Author: apatel

Successfully Handle Tough Conversations Remotely

Constructive criticism can be uncomfortable and stressful for both the giver and receiver. But these conversations are necessary – especially when it comes to maintaining healthy work relationships. With the amount of remote workers on the rise, how can you navigate tough conversations when you’re not face-to-face? Here are a few tips.

A Successful Conversation Starts with Preparation

Mentally prepare a general agenda. This will help you focus the conversation and avoid getting sidetracked. It may help to jot down a few talking points, but try to keep them brief and to the point. The goal is to have a productive conversation, not to overwhelm your employee with a list of everything they’re doing wrong.

Clarity is key. The ability to read nonverbal cues is limited when you’re not in the same room, so it’s important to be as clear and concise as possible. Before you start that video call, you should know how you’re going to communicate in a way that leaves no room for misinterpretation. Be respectful and avoid sounding judgmental or condescending.

Reach out for advice. If you have access to an HR manager or a mentor, ask them for tips on how to handle this situation. Chances are they’ve experienced a similar scenario in the past.

Enter the Meeting Assuming Good Intentions

Provide time for the associate to explain the situation from their perspective. This will help you understand their reasoning. It can be easy to jump to conclusions, but remember that there are usually two sides to every story.

Ask follow-up questions, such as “what prompted those actions?” or “do you feel like you had all the tools and resources you needed to properly handle that situation?” The benefit to asking these questions is twofold: you get to the root of the situation, and you can note how to better equip your team for future scenarios.

But, don’t forget the goal.

The goal of this conversation is to maintain a productive, positive work relationship – not to put your employee on the defensive. Entering the meeting with the mindset of finding a solution, rather than placing blame, will help set the tone for a more positive discussion.

Stay in Control of the Conversation

You may find yourself in a scenario where you need to have a difficult remote-based conversation with the whole team. With multiple people on the call, it’s important to ensure the meeting is under control. Provide a time for questions so that others aren’t interrupting what needs to be said. Despite careful planning, the conversation might take some twists and turns. If the conversation begins to go off topic, bring everyone back to the root of the meeting and continue towards finding a solution.

End on a positive note – when the conversation comes to a close, thank your employee for their time and reaffirm your commitment to working together. If there’s a solution that needs to be implemented, provide a timeline and next steps.

Is it possible your employees are facing burnout? Learn how you can prioritize wellness in the workplace.

Handling Burnout: Importance of Prioritizing Wellness in the Workplace

Most employees have experienced feelings of overexertion and exhaustion at some point in their professions. Employees are at increased risk of burnout when these symptoms are persistent. How common is burnout in today’s society?

Burnout can happen for many reasons, but the most typical causes include:

  • Failing to establish a work-life balance
  • Working with people
  • Working in high-stress environments

That being said, certain groups are more vulnerable to burnout than others. Burnout is a typical occupational danger for some professions and has intensified since the pandemic.

Who is Affected

Workplace burnout isn’t just a minor annoyance that employees must overcome. It is a problematic and affecting issue that can have many dire implications in different aspects of your life. For some professions, experiencing burnout early on in their careers is considered normal. Women, people with young children and those with lower income levels are all at risk of increased burnout. The most prominent rate of burnout was for individuals whose incomes falls within the $30,000 to $60,000 salary range, according to these 2022 statistics.

What are the Consequences?

Workers suffering from burnout can generate a slew of issues if ignored. At first, there is tardiness and low performance. As time passes, workers’ performance deteriorates, and they may potentially acquire health concerns. The Great Resignation is perhaps the most visible manifestation of the widespread impacts of burnout.

So, What Can Be Done?

Unfortunately, there is no quick solution for burnout, particularly the intense form that many people are suffering from right now. So what steps can professionals take to begin the remedy?

For starters, say no more frequently and create structure. That can look like avoiding checking work email or taking work phone calls during specific hours or on our days off. It is critical to establish boundaries. Secondly, it is important to prioritize self-care. Finding out what re-energizes us is essential for preventing and treating burning out. You can also implement more breaks in your schedule. Whether that’s through mini breaks throughout the day or taking a vacation, making time for a pause is a must. Lastly, seek support if you feel like your burnout symptoms become unbearable. Try talking to your manager to see what resources your company offers for counseling and mental health.

For more tips on improving employee well-being in the workplace, read on.

2022 Q2 Accounting and Finance Employment Report

The U.S. economy closed Q1 on a high note — adding a total of 431,000 jobs in March, according to the U.S. Bureau of Labor Statistics. The national unemployment rate also hit a post-pandemic low, coming in at a cool 3.6%.

