5 of the Biggest Misconceptions About Working in the Finance Industry

Finance is one of the most misunderstood industries. Information conveyed through movies, news reports, online articles and other sources do not always contain facts or convey the entire story. For this reason, we are setting the record straight about some of the biggest misconceptions about working in the finance industry.

You Need a Finance Degree

Although education is important, many workers come from IT, art, or other non-finance backgrounds. Being able to understand and explain complex subjects is only one core requirement for working in the industry. As long as you have or can acquire financial skills, along with emotional intelligence and people skills, you can transfer other skills to a variety of finance positions. You also can participate in training opportunities and continuing education to enhance your skill set.

You Need an Extensive Network

Your network does not have to include connections from Ivy League schools or powerful people in the finance industry. What matters more are your education, credentials, strengths, skills, experience level, and networking ability. For instance, you can use your professional and networking skills to gain an internship that may lead to a full-time job. Once you have a job, you can begin networking with your peers and later move to professionals at higher levels and ask them to mentor you.

You Have to Work for a Bank or on Wall Street

The finance industry covers a variety of geographic locations, work environments and company culture. You could work for a large or small firm, long-established company or startup, or other range of organizations. For instance, if you work in fin-tech, you may be employed by early-stage disruptors, mid-sized companies or large corporations. The businesses may include tech lenders like OnDeck or payment companies like Square. Also, as an investment banker, you could work in almost any state. Although higher-paying jobs may be near financial hubs like New York or London, many banks are moving to remote locations such as Tampa, FL, or Providence, RI, to provide employees with a different lifestyle.

You Lack Work-Life Balance

Any career will be demanding and time-consuming when starting out. You may decide to be a banker, trader, portfolio manager, compliance analyst, research specialist or other professional and still have a life away from the office. Your level of work-life balance will depend on the profession you choose and the financial institution or organization you work for.

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5 Influential Technologies Affecting Recruiting This Year

Like most industries, recruiting is constantly changing. As new technology is introduced, the field continues to become more efficient and effective. Watch for these five influential technologies affecting recruiting in 2019.

1. Marketplaces

Marketplaces serve as a platform for employers to connect with recruiters. Due to reduced administrative requirements, vendor management and competitive placement fees, marketplaces are cost-effective. Also, having a centralized platform increases recruiter productivity and reach. Since marketplaces collect and store information on candidates’ resumes, skills, websites, LinkedIn profiles and more, hiring is more transparent and efficient. Plus, recruiters see candidates’ goals and learn more about them and what they want in their next role, which facilitates conversation and aids in proper placement.

2. Gig Economy

Recruiters face an even greater need to adopt new mobile and socially integrated communication technologies and platforms, such as Skype interviews or virtual reality video conferencing, to attract and place gig workers. Also, more HR technologies focused on worker onboarding, engagement, learning and career planning will develop.

3. Social Recruitment

Social recruitment involves clearly defined objectives and a target audience to determine which platforms are most effective in sharing a company’s job openings. For instance, visual platforms like Instagram are more suited for graphic designers and other creatives, whereas Twitter is more populated by IT and tech professionals. Also, social recruitment lets a company leverage social data to determine a candidate’s fit. For instance, Google Alerts and Radian6 let employers monitor candidates to see whether they fit with an opportunity. Additionally, many professionals engage on sites that fill both social and professional needs. For instance, Dribble is a community for designers, whereas GitHub is a platform for software developers.

4. Predictive Analytics

Predictive analytics uses historical data to make predictions about the future. For instance, predictive analytics can consider industry, location, occupation and other elements to provide customized recommendations and get better responses to job postings. Also, predictive analytics can automate resume ranking, and shortlist and prescreen candidates, which increases the quality and diversity of new hires.

5. Artificial Intelligence

AI software programs and tools lower costs, reduce inherent biases and improve the quality of hires. Recruiters have more time to invest in fostering relationships with talent. For instance, chatbots can speed up the hiring process and enhance the candidate experience by assessing a candidate’s resume, online presence and fit with the role. Also, AI recruiting video interview platforms can evaluate the quality of a candidate’s voice, voice energy, pace of speech, use of fillers, answers, facial micro-expressions and body language. Plus, AI can determine whether a remote worker will be honest and ethical and appropriately represent the company if hired.

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Need help filling finance positions? Contact the experienced recruiters at Casey Accounting and Finance Resources!

