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!

How Will the Economic Downturn Affect Hiring?

Are you laying off or hoarding employees? Implementing hiring freezes? Considering salary transparency practices to fill critical positions?

Consider salary transparency as a recruiting strategy? Are we nuts? There’s a method to our madness and we’ll explain more below. As we continue to watch the economy and inflation, we’re also noticing the labor market slowing down – employers are adding fewer jobs, hesitant about hiring if we fall into a recession. On the other hand, employers are also hesitant to lay off employees as would traditionally happen with an economic downturn. Why? Because it continues to be difficult to fill already open positions. Employers are concerned that if they let people go, it may be twice as hard to fill the positions again. Confusing? That’s an understatement.
Overall, the job market is still strong. HR and staffing industry leaders will tell you that this has been the weirdest time in recruiting, and it doesn’t appear to be ending any time soon.

Labor Hoarding

With inflation still climbing, there are signs that companies may be “hoarding” employees. A recent report from Employ, Inc. suggested that some companies may be “labor hoarding” – choosing to keep workers rather than laying them off, hoping to save time and money overall. The report states that 52% of recruiters surveyed said their organizations were retaining employees, even those who might be underperforming or lacked a fit with the company culture. John G. Fernald, a senior research adviser at the Federal Reserve Bank of San Francisco, said that employers would be especially hesitant to lay off workers who would be difficult to rehire once the economy recovers from a downturn, such as those with specialized skills or higher levels of education. In an article published by Vox, economists say there are several reasons employers may be less likely to lay off workers if it is short-lived:
  • Dealing with labor shortages and finding it difficult to hire people.
  • It’s costly to offboard employees.
  • It’s costly to onboard and train workers.
According to Aaron Sojourner, a labor economist and senior researcher at W.E. Upjohn Institute for Employment Research, “You can’t count on a long line of job applicants to just show up whenever you post an opening. I think employers hadn’t felt that so acutely in a long time.” Diane Swonk, the chief economist at KPMG notes that companies are still understaffed. “Even as you scale back, you’re still understaffed, so you’re not going to be firing as many as you would have. There’s also a sense that, if you work so hard to get workers, you want to retain the workers you have.” Fernald also suggests that employers should be especially hesitant to let workers go who would be difficult to rehire. “If you lay off people with valuable skills, well, you’re not going to be able to recover production when demand picks up again,” he said. While layoffs will still happen, Allie Kelly, the chief marketing officer of Employ, said there has been a “clear, growing trend of more companies implementing hiring freezes, although they still largely aren’t laying off workers yet.”

Is There Hope to Fill Critical Open Positions?

Yes, there is. There has been plenty of talk about re-examining hiring processes, modernizing benefits to include things like mental health resources and caregiving leave, and more flexibility in work hours, to name a few. Would salary transparency help? More recently, we’re seeing articles about salary transparency in job postings. Once a taboo subject, research done by Adzuna, a search engine provider, reveals that an increasing number of job seekers want to know the salary attached to the job before they apply for it. 54% of jobseekers turned down a job offer when they finally learned the salary. So, what’s the big deal? Only 3% of U.S. job ads include a salary. And why wouldn’t you want to reveal salary? With more than half of jobseekers turning down job offers, Adzuna calculates that represents about 480 million hours of wasted time on vetting candidates, interviews, and negotiations. All for naught. Positions go unfilled, and the process of recruiting and interviewing starts all over again. Adzuna’s survey respondents also delivered this information:
  • 28% of people feel no salary or a lack of salary clarity on job ads is their biggest frustration when looking for a job.
  • 33% of job seekers would not attend a job interview before knowing the salary the employer is willing to offer.
  • 86% of U.S. employees would be open for their colleagues to know how much they earn
  • 73% think employers making salaries more transparent would make the workplace more fair.
So, is there a downside? Again, yes there is. But only if you ignore current employees’ salaries and needs. According to Harvard Business Review (HBR), there are consequences of salary transparency – fallout with disgruntled employees whose pay is not equal to a new colleague. But eventually, the consequences go away after pay equities are established therefore establishing more employer/employee trust, fairness, job satisfaction, and found to boost individual task performance by taking a more holistic approach to reward-related human resource practices. More information can be found here: https://hbr.org/2022/08/research-the-unintended-consequences-of-pay-transparency How can we help? Casey Accounting and Finance Resources is here for all your sourcing and outsourcing needs. If you’re struggling with your recruiting strategies, call us today!

Is the Workforce Shrinking Before Our Eyes?

In the second part of this two-part series, we share research from Emsi, the leading provider of labor market data, on the vanishing workforce.

In the first part of this two-part series, we shared insights from the National Bureau of Economic Research (NBER) on why the economic and labor numbers are unfamiliar with the ongoing talent shortage. You can find that article here. 