The high amount of job openings, wage increases and significant decline in jobless claims all point to a sizzling labor market on the up and up, and a clear sign that COVID’s grip has loosened its hold in 2022.

“The economy has recovered more than 90 percent of the 22 million jobs lost at the peak of the pandemic’s lockdowns in the spring of 2020,” notes The New York Times. “… A far swifter rebound than forecasters initially expected.”

2022 q2 employment report-Source: U.S. Bureau of Labor Statistics

So, what does this mean for accounting and finance professionals and the people who hire them? We break it down in our 2022 Q2 employment report:

For Employers

Let’s just say it’s not the easiest landscape for companies right now. Job seekers are continuing to flex their upper hand in this candidate-driven market, with many leaving current roles for new opportunities at an alarming rate. Employers must remain attuned to the needs of top talent — both internal and prospective team members — and focus on offering flexible schedules, work-life balance and competitive salaries and benefits to candidates.

Below are some additional elements successful businesses must consider:

  • Retention as a hiring strategy. Starting from the inside-out is a great way for employers to evaluate the overall state of their company and fine-tune the areas that are lacking from an employee perspective. Creating a process for regular stay interviews, development opportunities and an engaging company culture are all key to keeping your people happy — and, in effect, attracting new team members.
  • Leveraging temporary workers. Candidate scarcity is a huge hurdle companies have struggled to overcome in the last several months. Still, the work must get done. Instead of pouring all your business’ resources into courting permanent or direct hire professionals, allot some of your budget to employing skilled consultants. These candidates are talented, credentialed and have experience tackling projects or interim engagements on day one.

For Job Seekers

Trends for experienced finance and accounting professionals remain on track with expectations from the start of 2022. Candidates have raised their standards for ideal career opportunities — seeking roles that offer flexibility, competitive pay and align with their personal values or beliefs. And while job seekers wield more of the power in this current hiring environment, it’s important to keep your skills sharp to stand out from your colleagues. Remember: they’re going after those jobs, too.

  • Brush up on your interview skills. Whether if it’s remote or in-person, your ability to adeptly convey your experience, talent and personality during the interview process is important to landing the job. Make sure you’re setting yourself up for success by optimizing your remote set-up, brushing up on key behavioral interview questions and more.
  • Achieve industry-specific certifications and degrees. Many upper-level accounting and finance positions prefer candidates to possess specific credentials, including CPA, CFA and CMA. Learn what type of credential makes the most sense for your career path.

Are you looking for a new job or have any hiring needs? Contact our team today.

Why Retention is Key to a Successful Hiring Strategy

As we enter into a time where employee leverage is tipping the scale, it’s more important than ever to turn the focus on retention. Why? It boils down to time and money. The costs associated with employee turnover are astronomical, and it can take a long time to find and train a new employee.

Here’s the problem

According to Gallup, 52% of voluntarily exiting employees say their manager or organization could have done something to prevent them from leaving their job. The kicker? Over half of employees that were leaving (51%) say that in the three months before they left, neither their manager nor any other leader spoke with them about their job satisfaction or future with the organization.

Never stop interviewing

The first step in adding retention to your hiring plan should be to hold informal interviews with current employees. Avoid the costly “exit interview” by meeting with employees and asking them about job satisfaction and their thoughts on their future with the organization.

Implement a regularly occurring engagement survey. This TINYpulse survey found that employees who don’t feel comfortable giving upward feedback are 16% less likely to stay. That’s why it’s important to create an environment where the team can feel comfortable voicing their thoughts. If you are actively ensuring that employees feel valued and heard, they will be more likely to stick around.

Also consider creating a development plan for each employee based on their goals and aspirations. Don’t simply ask them where they want to be in five years, create a plan to get them there.

It’s not always about the money

One common misconception is that employees leave solely for a higher salary. While a competitive salary and benefits package are certainly a large piece of the puzzle, here’s one question you need to be asking: Are my employees being challenged enough? More than ever, employees want the work that they do to matter. However, if they don’t feel they are trusted with enough responsibility, under-appreciation may be the result.

A company culture tune-up

When was the last time you thought about company culture initiatives? A Glassdoor survey found that 56% of adults say company culture is more important than salary when it comes to job satisfaction.

After interviewing your employees, you may find your company culture needs a tune-up. While the answer to this challenge will vary for each company, check out these long-lasting ways to improve employee well-being for inspiration.