Increase Your Salary This Year With These Simple Tips!

Although most employees deserve a raise at various times, few actually ask for one. Employees may feel intimidated by their manager or uncomfortable talking about money. However, asking for a salary increase is an essential skill that increases your financial wellness and career success. Therefore, now is the time to learn about asking for a raise.

Understand Your Worth

For instance, focus on your responsibilities. Perhaps you lead projects or took on special initiatives that your colleagues would not. Make a list of your top accomplishments and specific ways they impacted your department and the company. Perhaps you participated in training programs to gain additional skills, brought in a significant amount of new business or became certified in your field.

Research Your Salary Range

Use market data sites such as Salary.com, PayScale and Glassdoor to determine the market average of similar job listings with companies of comparable size in your geographic area that offer similar benefits. Create a spreadsheet of your findings to see how your current salary compares. If you have connections with local hiring managers or recruiters, ask them to look at your resume and provide you a realistic salary request for your position and experience. Use the numbers to justify your request.

Consider How Your Manager Will Benefit

Share your goals to enhance business and what steps you will take to achieve them. Also, ask your manager what goals they would like to see you achieve and determine how you can attain them. Finding out how you can fill their needs will place you in a more advantageous position for getting what you desire.

Prepare for Potential Outcomes

If your request is declined, ask for specific ways you can improve your performance and potentially earn more compensation. Set a time to resume the conversation in a few months. Also, if your manager cannot give you a raise due to budget restrictions, negotiate for more paid time off or other increase in benefits.

Ask at an Appropriate Time

If you ask for a raise after achieving a substantial accomplishment, during a positive performance review or before the fiscal year ends, your manager may be more inclined to grant your request. Other good times include when you take on a new project or assume a new leadership role.

Let Our Expert Recruiters Negotiate a New Job and Salary for You

When you are ready for a new job and salary, contact the professional recruiters at Casey Accounting and Finance Resources, a leading Chicago employment agency!

2019 Accounting and Finance Salary Survey Available!

Casey Accounting & Finance Resources has compiled updated salary data for the fields of accounting and finance. With the start of 2019 now passed and the recruitment industry getting busy, 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 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 “2019 Accounting & Finance Salary Survey”.

5 Accounting Workforce Trends We’ll See in 2019

With the ongoing evolution in technology, the accounting industry will continue to change as well. Accountants will complete their work even more efficiently and effectively, adding additional value to their clients and employer. Here are five accounting workforce trends to look for in 2019.

Cloud Accounting

Using software and services stored on a network of remote servers strengthens security, allows for remote work, and improves disaster recovery. It also increases quality control and reduces costs. For instance, because cloud-based software can be accessed from anywhere with an internet connection, accountants have the real-time data they need to make educated business decisions. Also, since the data is stored in the cloud, there is no downtime in case of a natural disaster.

Cybersecurity

Because accountants deal with confidential financial information, they need to protect clients’ privacy. As malware, phishing and other criminal attacks continue to increase in intensity, so must security plans to block them. For instance, accountants will implement greater security protocols, receive more detailed training on security measures, and use more advanced security systems that anticipate risks.

Automation

Machine-driven algorithms will accomplish simple, routine work such as invoicing, processing payroll and tracking inventory more efficiently and effectively than humans. Automation also will increase accuracy and lower costs while freeing up time for humans to accomplish more complex activities. Accountants can leverage information, predict interactions, generate insights and provide a more valuable impact for their clients.

Blockchain

Blockchain technology will provide a continuously updated and verified accounting ledger that cannot be altered or corrupted. The technology will allow accountants to share and access data to more efficiently complete their work. For instance, Big Four accounting firms will continue to use blockchain research for accepting Bitcoin as a payment method, identify new applications and use cases for blockchain, and explore initial coin offerings that are similar to initial public offerings (IPOs) but use a cryptocurrency instead of a stock.

New Payment Structures

Cost-plus pricing will allow firms to charge the cost of performing a service plus a markup or profit margin. Fixed pricing will involve charging a fixed cost for a specific service. Value billing will consist of the firm charging for its perceived value of a service after the work has been finished. Value pricing will involve the firm charging for the client’s perceived value of a service. The price will be set before starting the work.

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Building on the Power of Your Team’s Strengths

Focusing on your team’s strengths provides many benefits. For instance, your team members become more engaged, productive, and loyal to your organization. Therefore, you want to determine which areas each member excels in and help to develop them.