If you are in HR, a hiring manager, or running a business, you are not alone in your struggles to find workers. Wage inflation, the persistence of the Covid-19 pandemic, and workplace fatigue are all contributing to the challenge of hiring and retaining employees. In the past, when talent acquisition created anxiety among recruiters, we knew it was just a rough patch we’d all get through. Emsi’s research suggests that we’ve entered a “sansdemic” (without people), and the “hire more people” directive we’ve heard before isn’t going to help. Emsi reports the workforce is “vanishing” and will continue to disappear for decades to come. It’s not just a matter of a low labor force participation rate (LFPR), which measures people working or actively seeking work; it is a lack of available prime-age workers.

What’s Really Happening?

The last few years have been tumultuous with the pandemic. A February 2020 study by Manpower reported that a record 70% of US businesses reported a talent shortage – more than double the 32% who were having difficulty in 2015. With the Covid-19 shutdown, unemployment rates soared. In the past, when unemployment was high, talent was plentiful. But, in the frenzy of shutdowns and layoffs, and employees working from home, coupled with extended unemployment benefits and stimulus packages, workers didn’t jump back into the workforce pool. The result – millions of people not working and millions of open jobs unfilled. Esmi reports the LFPR has dropped to lows not seen since the recession of the mid-1970s.

Companies are trying to combat employee exoduses with strategies that include “internal mobility, reskilling and job redeployment…open to part-time workers, employees who live and work remotely, and workers who need training to perform…improving employee experiences with culture and wellbeing programs to make a company (and the job) more enjoyable and rewarding.”

But these tactics won’t be enough because there won’t be sufficient numbers of prime-age workers, and Covid-19 isn’t to blame. Emsi notes that this is “history catching up to us. We’ve been approaching this cliff for decades,” and there are a growing group of researchers and writers who are noticing this same trend.

In brief, Esmi reports that “there aren’t enough millennials and GenZers to fill baby boomers’ shoes”:

  • The mass exodus of boomers (workforce past)…The largest generation in US history remains a powerful cohort of key workers that still hold millions of roles. Their sudden departure from the labor force will gut the economy of crucial positions and decades of experience that will be hard to fill en masse.
  • Record-low labor force participation rate (LFPR) of prime-age workers (workforce present)…Thousands voluntarily opted out of looking for work. The children and grandchildren of baby boomers are not replacing the boomers who leave the workforce.
  • The lowest birth rates in US history (workforce future)…The national birth rate, already in decline, hit a 35-year low in 2019, and the relative size of the working-age population has been shrinking since 2008.

Where did the Prime-Age Workforce Go?

It might be easy to understand that, according to Emsi, 2.4 million women left the workforce from February 2020 to February 2021. Many stayed at home as their children attended school remotely. But Emsi tells us that this fact was overshadowed by another mass exodus – men have been disappearing from the workforce since the 1980s. Here are some additional takeaways from what Esmi is calling an “erosion of the prime-age male workforce:”

  • The prime-age male workforce (ages 25-54) plunged from 94% in 1980 to 89% in 2019. That five percentage-point drop represents over three million missing workers.
  • Millennials are expected to inherit an estimated $68 trillion from their boomer parents by 2030, making them the new, wealthiest generation in history…making millennials less motivated to seek careers of their own.
  • The opioid epidemic is a major culprit in siphoning prime-age men off the labor force.
  • The number of prime-age men willingly opting for a part-time job jumped from six million to nearly eight million in 2019.

Valuing What You Have

With the impending shortfalls, both near-term and in future decades, Emsi tells us that:

  • Education institutions and businesses will desperately compete for recruits who simply don’t exist.
  • The US stands to lose $162 billion annually due to talent shortages.

We need people. We won’t be able to “technology” ourselves out of this jam but recruiting and retention strategies can help slow the impending worker drought.

Conclusion

Emsi summarizes it by saying – “The sansdemic is going to make a tough situation tougher still. Fewer people means fewer new ideas. Fewer students. Fewer people in research and innovation. Fewer skills in the job market. Fewer employees. Fewer products and fewer goods. Fewer opportunities for growth.” Every person is going to be of value and will need to feel valued.

If you would like to receive a copy of Emsi’s research, email us at info@caseyresources.com. Let us help you develop effective retention strategies.

When Will the Talent Shortage End? Maybe Never, and Here’s Why!

In the first part of this two-part series, we share insights from the National Bureau of Economic Research (NBER) on why the economic and labor numbers are unfamiliar with the ongoing talent shortage.

Even though there are plenty of predictors for employment and unemployment, most hiring managers rely on the unemployment rate to determine if their company will struggle to acquire talent. Since the pandemic began, the traditional indicators that usually moved together aren’t. Have they gone haywire? Are magnetic fields affecting the numbers? The answers are no and no.

