Are You Offering Enough PTO to Your Finance Employees?

As the manager of a finance team, how much paid time off (PTO), you offer your employees matters. Providing a fair amount of PTO with opportunities for more helps you attract and retain the best talent. It shows you prioritize work-life balance and want your employees to have as much flexibility as possible.

Determination of how much PTO to offer can be difficult. The following suggestions can help.

Use these tips to determine whether you are offering enough PTO to your finance employees.

Defining PTO  

PTO consists of a block of time that employees can draw from throughout the year. Rather than creating categories and assigning a number of days for each, such as 7 paid holidays, 6 vacation days, 5 personal days, and 4 sick days, all of the days can be used however the employee sees fit.

For instance, most companies offer 30 days of PTO that each employee can divide up as needed. So, one of your employees might decide to take 12 days of paid sick leave, 12 days of paid personal leave, and 6 days of paid vacation. Another employee could decide on 5 days of paid sick leave, 12 days of paid personal leave, and 13 days of paid vacation.

Determining the Amount of PTO

Certain variables should be considered to decide which amount of PTO is right for your employees. For instance, you may want to offer different amounts of PTO to different types of employees. You also need to determine whether your employees should be required to use all of their PTO each year, be able to roll it over to the next year or get paid extra for the unused days.

You may want to start your new hires with less PTO and award more PTO based on the number of years your employees remain with your company. You also might want to let your employees roll over their unused days as a reward for good attendance.

Deciding How Much PTO Is Right for Your Employees

The amount of PTO you provide your finance employees depends on your business needs. It may be best to start each new hire with 30 days of PTO and provide opportunities to increase over time. This might be linked to job performance, years of loyalty, or other criteria.

Ensure your standards for awarding PTO are fair, clear, and included in the employee handbook. This helps your employees understand how much PTO they start out with and how they can earn more.

You can change your program over time to remain aligned with changing employee needs. This helps your finance team attract and retain top talent.

Want Help with Hiring?

The amount of PTO you provide your finance employees impacts how long they remain with your organization. Starting your new hires off with a fair amount of PTO and opportunities to increase helps attract and retain the best talent. This can help lower your recruitment costs.

When the time comes to hire additional employees, turn to Casey Accounting & Finance Resources for help. Find out more today.

4 Updates You Can Make to Job Descriptions to Gain More Applicants

Your job descriptions provide managers with clear guidelines for hiring, developing, and managing employees. The descriptions also clarify the job expectations for employees and support compensation, performance standards, and development decisions.

Your job descriptions are an important part of your job postings. They let candidates know the duties and responsibilities of a role and the requirements to be successful in the position.

Because your job descriptions serve multiple purposes, they need to be current. The following are four ways to can make sure the information is updated.

Implement these four tips to update your job descriptions to increase your applicant pools.

1. Position Summary

Summarize the main job duties and responsibilities.

  • Make the role attractive to job seekers.
  • Share information about your department.
  • Include who the employee reports to and whether any employees report to them as well.

2. Minimum and Preferred Qualifications

Clarify the qualifications that candidates must have to apply for the role. Include the qualifications that make candidates even more attractive to the hiring manager. Focus on the major end results of the role.

  • The minimum requirements are a shorter list of your objective criteria.
    • Include the minimum education and experience required for success.
  • The preferred qualifications are nice to have if applying for the position. A candidate without the preferred qualifications still may be hired.
    • These qualifications are on a longer list of more subjective criteria that can be discussed in more detail during an interview.
    • Examples of preferred qualifications include soft skills such as communication, attention to detail, and organization.
    • The preferred qualifications set candidates apart from those with the bare minimum qualifications.

3. Duties and Responsibilities

Include the main job functions in order of importance.

  • Be as specific as possible about the job duties and responsibilities.
  • Explain whether the employee makes recommendations to a decision-maker or makes the actual decisions.
  • Use clear action words and specific adjectives for each task. For example, “Create Excel sheets from raw data, including pivot tables and formulas such as if/then. Perform data entry to update, sort, analyze, and summarize in reports for leadership.”

4. Physical Requirements

Clarify whether there are any physical requirements to complete the work. Include whether accommodations can be made for candidates who need them.

Want Help Hiring Accounting and Finance Professionals?

Sharing clear, updated information in your job descriptions lets candidates know what would be expected of them in the role. Clarification of the position summary, minimum and preferred requirements, duties and responsibilities, and physical requirements help candidates decide whether to apply for a position. This narrows down your options when deciding who to contact for an interview.

If you need help with crafting your job descriptions or recruiting candidates that best meet the hiring qualifications, contact the experienced recruiters at Casey Accounting & Finance Resources. Reach out to discuss your needs today.

Has Your Company Prepared for the Upcoming Overtime Wage Changes?

Whether you are in charge of managing a small startup or a larger corporation, salaried workers and businesses will soon be subject to a change in laws of the Fair Labor Standards Act — the first change in 40 years. President Obama directed the Secretary of Labor to update overtime regulations so that workers who are working overtime are fairly compensated. The final rulings will go into effect on December 1, 2016, so your company needs to be prepared for the changes ahead. Here are some things you need to know about the upcoming overtime wage changes:

About the Overtime Wage Changes

The latest overtime updates are designed to extend protection to 4.2 million workers across the United States and the largest populations of these workers reside in California, Texas and Florida. Under these new rules, employees making less than $913 per week are now eligible to be paid overtime, wheras under the previous rules, employees making less than $455/week were eligible.

Employers are left to decide whether they want to increase the employee’s salaries above the new threshold or pay time-and-a-half for overtime work. All workers must not work more than 40 hours per week without adequate compensation and companies do have the option of modifying salaries and paying time-and-a-half for overtime.

Preparing for the Wage Changes

Employers still have a few months to prepare for the overtime wage changes which will effectually increase the number of workers at the company who are eligible for new protections. This means your company may need to review salary tables and job offers, restructure departments to accommodate for a new budget, and consider how they want to compensate workers who do end up working overtime.

One of the first things you can do is to classify all employees by salary and ensure that anybody making over the threshold is exempt from overtime pay if their primary job duties involve executive, administrative or professional duties as outlined in the final regulations from the Department of Labor.

Determining how many current employees at their current salary level would then be eligible for overtime protection will give you an idea of the potential changes in cost. Monitoring these employees’ hours and implementing measures of productivity can help to determine whether an employee’s position should be modified or salaries adjusted. You may realize that some accounting and finance roles will retire overtime — especially during tax season or other busier seasons — so the budgets will need to be adjusted accordingly.

If you need help with evaluating your staffing resources and exploring different types of positions in accounting and financing, get in touch with our award-winning team at Casey Accounting & Finance Resources for assistance. As a top financial recruiting firm in Chicago, we can help you prepare for any internal changes you need to meet the upcoming changes to the overtime threshold.

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