How to Ace Top Behavioral Interview Questions

If you’re in the market for a new job, you may find yourself preparing for behavioral interview questions. Including behavior-based questions is quickly becoming the standard in the interview process — and for good reason. By understanding how you handled situations in the past, hiring managers can get a better sense of how you may handle situations in the future. We’ll tell you what behavioral interview questions are, in addition to common behavioral questions and how to answer them.

What Do We Mean by “Behavioral Interview Questions?”

If you’ve been in an interview and heard the words, “Describe a time when,” or, “Give an example of,” then you’re likely familiar with the concept of behavioral interview questions. Unlike other interview questions that may be looking for answers that are more factual or informational, when interviewers ask behavior-based questions, they’re wanting to hear you tell a story of a previous experience. Sound intimidating? Well, it doesn’t have to be.

Key Behavioral Interview Questions to Prepare For

The hiring manager will likely tailor behavioral interview questions to the specific job you’re interviewing for. Read through the job description and think of potential behavioral questions and relevant examples from your previous experience.

Need some inspiration? We’ve scoured Glassdoor to find out what some of the top accounting firms are asking:

    • Ernst & Young (EY): Tell us about a time you stepped up as a leader.
    • Deloitte: Talk about a time when you felt the most collaborative.
    • PricewaterhouseCoopers (PwC): Describe a time when you influenced someone senior to yourself. 
    • Klynveld Peat Marwick Goerdeler (KPMG): Give an example of a time when you failed and what you did to overcome that failure.

How to Answer Behavioral Questions

Regardless of what behavioral question is being asked, you can ensure a successful answer if you follow this formula: 

  1. Explain the situation.
  2. Detail how you handled it – be sure to alternate between “I” and “we” to balance how you come across as both a team player and a leader.
  3. Emphasize the results of your actions.

Remember to focus on the positive side of the story. While some of the questions may be on the topic of past failures, highlight the lessons you learned from those experiences. 

Troubleshooting: If you find yourself telling a story where you responded to a situation that didn’t quite work out, it’s okay. The best recovery is to tell the interviewer how you would handle that situation with the knowledge you have today. That shows growth.

Are you nearing the end of the interview stage? Read this article to learn how to manage multiple job offers like a pro.

The Benefits of Skills-Based Hiring in 2022

There’s no way around it: to remain competitive, businesses must update their hiring strategies in 2022. Traditional hiring tactics are no longer a realistic solution for satisfying labor demands, and necessitates a shift toward skills-based recruiting.

As one of the determining aspects of work performance, skills-based recruiting prioritizes individuals’ technical abilities and core competencies over degrees or credentials. This approach requires recruiting teams to specify the needed and desired talents for a position and objectively evaluate those skills to reduce bias in the hiring process.

Let’s review some of the benefits of skills-based hiring strategies:

Eliminating Degree Inflation

Skills-based hiring doesn’t mean excluding college graduates from consideration or reducing any entrance hurdles. Instead, it’s about separating the skills for which the degree is intended to be a proxy. As a result, both degree holders and those with alternative skills can be considered for the position. This promotes economic opportunities for everybody and broadens the talent pool available to businesses.

Larger Talent Pool with More Diversity

Skills-based recruiting also assists firms in bringing on a more diverse and inclusive staff, providing a comprehensive picture of employees that incorporates talent and skill into how companies build their teams. It’s also an opportunity for employers to fill today’s talent gap in a way that promotes real, systemic change. When we focus on diversity and growth simultaneously, we are compelled to reconsider how we welcome individuals into our companies.

Stronger Retention

Another benefit of skills-based recruiting is that it might help your business strengthen retention. According to LinkedIn, employees who do not have a four-year degree stay 34% longer than those who do. This indicates that employees are more involved and believe the organization is banking on their success. Leadership’s commitment to employee learning and development is no longer optional. It’s what employees want, and is what leaders must provide in order to remain competitive. Up-skilling is not about checking off a list. Rather, it’s a long-term strategy for remaining relevant by continuously learning new abilities.

Reduced Cost

It is crucial to evaluate your organization’s future needs and create a roadmap that involves identifying skills that the business will need as it grows. For example, employers might fill vacancies faster and save money on training and onboarding by defining roles based on skills rather than a strict set of job descriptions that focus on finding candidates the traditional way. A degree or credential does not guarantee that candidates have obtained the hands-on experience to do the job.

Learn more about successful recruiting strategies or contact our team to see how we can assist with your company’s hiring needs.