How to Interpret the Conflicting Numbers

Alex Domash and Lawrence H. Summers, both from the Harvard Kennedy School of Government, have studied all the predictors and indicators and conclude, in their NBER working paper, that the “labor market tightness is likely to contribute significantly to inflationary [wage] pressure in the United States for some time to come.”

They note that, “Economists have typically turned to common slack measures, such as the unemployment rate or the job vacancy rate, to assess labor market tightness and predict nominal wage growth. Historically, measures of slack on the supply-side, like the unemployment rate and the prime-age (25-54) nonemployment rate[1], have moved in tandem with measures of slack on the demand-side, such as the job vacancy rate and the quits rate, meaning that different indicators gave broadly corroborative signals of labor market tightness. Since the beginning of the Covid-19 pandemic, however, the supply-side indicators and the demand-side indicators have diverged significantly. While the unemployment rate and prime-age nonemployment rate remain elevated at late-2017 levels and imply modest degrees of slack, the job vacancy rate and quits rate have surged to series highs[2] and imply a very tight labor market. The unemployment rate does not adequately capture all movements in the labor market that are significant for wage inflation.”

Federal Reserve Chairman Jerome Powell suggests looking at other indicators, like the prime-age employment- (25-54 years old) to-population ratio, to better understand the presumed lack of candidates every company is feeling. So, it’s not just a matter of how many people are employable, it’s a correlation between the population and those who want to work. More on this in a minute.

Does This Have Something to Do With Soaring Wages?

Quite simply, yes. Domash and Summers comment that, “A high vacancy rate signals a high demand for labor and puts upward pressure on wages as firms compete to attract workers. A high quit rate signals that workers are confident enough to leave their jobs to search for a better opportunity, and can put upward pressure on wages since job switchers drive up wages as they move up the job ladder.” Let’s see a show of hands from the hiring managers out there who can relate to this.

Domash and Summers note their research indicates that “estimated wage inflation in the fourth quarter of 2021 is the highest it’s been in the last 20 years.” They also “simulated wage growth in 2022 and 2023 under the assumption that the vacancy rate, the quits rate, and the inflation rate remain the same…nominal wage growth under these assumptions is projected to increase dramatically over the next two years, surpassing six percent wage inflation by 2023.”

Where are the Workers?

Understanding indicators and predictors is one thing, but we are all feeling the pain of finding workers. Here’s the reality. Domash and Summers outline six factors as to where the workers have gone, and chances are, they might never come back. Those factors are:

  • Shifts in demographic structures (population aging specifically) = 1.3 million workers;
  • Covid-19 health concerns = 1.5 million workers;
  • Immigration restrictions = 1.4 million workers;
  • Excess retirements = 1.3 million workers;
  • Reduced incentives to work = 1 million workers; and
  • Covid-19 vaccine mandates = 0.4 million workers.

At the same time, they “project demand-side indicators such as the vacancy to unemployment ratio to continue to be very high over the next year.”

Conclusion

Domash and Summers predict that “the majority of the employment shortfall will likely persist moving forward. Moreover, if employment were to increase due to an increase in labor force participation, it would be accompanied by increases in incomes, and therefore an increase in demand. We believe that labor markets will continue to be very tight unless there is a considerable slowdown in labor demands.” This all suggests that companies need to sharpen their talent acquisition strategies and stay on top of the numbers since the tight labor market is bound to continue for some time.

In the second part of this series, we’ll discuss the “demographic drought” associated with the labor force participation and how it may shrink the available labor pool going forward.

If you would like to receive a copy of Domash’s and Summer’s complete working paper, email us at info@caseyresources.com. Let us help you develop effective talent acquisition tactics.

 

[1] This is equivalent to one minus the prime-age employment-to-population ratio.

[2] As of December 2021, the BLS Job Openings and Labor Turnover Survey (JOLTS) reported a seasonally adjusted

job vacancy rate of 6.8% (a near-record high, and much higher than any vacancy rate before 2021) and a seasonally

adjusted quits rate of 2.9% (the second highest quits rate on record).

Are the Economy and Inflation Hampering Recruiting?

We’ve all heard the news reports on how unusual the economy is right now. Interest rates are rising – great for our bank accounts, terrible for loans and mortgages. Wages are up. Unemployment is down. Consumers are feeling the pinch at the gas pumps and grocery stores. And while employees may be earning more money, it isn’t covering the increased costs of goods and services. While the Federal Reserve hasn’t declared a recession, everyone from the CEO to the receptionist certainly is wary that our country is headed in that direction. How can you keep your eye on the potential impact all this may have on finding and retaining employees in an already competitive talent war?

