Now is the Time to Develop Your Recruiting Strategy During High Unemployment

In March, our work world was hit by a tornado called COVID-19. In the blink of an eye, we went from the challenge of recruiting during a 3% unemployment rate to furloughing employees, establishing work-from-home policies, embracing more technology for virtual meetings and other activities, and leading our teams with calm during a crisis.

As we talk with clients and other hiring managers, it’s clear you have your hands full adjusting and adhering to the new company and government policies and scrambling to create work environments that will minimize or prevent the spread of the virus.

As some states begin to loosen Stay Home policies and your company begins to bring employees back into the office, the last thing you might be thinking about is needing a strategy for recruiting during high unemployment. After all, won’t there be plenty of candidates to choose from?

True, but not necessarily a good thing. Let’s look at a few of business consultant Bridget Miller’s thoughts in a recent HR Daily Advisor article about recruiting during high unemployment:

  • Individual vacancies may have a higher number of applicants than usual, which may mean it will take more time to qualify applicants.
  • There may be more unqualified applicants than usual, as more people are looking for quick work to replace lost jobs. This may also mean that recruiting costs are unexpectedly higher than anticipated due to the extra work involved.
  • As time progresses, more and more applicants may have extended periods of unemployment. This does not necessarily mean they’re not great candidates for the job.
  • Skills gaps may persist, even with higher unemployment levels. This can be a frustration for employers that wish more applicants automatically meant more skills to choose from—but it may not.

Rethinking Your Recruiting Strategy

What is different this time is that COVID-19 isn’t going away which means this is unchartered territory. There are more obstacles to overcome beyond just recruiting to fill positions.

Our team has decades of recruiting experience under our belts and we have seen these cycles before. Each time we guide our clients in developing dynamic strategies and processes to bring on new talent quickly. We are positioned to overcome this latest obstacle. Let us help you implement a clever recruiting plan that sails across this new recruiting environment.

If you would like to connect and discuss further, please get in touch with our recruiters. We are happy to share our successes and strategies and welcome the chance to work with you.

Should You Rehire a Former Employee?

In today’s competitive hiring climate, you may consider rehiring a former employee. Also called a boomerang employee, this type of candidate may be more attractive than other candidates. You already know their work style, performance level, and fit with company culture. Although knowing whom you’re hiring may seem advantageous over bringing aboard an entirely new person, the former employee might be bringing along baggage that could affect their performance. In this case, you’d be better off hiring a brand-new person.

Consider these points when deciding whether to hire a boomerang employee.

Potential Cost Savings

You might spend less money rehiring a former employee. You won’t need to invest as much time vetting and interviewing them. Plus, you already know whether the person is a good culture fit. Since the former employee understands your products/services, policies, and processes, they need less time for onboarding. They may bring additional skills, experience, and ideas that require less training to perform their job duties. Because boomerang employees tend to stay longer, they’re typically more engaged and productive than a brand-new hire would be.

Issues to Consider Before Rehiring

Before deciding whether to rehire a former employee, consider the circumstances surrounding their exit. Why did they leave? Was it personal or family-related, lack of room for advancement, or an educational opportunity? Whatever the reason, it may be a factor if you rehire the former employee. What were their strengths and weaknesses? Along with reviewing the person’s file, talk with former managers and coworkers to gain insight into the person. There may be outstanding accomplishments or adverse personal qualities to consider. Why does the former employee want to return? They may have had time to develop new skills that can benefit your organization. Or, the person could be between jobs

Keys to Successful Rehiring

If you decide to rehire a former employee, follow your standard interview and hiring process. Ensure the person has the knowledge, skills, and experience required for the position. Ask interview questions as you would for any other candidate. Find out why the former employee left their most recent employer, why they want to return to your organization, and how they can benefit your team.

Consider Rehiring a Former Employee

Bringing aboard a boomerang employee may be in your best interest. Since they already understand your company culture, processes, procedures, and offerings, they need less time to acclimate. A former employee’s new skills, knowledge, and experience can add value to your team. Before rehiring, think about whether the person left on good terms, what their strengths and weaknesses were, and why they want to return.

If you need help recruiting accounting and finance candidates, turn to Casey Accounting & Finance Resources. As your trusted partner, we can find direct-hire, temporary, temp-to-hire, or contract workers who will excel with your organization. We also provide resume screening, background checking, and testing. Let us know how we can help you today.

4 Best Questions to Ask Professional References

To better understand whether a candidate may be an excellent fit for a role, you need to talk with their professional references. Because these people worked with the candidate, they can attest to the candidate’s work ethic, hard and soft skills, achievements, strengths, and other pertinent information. You can gain insight into projects they worked on, how they interacted with team members, and whether they would excel with your organization.

Here are four questions to ask a candidate’s professional references.

How Would You Describe the Candidate’s Reliability and Dependability?