How to Manage Multiple Job Offers Like a Pro

In this labor market, it’s not unusual for skilled candidates to juggle multiple job offers at once. A fortunate conundrum, yes — but still a challenge that professionals must learn to navigate.

We share our top tips to help you weigh each job offer, so you can identify the right opportunity for you and keep your professional integrity intact.

1. Get It in Writing

Oftentimes, employers or hiring managers verbally extend job offers as a way to gauge the prospective employee’s excitement for the role. Before you can officially make a decision, however, it’s important to get an estimate when the company will be providing an official offer in writing, so you can use it to compare — or negotiate — the terms with competing job offers.

2. Respond Positively to All Offers

Even if you’re waiting on an expected offer or need time to consider, you should still communicate your enthusiasm for the opportunity in a timely manner. There are several ways to properly handle this without having to immediately accept, such as expressing your appreciation for the opportunity and asking for time to properly review the letter. It’s also in your best interest to ask for a timeline of when they’d like a response by, so you can coordinate evaluating your other opportunities accordingly.

3. Review Your Options

This part can get complicated, as it requires you to fully examine your career aspirations and determine how each opportunity stacks up against those goal posts. You can develop your own system for comparing and contrasting job offers, but assessing the following key factors can be a great starting point: job title, core responsibilities, compensation and benefits, growth/training opportunities, company culture and work/life balance. Use this experience to either negotiate a better offer or to provide some clarity on what ultimately matters most to you in a career opportunity.

4. Act Promptly

No matter where you land in the decision-making process, it’s imperative you respond to all parties within their preferred timeline, and either accept or deny their job offer. Always be appreciative in your message and thank the hiring manager for their time and interest. You never know when another opportunity may arise, so you want to keep your working relationship positive and professional.

Are you looking for a new career opportunity? Submit your resume today to connect with one of our recruiters.

2022 Q1 Accounting and Finance Employment Report

Forecasts for 2022 are in — and the good news? The economic outlook is even better than 2021. Employers are expected to continue adding to their staffs in the coming year, with 52% planning to replace/backfill positions and 41% hiring for new jobs, according to Monster’s 2022 Global Report, “The Future of Work.”

And while December’s numbers dipped slightly for temporary employment, the U.S. Bureau of Labor Statistics reports the U.S. added 199,000 jobs last month and the unemployment rate dropped to a healthy 3.9%. For college-degreed professionals — the most sought-after by employers — that number edged down to 2.1%.

2022 Q` accounting and finance employment report

 

 

 

 

 

 

 

 

 

 

Credit: U.S. Bureau of Labor Statistics

Many companies are on track to continue this 12-month trend of steady job growth into Q1 and beyond — but it won’t be without some difficulty. This year promises to be a year of hard-to-find talent. In fact, nine of 10 employers surveyed in XpertHR’s Survey of HR Challenges for 2022 listed “recruiting and hiring” as one of the top challenges in 2022.

We break down what both clients and job seekers in the accounting and finance field can expect in Q1.

For Employers

When it comes to talent in 2022, companies’ focus is two-fold: attracting new employees, while also keeping their current teams engaged and happy. Last year’s “Great Attrition” had thousands of professionals quitting their jobs, with a record 4.5 million American workers resigning from their jobs in November 2021 alone. In response, many employers are making it a priority to:

  • Increase salary and hourly wages for prospective employees and current staff.
  • Shorten hiring processes and decision-making as a way to combat the multiple offers candidates are fielding on a regular basis.
  • Offer flexible work arrangements, including fully remote, hybrid and flexible hours for new workers and current teams.
  • Provide employee development and advancements internally, including training, education and promotion opportunities.
  • Partner with skilled staffing and recruiting teams to identify and hire strong candidates, whether they’re currently open to new opportunities or are not active in the job hunt. To learn how you can be more strategic in your hiring efforts, contact our team.

2022 Q1 accounting and finance employment report

Credit: Monster’s 2022 Global Report, “The Future of Work”

For Job Seekers

There’s a lot of perks to being in the driver’s seat. Not only are candidates setting the pace for the current job market, but also the rules. With job vacancies at record-high numbers, it’s important that job seekers evaluate new roles in terms of:

    • Defining your wants. Are you seeking higher pay? Flexible work schedule? Industry change? These are all questions to consider when understanding what matters most to you in a career, so you can make a better informed decision when juggling multiple offers.
    • Looking beyond the benefits. Many employers will roll out the red carpet to attract top professionals, but it’s still imperative to do your due diligence. Ask key questions during the interview process that help you evaluate a company’s culture and other important factors.
    • Standing out. Sure, there are more job openings than applicants, but a survey by the American Staffing Association notes that 41% of those surveyed are likely to seek new positions in 2022. Enlisting the assistance of an experienced recruiter can help you find the right career opportunity and get your resume in front of the hiring manager quickly.