Lack of Engagement

There has been a strong recovery in the lost jobs since the pandemic started – faster than seen when jobs went away during previous recessions. Labor Economist Andrew Flowers commented, “In the previous recession that started in 2007, it took 76 months for job openings to return to the level at the start of the downturn. But in the recent COVID recession, it took only 12 months for job openings to recover to the February 2020 level, and by November 2021, openings had risen 50% above that.” However, Flowers notes that “there remain 5.6 million people who say they want a job but are not actively searching for one.” Even with the lure of more money and better job benefits, there are many potential job candidates out there who just aren’t interested. Have we hit a plateau in labor market participation? Perhaps. Are we in a transition? Maybe. Either way, we need strategies to recruit and retain the best.

Tips to Weather the Storm

With the labor market so tight, many companies have settled for the best available candidate versus the best candidate. Part of the challenge is the disconnect between what companies will pay and what candidates will accept. Currently, candidates are in a position of power.

Whether you are still struggling to fill positions or you’re in preparation mode for a recession, or both, there are some ways to improve recruitment strategies.

A recent article on SHRM’s website offered the following suggestion: review all open positions, why it exists, and what value does it bring to the company – drive business, contribute to employee engagement, or serve the customer. “Every role and position must have a purpose, a defined expectation for achievement of specific metrics, clarity in the purpose of the organization’s business strategy and how their position plays into that strategy. Just because you thought you needed a senior leadership role in the past does not mean you need that same position today,” commented Melanie French, managing principal at DLP Capital.

Review your job advertisements. In the old days, it was acceptable to simply list the skills requirements and other necessary credentials, and candidates would apply. Now, job seekers are looking for the WIIFM on job posts. Consider attracting candidates with a picture of what it looks like to them if they were offered that job. Companies are also waiving some of the education requirements if there are other assets and skills a candidate offers that bring value to the company.

Trent Cotton, Senior Global Director of Talent Acquisition and Retention at HatchWorks, offers these three strategies:

  • Identify top talent and show the love
  • Stop being cheap – you get what you pay for
  • Develop and nurture your pipeline

He also notes:

  • Workers are plentiful, but they have a higher price point than most companies are willing to pay.
  • Large employers are changing requirements, pay, and benefits to compete for the workforce.
  • We still have a huge number of long-term unemployed workers who are not entering the market.

Summary

The combination of economic conditions may be souring the mood of employers and employees, but it’s not all bad news, and there are opportunities in front of us.

A recession is bound to happen at some point, but we aren’t in one right now. Balancing your needs to fill positions right now with the odd economic conditions will be key. “Employers are probably keeping in mind that they went quickly from letting people go to hiring them, and they had a hard time rehiring people,” commented Nick Bunker, economic research director at Indeed.

How can we help? Casey Accounting and Finance Resources is here for all your sourcing and outsourcing needs. We can prepare recruiting strategies that offer the flexibility you require to manage the ups and downs of the labor market. Call us today!

What’s the Price of Not Offering Mental Health Benefits in Your Workplace?

Employers might think that their employees’ mental well-being is none of their business. In fact, it’s just the opposite. The stress and isolation caused by the pandemic appear to have heightened our desire for work/life integration and exacerbated the pressure, tension, and anxiety we are all feeling.

According to Understood.org, the World Health Organization (WHO) estimates that depression and anxiety alone result in a cost of one trillion dollars per year in lost productivity (“Mental Health in the Workplace,” World Health Organization). A combined World Economic Forum and Harvard School of Public Health study estimated that between 2011 and 2030, the global financial impact of mental disorders will total $16.3 trillion in lost output (Candeias and Arnaud).

Nami.org notes that each year, one in five adults in the U.S. will experience mental illness, yet only one in three who need help will get it (Workplacementalhealth.org). Employees experiencing mental health issues like depression and anxiety are less productive or missing work altogether, even those working from home. This has a ripple effect throughout the organization. That’s why focusing on workplace mental well-being is important to an organization’s bottom line.

Stress Awareness Month and Mental Health Awareness Month

Helping employees improve their mental health is more important now than ever. April marked the start of Stress Awareness Month, and May is recognized as Mental Health Awareness Month. Since 1992, Stress Awareness Month raises awareness of the causes and cures for our modern stress epidemic. Mental Health Awareness Month has been observed since 1949 and was started by Mental Health America. This year’s theme of “Back to Basics” was chosen with the goal of providing “foundation knowledge about mental health […] and information about what people can do if their mental health is a cause for concern.”

While a healthy workplace culture can’t prevent stress and mental health problems, employers can provide more resources to help employees build mental strength. Understood.org states that according to the Society for Human Resources Management, many employers are enhancing emotional and mental health benefits. Types of support can range from managing stress to treating invisible disabilities such as anxiety and depression.