Find out how strong the candidate’s reliability, dependability, and related soft skills are. Determine whether they prioritized activities, maintained a consistent schedule, and were relied on as a source of accurate information. Discover how well the candidate collaborated, made themselves available for help, and followed through with commitments.

What Was One of the Candidate’s Most Memorable Accomplishments While Working with You?

Determine which achievement made the candidate stand out for a previous employer. Perhaps the candidate took the initiative on a project or showed leadership in finishing an activity. Find out what the outcome was and how it benefitted the company.

Which Type of Work Environment Do You Think the Candidate Would Be Most Likely to Thrive in, and Why?

Uncover whether the candidate would thrive in your work environment. If the reference discusses an environment different from yours, talk further with the candidate about your culture. Assess whether they’d be comfortable working in an environment different from what they’re used to. If not, consider other candidates who may be a better fit.

Which Skills Would You Have Liked to See the Candidate Develop to Reach Their Full Potential?

Discover gaps in the candidate’s skill set that are relevant to the position. Ask whether the reference believes the candidate may be willing to develop the necessary skills. If so, use this information to help create a plan for the candidate’s professional development. If prior development of the missing skills is required for the role, consider looking for a more qualified candidate.

Always Check References

Always check a candidate’s professional references. Know whether their hard and soft skills will help them excel in the role and your organization. Be certain that the candidate’s previous accomplishments can be built on to attain successful outcomes for your company as well.

For help filling your accounting and finance roles, reach out to Casey Accounting & Finance Resources. We’ll identify six candidates for an opening, then narrow it down to three candidates for your interview and selection process. You choose which candidate to hire. Get started with us today.

How to Recruit Remote Workers to Your Accounting & Finance Positions

Hiring accounting and finance employees in a tight labor market isn’t easy. Since candidates expect a lot from their employers, you need to work hard to encourage them to join your team. One perk to attract accounting and finance candidates is offering remote work options. This widens your candidate pool to include significantly more candidates.

Here are four tips for recruiting remote workers to your accounting and finance positions.

Show Support for Remote Workers

Demonstrate throughout your recruiting process how you support remote workers. Highlight on your career page how you include remote accounting and finance workers in your company based on the role and team needs. Label your job openings as remote-eligible. Include in the job description details about what working remotely actually looks like. Mention questions to expect during an interview for a remote position. Share stories of how remote workers actively embrace your flexible work culture. Help candidates see themselves working remotely and being fully supported by your organization.

Be Authentic

Show candidates that the flexible culture they learn about during the recruiting process matches the reality of working remotely for your company. Describe specific ways remote workers are included in team activities and supported as valuable employees. Demonstrate how the messages you communicate through your employer brand match with how your business operates. This may include enforcing key policies, processes, and tools similar to those involving onsite employees. Mention a method such as Slack that remote workers use to communicate with their team. Provide targeted perks to support productivity and inclusion for remote workers. For instance, if onsite employees have a snack wall, offer remote workers a monthly subscription snack box.

Highlight Required Skills

Point out the necessary skills to work remotely. Strong communication, collaboration, and organization skills are required. Excellent time management, self-discipline, and accountability skills are essential. Use pre-employment tests to evaluate these skills. Determine candidates’ comfort level with video chatting, which many meetings and collaborations will require to connect remote team members. Find out whether candidates have an internet connection with a certain speed or a specific brand of laptop to complete their work. If not, you can provide the necessary items if those candidates get hired.

Offer a Paid Trial

Instead of extending a job offer to desired candidates, extend a contract for a trial period. Include how long the trial period is how the candidate will be compensated and other pre-agreed conditions. Assign actual work to see how skilled a candidate is, how well they learn, and how seamlessly they fit into your culture. When the trial period ends, decide whether to permanently hire the candidate.

Source Remote Accounting and Finance Workers

Source remote workers through Casey Accounting & Finance Resources. As a leading Chicago employment agency, we reduce your time spent on recruiting, evaluating, screening, and interviewing candidates. Find out more today.

 

Easy Tips to Start an Employee Referral Program

Employee referrals are one of the most effective methods for sourcing employees. Your top employees have similarly qualified connections who blend with company culture. As a result, tapping into their networks is in your best interest.

Follow these tips to start an employee referral program for your company.

Determine Your Hiring Needs

Figure out your current staffing needs, employee motivation, and company culture. Focus on which types of positions you need to fill, including whether some are harder to fill than others. Find out what your employees like most about your company and the work they perform. Determine what motivates your team to finish their tasks. Ask how they would describe company culture, such as traditional or progressive, formal or casual. You need this information to showcase what you’re looking for and why candidates want to work for you.

Set Hiring Goals

Create specific, measurable, time-restricted hiring goals. You may want to bring in a specific percentage of qualified candidates or aim for a few candidates increased by a certain factor. Or, you could focus on reducing your hiring costs by a set percentage in a certain amount of time. Provide the staff, time, and monetary resources required to pursue these goals. Assign an employee to lead your employee referral program and delegate tasks. Track your success and make the required adjustments.