Categorize Essential Strengths

Determine which strengths are most essential for your team. General strengths may include strategy and planning, leadership, cultural alignment or execution. Then, figure out ways to measure those strengths. You want to know which team member is strongest in each area so they can be assigned corresponding roles for collaborative projects. Because your teammates will be great at what they are naturally drawn to, they will excel in related roles. Your team also will feel empowered because you accept the fact that each is stronger in some areas than others and prefers to work in the areas they enjoy most.

Determine Each Team Member’s Strengths

Begin by discussing what you see as their core competencies. Then, figure out how those competencies can be applied to specific projects. Next, show how those competencies align with the responsibilities and expectations of the project’s role. Finally, focus on the big picture by creating business goals in line with your team members core competencies. Your teammates are more likely to embrace and reach goals that align with their strengths and interests.

Share Each Member’s Strengths

Talk about how each person’s talents can be used to enhance collaboration and complete projects. Mention how your teammates can capitalize on each other’s talents to maximize efficiency and achieve desired results. Encourage them to support each other in developing their strengths.

Offer Additional Strength Training

Seminars, conferences, classes or other training opportunities may be offered in the office or at remote locations. Map out ways that strength training can assist with promotions and attaining career goals. Find out whether there are additional strengths your team members want to develop and act accordingly. Discuss progress during performance conversations and reviews.

Strengthen Your Team With Casey Accounting & Finance Resources

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End of the Year Hiring

With the New Year close at hand, one of the best gifts you can give yourself is a great new hire or new position to start off the New Year! Below is a list of our recent placements demonstrating our team’s success in helping companies identify top talent! With our track record and our extensive network, how can we help you?

Recently Filled Direct Hire Positions and Industry:

Chief Financial Officer – Health Care Services
Corporate Controller – Manufacturer
Sr. Accountant – Social Services
Sr. Accountant – Manufacturer
Payroll Specialist – Engineering Manufacturer
Payroll & Benefits Administrator – Health Care Manufacturer
Jr. Accountant – Printing
Payroll Manager – Manufacturer
Accounts Payable Specialist – Electronics Manufacturer
Accountant – Recycling Services
Payroll Manager – Financial Services
Sales Administrator – Manufacturer
Database Administrator – Nonprofit Association
Accounts Receivable Specialist – Printing

Recently Filled Contract Positions and Industry:

Accounts Payable Specialist – Professional Services
Staff Accountant – Education
Payroll Administrator – Manufacturer
Credit & Collections Specialist – Distributor
Property Accountant – Real Estate
Payroll Analyst – Manufacturer
Accounting Clerk – Construction
Payroll Specialist – Manufacturer
Staff Accountant – Financial Services
Staff Accountant – Education
Accounts Payable Specialist – Manufacturer
Payroll Associate – Professional Services
Credit & Collections Specialist – Manufacturer
Accounts Payable Specialist – Manufacturer

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Why Remote Options Can Boost Your Employee Morale

Remote work options may be one key to boosting your employee morale. Having more control over one’s work schedule and location increases work satisfaction, engagement and productivity. Engaged, productive employees are happy employees, which leads to greater morale.

Increased Job Satisfaction

Because employees avoid the commute, they experience lower stress levels and less work exhaustion. This results in a higher positive attitude, lower absenteeism and greater employee retention. Also, as baby boomers head into retirement, they want remote work options to complement their desired preretirement lifestyle. Generation X may be done raising their kids and want to be in the workforce but still want to spend time with their families. Millennials may be looking for life experiences that broaden their horizons and expand their networks. Plus, Generation Z may desire remote work options to refine their career growth.

Stronger Manager and Employee Relationships

Because management is even more critical when working remotely, managers need to be proactive leaders who are intentional in their style. They need to create standards and expectations for remote collaboration and model successful behaviors for remote work to be successful. With increased methods of communication and virtual connections, managers and employees can virtually connect face-to-face, through email or instant messaging, or over the phone when needed, resulting in greater connections.

Better Health

Since stress and burnout are lower, employees feel physically and emotionally healthy. Also, work flexibility stimulates the brain, leading to happier, more creative employees. It also builds relationships among different generations of workers, which increases feelings of happiness and well-being, improves communication and reduces conflicts. Additionally, remote work options allow for more sleep, so employees feel refreshed and productive the next day. Plus, employees who are ill may be able to complete their work without infecting co-workers.

