job postings, prohibiting employers from requesting salary history, creating an independent body to provide equal pay certification, obliging enterprises to publish gender and pay information, regular audits, pay assessments, and promoting equal pay discussions during collective bargaining.

This trend will surely change hiring processes, making job talks more open and pushing companies to share the pay they’re offering to create a job market that is fair and equal with a culture where companies have earned the trust of current employees.

  1. Reskilling

In a recent IBM report based on a survey of 3,000 global C-suite executives, the transformative impact of generative AI and automation on the workforce emerges as a dominant theme. The report underscores that 40% of executives believe a significant portion of the global workforce (approximately 1.4 billion individuals) will require reskilling within the next three years. This highlights the increasing importance of reskilling programs as a strategic recruitment and talent development approach.

To prepare for this transformative landscape, IBM recommends a future-focused approach involving redesigning work processes, substantial investment in talent development alongside technology adoption, a skills-centric workforce strategy, and empowering employees to pursue meaningful and skill-enhancing tasks as automation becomes prevalent.

Conclusion

Of course, we can’t predict changes in 2024, and nobody knows exactly what’s to come in the new year. However, we’ll keep an eye on these top 5 trends and check back in six months. What we do know is that the workplace will continue to evolve, and embracing these trends while adjusting accordingly may provide the value proposition needed for recruiting and retaining a multi-generational and cultural workforce. Let us know how we can assist you with your workplace strategies.

From our families to yours, we wish you a very joyous and restful holiday season. We look forward to collaborating with you in 2024. And if you need to hire talent over the holidays, we’ll be in the office to assist you. Happy Holidays!