According to Understood.org, the potential benefits of supporting employee mental health include:

  • Increased productivity: Research shows that nearly 86 percent of employees treated for depression report improved work performance. And in some studies, treatment of depression has been shown to reduce absenteeism and presenteeism (lost productivity that occurs when employees are not fully functioning in the workplace because of an illness, injury, or other condition) by 40 to 60 percent.
  • Increased retention: In a 2019 survey of more than 1,500 employees nationwide, more than a third of the respondents said they had left a job due at least in part to mental health. Of these, 59 percent said mental health was the primary reason.
  • Decreased health care and disability costs: According to the National Alliance on Mental Illness, rates of cardiovascular and metabolic diseases are twice as high in adults with serious mental illness.

“It’s important for managers to be trained to recognize the signs of emotional distress so they can react in a supportive rather than a punitive way,” says Jerome Schultz, Ph.D., a clinical neuropsychologist and a lecturer at Harvard Medical School. “Some employees need people around them to say, ‘Hey, I see you might be feeling stressed. Maybe now is a good time to try some breathing exercises or go take a walk.'”

Amy Morin, author of “13 Things Mentally Strong People Don’t Do” and Inc. contributing writer, offers eight simple ways to create a mentally healthier workplace:

  • Promote a work/life balance;
  • Discuss mental health in the workplace;
  • Offer free screening tools;
  • Talk about EAP benefits often;
  • Make wellness a priority;
  • Provide in-service events;
  • Support employees’ efforts to get help; and
  • Reduce the stigma.

Ways to Support Employee Mental Health

To help you develop some activities or events for May as well as augment your current benefits, Total Wellness Health.com offers 21 Mental Health Awareness Month Activities for the Workplace. Ideas include:

  • Host a stress reduction workshop
  • Have a well-being or outdoor event day
  • Create a different kind of escape room
  • Discuss mental health
  • Schedule an on-site yoga day or other activity day; offer workplace massages
  • Have a paint party
  • Cultivate gratitude in the workplace
  • Create a coloring area
  • Giveaway wellness items
  • Promote random acts of kindness
  • Hold a community dance party

“Employees are more vulnerable to the negative impact of stress inside and outside of the workplace if they have not built strong positive relationships at work,” says Schultz. “Help make work interesting, social, and fun, so stressed-out employees aren’t working in isolation. Workplace relationships that are positive provide a source of support – that’s hard for anything else to replace.”

Additional Resources

There are many resources available to assist companies with understanding how mental health impacts their employees. We’ve provided a few of our findings here. Note that none of the resources shared in this blog are meant to be a substitute for medical diagnosis and treatment.

Recognizing and supporting your employees’ mental health with resources and stress-reducing activities is important to their well-being and productivity and should be a strategic priority for your organization.

Talent Acquisition Trends for 2022

It’s the most unusual talent acquisition time in many years. Let’s all face the reality – recruiting has gotten weird. Hiring surges. Reductions in force. Salary Increases. Ghosting. Candidate expectations. You name it; it’s happening.

Jobvite’s survey of over 800 recruiters illustrates the challenges recruiters are attempting to overcome:

  • 59% of recruiters said their organizations have experienced increased turnover since the onset of the pandemic in 2020
  • 49% of workers reported that job seekers are inquiring about the company’s DE&I initiatives, an increase in 16 percentage points from 2020
  • Recruiters shared that medical/dental coverage (51%), 401(k) (49%), and work from home flexibility (44%) have all been effective benefits in attracting new candidates
  • 73% of recruiters are seeing candidates ask about negotiating higher salaries. This is up 20% from 2020.

Last month we released our semi-annual salary survey. If you haven’t requested it yet, here is how you can receive a copy of the report.


Email us today
 at FinancialSalarySurvey@caseyresources.com, and we will be happy to share this with you. In the “YOUR MESSAGE” section, please enter “2022 Accounting & Finance Salary Survey”.

 

Jobvite also took a pulse on the toll this strange talent acquisition landscape has taken on recruiters:

  • 65% of recruiters reported that their stress levels have increased since the onset of the pandemic, pressured to fill roles quickly with qualified talent that is in short supply and being wooed by many other companies.
  • Current hurdles in recruiting include a lack of qualified candidates (47%), employer competition (40%), and requirements for in-office work (33%).

“Things have been changing so quickly, and we’re finding that recruiters are becoming more adaptable to labor market trends,” said Kerry Gilliam, vice president of marketing at Jobvite.

“Recruiters are short-staffed themselves, and yet they are having to hire more than before amid a shortage of talent.”

But where there’s great challenge, she said, there’s also great opportunity: “Hiring teams are using more external workers, looking at different sourcing channels and rethinking requirements for roles. If companies can invest in their hiring teams and rethink their employee value proposition, it is a great opportunity.”

Recruiter Mantra for 2022? Continuing to Adapt.