Greater Work-Life Balance

Working from home allows employees to take care of personal responsibilities while still completing their tasks. They can tend to family needs, run errands, exercise and engage in other interests while fulfilling their professional responsibilities. Employees can also attend meetings through video conferencing and ask questions through instant messaging tools, ensuring they fulfill their duties while working remotely.

Hire Top Candidates With a Leading Chicago Employment Agency

Hire top candidates through Casey Accounting & Finance Resources, a leading Chicago employment agency!

The Top Job Searching Myths You Can’t Possibly Believe!

Finding a job is a stressful activity. Buying into false beliefs about the process can make it even harder. Enhance your job search by not believing these myths.

1. My Resume Will Automatically Get Through the Automated System

An applicant tracking system (ATS) screens out candidates based on keywords, dates and job titles. Therefore, an average of five of every 1,000 online applications pass through the ATS to the manager. Even if your skills and qualifications make you a top candidate, you are not guaranteed to be offered an interview. You are better off customizing your cover letter and resume, finding the manager’s email on LinkedIn, and sending your information directly to them.

2. The Hiring Manager Will Know I Am a Great Fit

Your cover letter and resume should point out specific reasons why you are a great fit for the role. If the hiring manager is left to connect the dots between how your information qualifies you for the position, they will move on to the next qualified candidate. Point out your qualifications in relation to the job posting. Do not leave anything to chance.

3. My Passion for the Job Will Outweigh My Lack of Qualifications

Although you may be called in for an interview without having every qualification listed in a job posting, be aware of how far off your background is from what the hiring manager is looking for. Some factors may be negotiable, such as having four years’ experience when the posting asks for six. However, if you have three years’ experience and the posting asks for 10, focus your energy on other opportunities. This is especially true if you are changing careers and cannot demonstrate many transferable skills to get the role you want.

4. A Cover Letter Is Unnecessary

Even with digital job applications, a tailored cover letter and resume are required. Your cover letter gives context to your resume and a voice to your stats. It needs to show the hiring manager what you are looking for, why you are qualified for the role, and that you would like to talk further about the opportunity.

5. My Resume Should Be One Page

Because a customized resume is the centerpiece of your job application, it should highlight the most important information for the hiring manager. Therefore, you may not be able to list your related skills, experience and career highlights all on one page. This is especially true if you have a decade of experience and/or work in a high-level role. Choose a layout that is pleasing to the eye and draws attention to your most important achievements.

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4 Ways to Understand Introverted Candidates

Introverts are natural leaders. Their persistence, diligence, and focus on work let them stand out from the competition. Because you want to hire introverts due to the benefits they provide, you need to understand them to better communicate and decide whether they fit with a role.

1. Learn About Introverts

Learn all you can about introverts. For instance, they dislike small talk. Although it is designed to put candidates at ease, small talk may cause additional stress for introverts. Also, introverts do not like talking about themselves. Their lack of self-promotion may come off as a lack of enthusiasm for the job, when just the opposite is true. Additionally, introverts may take longer to answer questions. They enjoy taking time to reflect before speaking, and may appear less confident with their answers than other candidates.

2. Adjust the Interview Process

Adjust the interview process to accommodate introverts. For instance, send the candidate interview questions in advance. They will value the time to process the information before responding. Also, ask for written responses to some questions, while saving verbal responses for the interview. Introverts typically prefer written communication over oral because they can better express their personality. Additionally, ask the candidate to research a topic and create a short presentation on it. Introverts enjoy organizing and meaningfully presenting their thoughts on a subject more than talking about themselves.

3. Customize Recruiting Tools

Customize your recruiting tools. For instance, because introverts tend to be more stressed about a phone interview than other candidates, consider screening candidates through text message. Introverts may be more at ease because they have additional time to articulate their answers and let their accomplishments speak for themselves. Introverts will appreciate not having to engage in small talk and can focus on their skills and experience, instead. They will not be focused on details such as their clothing choices, where the interview is being held, and who they are talking with, freeing them to focus on the questions being asked. Introverts will not have to repeat themselves, which they dislike doing, because their answers will be typed and can be looked at again to avoid redundant questions or answers.

4. Check References Early

Check references early in the recruiting process. They will help you to determine how an introverted candidate works, what they excel at, and whether they prefer to work independently or collaboratively. Talking with references upfront will provide additional insight into what motivates the candidate and how to conduct a more effective interview.

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