For more career advice and industry insights, check out our blog.

4 Steps to Landing Your Next Promotion

When you find yourself achieving all your goals, feeling ready to face new tasks and wanting to focus on new initiatives, it might be time to ask for a promotion. It can be a daunting process, but knowing when and how to make the request can make things easier — and certainly help your career.

Before approaching your manager, remember that you must first define your goals. Now is the moment to be your biggest supporter. Take some time to make a list of your most significant professional accomplishments in the last year. Use your three most notable achievements as the foundation of your case for a promotion. Once you have locked down why you deserve it, use the following steps to get prepared:

1. Avoid Being Vague About Your Value.

It’s natural for many of us to be modest. But there’s a significant difference between being modest and underselling yourself. Consider the fact that what seems ordinary to you could be extraordinary to someone else. There is no such thing as an insignificant achievement, so make a list of them.

2. Plan to Meet Face-to-Face.

Emailing your proposal does seem more convenient, but it can also be significantly riskier. This ask is undeniably a face-to-face discussion (whether virtual or live), and you should schedule it sooner than later. It may feel it’s easier to express things that you would generally be afraid to address in person via email, but you also miss out on opportunities when you forego a conversation in favor of digital communications.

3. Practice Asking.

Asking for a promotion is the type of discussion that should be rehearsed. Once you’re satisfied with your script, we recommend going over the conversation numerous times with friends or family. Practicing means being more comfortable talking about yourself and your talents, as well as proactively prepping for inquiries or even obstacles that may emerge. If you get nervous, remember that most of the negation work is done before you ever even ask.

4. Don’t Wait to Be Recognized.

The most obvious opportunity to inquire about a promotion is during your review. It is an established chance for you and your boss to evaluate how you’ve been doing and where your career is heading. However, you should not sit around and wait for the promotion to be delivered to you. Instead, take the initiative and begin talking to your manager as soon as possible. Of course, don’t expect them to be able to read your thoughts. If you want more responsibility, a more prominent role or believe you’ve proved increasing value to the business in your existing capacity, it’s critical that you speak up and let them know.

Browse our blog for more career advice and insider tips.

3 Ways to Hire Remote Talent in 2022

Before the pandemic, many sectors of the economy had only seen remote work as an experimental model — something permitted on a limited-basis. But as the pandemic made its entire presence, remote work’s advantages became more evident than ever before.

Even though workers are gradually returning to their onsite jobs as situations improve, many employees continue to work from home. In fact, some organizations are allowing employees to work remotely for the remainder of their tenure. Hybrid work schedules are also an attractive option for various companies, providing a balanced combination of remote and in-office employment. Understanding these trends is essential when considering hiring for a new position. Here are some pointers on how to find and hire outstanding remote workers in 2022:

1. Clearly Describe What You Are Looking For

Communication is essential, and your current and potential employees may be planning life changes that could affect their decision to stay with your company or leave. In addition, many workers who have become accustomed to working remotely appreciate it.

Although remote workers generally choose their schedules, they still want to know what the job includes and their responsibilities. Therefore, define the level of flexibility you provide and, if possible, give an example of a typical day in the life of the position offered.

2. Optimize Your Virtual Hiring Process

As the talent market becomes more competitive, corporate leaders are pushed to scrutinize their hiring process more thoroughly. Companies are also working to increase cohesiveness among employees and redesign their methods to achieve this goal virtually.

Companies with smart talent strategies now focus on applicant experience and emphasize quality-of-hire measures over speed-of-hire indicators from an operational standpoint. Furthermore, the pandemic has accelerated video interviewing and automation capabilities at various phases of the recruiting process and has increased engagement and overall usability for prospective candidates.

3. Build A Strong Online Employer Brand Profile

You’ll effectively attract and maintain qualified remote employees if you have a solid online employer reputation. Local prospects may be more accessible. They’ve likely heard of your organization, know one of your staff or have visited your premises during the interview process. With remote hires, however, prospects must rely on your digital brand to understand your business.

Make sure your web presence conveys trustworthiness, demonstrates your company’s values and allows prospects to envision themselves as part of your team. Create informative, professional pages and appealing social media accounts to accomplish this.

Connect with our team today to find out more about hiring remote employees.