Roy Maurer, SHRM Online Manager/Editor, Talent Acquisition, shared his thoughts “Talent acquisition professionals continue to face recruiting and hiring challenges in the second year of an unprecedented labor market characterized by record-level turnover and job openings, increased stress, and significantly changed candidate expectations.” Maurer concurs with Jobvite’s survey conclusion: agility will be key to being successful. In his article, Maurer offers additional information from Jobvite’s report.

Jobvite states that around 78% of recruiters reported that their priorities have shifted over the past year to:

  • Improving quality of hire (48%)
  • Improving time-to-hire (28%)
  • Increasing retention rate (26%)
  • Growing talent pipeline (25%)
  • Updating recruiting technology (21%)
  • Improving diversity (18%)

What’s a Recruiter to Do? What are the trends in talent acquisition besides more money and more meaningful perks?

At Casey Accounting & Finance Resources, we scoured numerous articles on recruiting and found these five trends mentioned repeatedly:

  • Proactive recruiting: rather than wait for job openings, continually look for active and passive candidates who meet job requirements.
  • Upskilling and reskilling: invest more time on giving employees professional development opportunities for continued learning.
  • Candidate Experience: first impressions are key to keeping candidates engaged. Followed by…
  • Employer Branding and Employee Experience: The experiences don’t end once you’ve hired a candidate. Employees want to know that they are working for a great company and feel valued for their contributions. Increase your focus on DE&I.
  • Recruiting analytics and AI/Recruiting Automation

Final Thoughts

Everyone is fishing from the same pond. Your improved recruiting strategies can make all the difference in hiring someone or getting ghosted by them. We have experienced staffing experts, many with decades of experience, at the ready to assist you with your recruiting needs. We’re passionate about finding talent. We’re here to help you make the most of this disruption with the best suite of recruiting strategies for your company. Contact us today.

2022 Accounting and Finance Salary Survey Available!

Resignation departures are on the rise. Microsoft’s 2021 Work Trend Index, a survey of more than 30,000 workers, found 41 percent are considering quitting their jobs; the number jumps to 54 percent when Generation Z is considered alone. Gallup reports 48 percent of employees are actively searching for new opportunities. Persio reports that 38 percent of job seekers planned to make that change between now and early 2022. PricewaterhouseCoopers’ August 2021 survey found 88 percent of executives said their company is experiencing higher turnover than normal. While the power sits clearly with employees, employers can also see the “great” in this resignation trend.

Fortune Magazine published a Deloitte study in October 2021 and found that among Fortune 1000 companies, 73 percent of CEOs anticipate the work shortage will disrupt their businesses over the next 12 months, 57 percent believe attracting talent is among their company’s biggest challenges, and 35 percent have already expanded benefits to bolster employee retention. Derek Thompson, a staff writer with The Atlantic, commented, “Supply chains are breaking down because of a hydra of bottlenecks. Running a company requires people and parts.” Turnover is expensive, and the above data isn’t encouraging, which means that employers need to address the challenges sooner rather than later.

Casey Accounting & Finance Resources has compiled its January 2022 salary data for the fields of accounting and finance. Recruitment and retention is on the minds of all employers and 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 understand what salary expectations should be. We have compiled our salary survey list with updated facts and figures, including job descriptions for accounting and finance positions for the Chicago metropolitan area.

Email us today at FinancialSalarySurvey@caseyresources.com, and we will be happy to share this with you. In the “YOUR MESSAGE” section, please enter “2022 Accounting & Finance Salary Survey”.

Gen Z’s Workplace Expectations Are Different From the Generations Before Them

The May 2021 jobs report showed encouraging news that the job market is continuing to recover and has picked up some additional momentum. As the country begins to ramp up from the COVID-19 pandemic, the number of job postings increases. Companies of all sizes are looking to add employees in temporary, temp-to-hire, and direct hire positions.

While these jobs require various amounts of experience, many job postings look for candidates with approximately two to four years of experience. Generation Z, those 18-22 years old, are beginning to enter the workforce. For hiring managers, it’s important to know how Gen Z will fit into the company culture and what they expect a company to offer. It’s become a special kind of balancing act with generations spanning from Gen Z to Baby Boomers in the workplace. Here are some tips on how to navigate the generational gaps to put your company at a competitive advantage while addressing the unique motivations of this emerging group of workers.

Article Highlights:

  • Gen Z Candidates Are Qualified
  • What Benefits Attract Gen Z
  • Gen Z Expectations and Motivations
  • Recruiting and Onboarding Gen Z
  • Working in Teams
  • Giving Feedback
  • Getting it Right From the Start

Professional Experience

It’s hard to believe that Gen Z candidates bring experience to the workplace because they are so young. The Gen Z generation is highly ambitious. According to Ryan Jenkins, a Millennial and Gen Z Expert, 55 percent of Gen Z feel pressure to gain professional experience in high school. This generation already participates in internships before college and tests the waters on what type of career is meaningful to them. With that in mind, when they graduate from college, they typically come with several years of workplace experience that may be a good fit for your open jobs. Jenkins also states that 84 percent of Gen Z believe that they have the skills necessary to be successful in a professional environment. Reinforcing that data, Pew Research finds that Gen Z job candidates are the most highly educated generation.

Jenkins goes on to say that 56 percent of Gen Z would rather write their own job description than being given a generic one. With the experiences they gain in high school and college, Gen Z candidates are clear about being the boss of their career growth and advancement. They want their work to have meaning for themselves and society.

Top Benefits Gen Z Looks For

According to a Zippia survey of 1,000 American job seekers, health insurance, the option to work remotely, and retirement benefits top the list for Gen Z. Jenkins adds to the list a competitive salary and a boss they respect. They are also looking for flexibility, longer breaks, employee assistance programs, and open communication because these candidates are also four times more likely to experience anxiety. The World Health Organization states, “Stress is a health epidemic of the 21st century.”

Gen Z believes it’s fine to leave a job in less than a year of employment if advancement opportunities are lacking and work-life balance is nonexistent. It’s no surprise then that Gen Z finds authenticity and transparency crucial to a robust work environment. They want to be kept in the loop via top-down communication via mobile phone as they continue to grow their career and determine what projects interest them.

How Gen Z Job Candidates Find YOU?

That’s right, Gen Z candidates find you.

  • Recruiting
    • When Gen Z is on the hunt for a job, like most job seekers, they scour job sites. However, Gen Z values the opinions of friends and family and other connections on social media. Your company’s level of diversity and corporate social responsibility policies and practices play an important role in whether they have an interest in working at your company.
    • Long, complicated interview processes are a turn-off.
    • Some Gen Z applicants want to work in teams, while others prefer to get the job done on their own. It will be important to know how a candidate fits the culture of the company and the job expectations because they will most certainly be asking these questions to gauge whether you’re a match for them.
  • The Onboarding Experience
    • Rea Regan, the Head of Content at Connecteam – developers of an all-in-one employee app, suggests setting the tone the moment your Gen Z employee steps foot in your company. Introduce them via a company-wide email or text with a photo and fun facts. Place training materials in an app or through a document-sharing program so they can learn at their own pace and review materials as needed. Hiring managers can monitor progress via a notification through the app.

Working in Teams vs. Working Alone

The experts differ in opinion on this subject. Many suggest that Gen Z thrives on the diversity and inclusion of a collaborative environment across generations and feels more engaged with individuals because of their different ideas, experiences, and perspectives. For these Gen Z candidates, their personality may hold more weight over their experiences if the position they are interviewing for requires team collaboration. On the other hand, several experts suggest that Gen Z candidates prefer working alone, in their own space, and believe they are the right person to get the job done alone. This candidate is better suited for a position in a less collaborative environment.

Giving Feedback

Jenkins reports that 67 percent of Gen Z is comfortable with having their manager check in with them but only for five minutes or less. They are “already comfortable with being monitored in some fashion or another at work,” he says. Regan suggests managers deliver feedback that is frequent and measurable to ensure specific points are addressed.

Getting it Right From the Get-Go

Managers and supervisors need to be more flexible in their hiring processes and adapt to their employees’ work and communication styles, regardless of age, to boost morale and have a productive and engaged team. Regan sums up the way to ensure your Gen Z workforce is at the top of their game. She says, “By understanding that Gen Z in the workplace are more fearless and crave opportunities to learn and grow, you can create an environment that helps them thrive.”

Having a solid recruiting plan for generational hiring and retention is key to business productivity. Businesses of all sizes face similar human resources challenges:

  • Should we fill the position with a temporary or direct hire candidate?
  • Are we up to date on the legal and compliance regulations that are constantly changing?
  • Do we have the ability or technology to assess not only qualifications but personality and behavior to match candidates with jobs and the teams they’ll work with?
  • Is our benefits package robust enough?

Understanding and addressing these human resources challenges are important to the business decisions you make. Casey Accounting and Finance Resources is here to provide the expertise and resources to assist you in matching the best candidate for your team and company culture. Reach out to us for your next hire. We’ll help you navigate the changing landscape.

Get Ready to Start Hiring Again

With many indicators pointing to life returning to normal, an uptick in the economy, and lower unemployment claims, companies are most certainly considering hiring employees again. The pandemic changed recruiting as we knew it with virtual interviews, Zoom training, and hiring workers who didn’t even live in the same geography. For the most part, these were all positive advancements for the recruiting world. After all, the last real revolution for recruiting was online postings, job applicants, and more advanced screening software. So, what have we learned in the last 12 months?
  • Employees can work remotely and be productive.
  • The talent pool widened when recruiting wasn’t constricted by geographic boundaries.
  • Employees are even more acutely aware of work-life balance and belonging to their organization.
  • DEI (Diversity, Equity, Inclusion) is a passionate topic when discussing talent acquisition.

Adapting Your Hiring Strategies

According to The HR Digest, the US is facing a 69% shortfall in available employees, the highest in a decade. Even though layoffs and hiring freezes will drop off, many workers used the pandemic to re-evaluate their career and life goals. With that said, what are the best ways to find talent and attract them to work for your company?

Hybrid Recruiting and Hybrid Workforce

  • Remote Work: many employees have determined that they like working remotely, at least for some portion of the workweek. Flexible schedules will continue to be the norm and should be incorporated into your recruiting culture.
  • Remote Hiring: the ability to interview candidates via video conferencing is a time saver for both employer and candidate. The technology options have improved. Personality assessments can be completed remotely. In the end, you might still want to meet the top candidates in person, but if remote work is an option, chances are you might not meet your new employee face-to-face for several weeks or months.
These are significant trends that have emerged in the last year. The hybrid workforce model will provide a greater pool of qualified candidates for talent acquisition, allowing recruiters to tap into the best talent for a position without geographic limitations.

Where Are the Best Candidates?

  • Look at your employees. The Boston Consulting Group, along with programmatic job advertising provider Appcast, found that 89% of US workers are willing to retrain to a different job role. Among the findings: Workers ages 31 to 40 and those with master’s degrees and above are the most willing to reskill. But even workers within the services sector or that require workers onsite (i.e., production and manufacturing) can adapt with access to the right training and resources. Re-skilling and up-skilling workers are positive investments for a company. Among many things, it reduces the costs of turnover and rehiring and keeps the employee’s intellectual capital at the company.
  • Look at Gen Z graduates. Many 2020 college graduates may not have entered the workforce in their area of study, and with 2021 graduation upon us, additional qualified candidates are ready to work in their chosen career.
  • Look at retirees. The pandemic forced early retirement for some very talented individuals who still have value to bring to a company. Consider this untapped talent pool for your open positions.

Committing to a DEI Strategy to Build a Diverse Team

Most company executives will tell you that their company is successful because of the employees. Happy employees are productive employees and are key to a company’s success. But employee morale has become more than just benefits. Employee engagement has shifted. People want to feel as if they belong at work that they see others just like themselves in positions from entry-level to leadership. That they are comfortable with their team, that managers listen to them. Having a DEI strategy is a big undertaking and can’t be fully addressed in a few paragraphs. Ryan Healy, founder and president of technology company Brazen Technologies, Inc., says, “Offering job opportunities to job seekers in underrepresented and underserved communities brings fresh, diverse perspectives to organizations.” According to Mariah Scout, head of DEI at webflow, and Leah Knobler, director of talent acquisition at HelpScout, DEI is everybody’s responsibility – not something that is the responsibility of one person or the HR team alone. DEI also requires a strong commitment. They go on to share the benefits of a DEI strategy to a company’s growth – “So if you’re building a diverse team that represents a diverse set of identities and experiences and abilities…you’re setting yourself up to build a product that services more people across those differences.” That’s a pretty powerful argument for DEI. Where should you start? Scout and Knobler offer these changes to your hiring process:
  • Survey your employee base to understand where the DEI gaps exist.
  • Write job descriptions using inclusive language that addresses what a candidate has done in the past that would be valuable to the company. Criteria, must-haves, and limiting jobs to certain locations may create entry barriers to hiring a more diverse workforce so you need to distinguish and understand what criteria, such as certifications, are critical to the position.
  • Ensure your interview process includes a diverse pool of candidates, right down to your final candidates.
  • Understand any hiring biases, conscious and unconscious bias, which will negatively impact the ability to make an effective hiring decision about the best person for the job.
  • Use Standardized Interview Questions and ask them to every candidate. This will help minimize and eliminate bias.
This graphic from Josh Bersin, a world-renowned industry analyst, educator, and thought leader in all aspects of HR, leadership, and HR technology, emphasizes the importance of taking action to create an inclusive culture:

Hiring Recruiting Experts

Bersin says that recruiting is the most important thing that happens in a company. “If you don’t recruit the right people, forget everything else. You can’t just train people that are the wrong fit for your company, the wrong culture fit, the wrong skill set, the wrong background,” he stresses. “Your ability to understand the organization and operate in an empowered way to find the right people is critical.” Oftentimes it is easier for outsiders to see the gaps in processes. At Casey Accounting & Finance Resources, we have years of experience evaluating recruiting programs and assessing employees’ skills for our clients. We are great recruiters who have hired great people for great companies. The future of employee engagement will include a robust strategy of competitive perks, flexible schedules, and work environments, and the implementation of DEI processes. Let us help you adapt to this new hiring landscape.