Explain Job Requirements

Let employees know exactly what you’re looking for in candidates so they can refer connections. This is especially important if the openings are in other job functions or departments. Provide links to job descriptions in emails asking for referrals. Highlight what you’re not looking for to narrow your requirements further.

Select Rewards

Decide how to reward employees for referring candidates who accept a job offer. Although you may choose to give cash, find out what motivates employees to refer connections. They might prefer additional vacation days, tickets to a concert or sporting event, a gift card, or gym membership.

Provide Regular Updates

Keep employees in the loop as to where referrals are in the recruitment process. They’ll be more inclined to refer candidates in the future. Even when a candidate isn’t chosen for an interview, send the employee a thank-you email. Encourage them to continue to refer candidates.

Maintain Simplicity

Keep your employee referral program simple. Use HR software to automate the process. You might use email templates with social media links for employees to share when you need an opening filled. When a connection applies for a position, the program tracks which employee referred the candidate. Create rules for what happens if more than one employee refers the same candidate, how long a new hire must remain for an employee to receive an award, and other pertinent information.

Find Accounting and Finance Candidates

Find qualified candidates through Casey Accounting & Finance Resources. As a trusted employment agency, we reduce your time spent on recruiting, evaluating, screening, and interviewing candidates. Contact us for more information today.

 

Is Your Office in Need of a Little Bit of Love? 4 Signs Employee Morale is Low

Low morale reduces productivity and performance. When employees are not engaged, they often miss deadlines and turn in subpar work. Team members may show up for work less often or leave the company. As a result, you’re forced to spend more time hiring new employees. If you don’t improve the underlying causes of the situation, nothing will improve long-term. Here are three signs employee morale is low and what to do about it.

Increased Absenteeism

If employees call in sick more often or don’t show up for work, morale is low. They may perform the same tasks day after day and lose engagement. Staff might stop being inspired by their projects and view them as a series of to-dos before the weekend. Losing motivation behind work activities decreases productivity. Employees could be stressed and unsure of how to handle it. This can result in anger, depression, high blood pressure or poor immune function. To combat increased absenteeism, inspire your team to get back their motivation to complete their work. Remind them why they do what they do. Meet with each teammate every week to talk about their goals. Find out why those goals matter so you know how to keep your team engaged. If a team member needs help to reignite their passion for the company mission, determine outside projects they can work on. Allow team members to set their hours or work remotely as much as possible.

High Turnover

If you experience a substantial level of employee turnover, morale is low. Employees typically quit because something that used to keep them working no longer has the same effect. Perhaps they’re not having fun, are uninspired or aren’t developing relationships with coworkers. Keep in mind that when one staff member quits, it’s common for others to follow suit. To reduce high turnover, focus on collaboration. Implement tools and strategies to encourage colleagues to complete tasks together. Because people like to work with friends, they’ll get to know each other and have an increased reason to stay with your company.

Reduced Productivity

If employees are less productive than usual, morale is low. Perhaps you’ve been adding to team members’ workloads without providing the resources needed to fulfill the responsibilities. Maybe you’ve been micromanaging to ensure things get done on time. These actions make work less fulfilling and more of a chore, reducing interest in completing projects on time. To combat reduced productivity, provide your team autonomy. Placeless emphasis on how to do something as long as the goal is reached. Encourage teammates to be involved in making decisions. Remind your staff why their roles are important and the ways they add value to the organization.

Hire Motivated Accounting and Finance Professionals

Hire motivated accounting and finance professionals through Casey Accounting & Finance Resources. As a trusted Schaumberg employment agency, we reduce your time spent on recruiting, evaluating, screening and interviewing employees. Contact us today.

Should I Hire Someone Who’s Always Been a Temporary Employee?

When you come across a resume from an accounting or finance professional who’s worked only temporary positions, you might dismiss the candidate as not being focused or serious about having a regular job. However, it’s in your company’s best interest to stop and consider what knowledge, skills, and experience the candidate may have gained from their time with each employer. Odds are the candidate has exactly what you need to fill your open role. Here are four reasons why.

They Fill Skills Gaps

Temporary employees can fill the skills gaps in your organization. These short-term workers deal with short-term problems while nurturing long-term solutions in practically every industry and field. Temporary employees can fill staffing needs that other workers cannot. This is especially important when you don’t have time to find qualified candidates to complete a project or fill a niche position. Because an experienced temp already demonstrated they have the skills and experience necessary to excel in a role, they’ll be able to add value to your organization.

They Enjoy Their Work

Temporary employees are passionate about what they do. They enjoy having opportunities to grow and build their career. Because temps have to prove themselves every time they start working at a new company, their motivation level and willingness to go the extra mile are high. Temporary employees know how to set and achieve individual and team goals that add value to an organization. Even if they don’t have the exact hard skills needed to excel in your open position, temps’ desire to learn can make them well-qualified to fill the role. You may be able to set a trial period to see how their passion translates into value for your company.

They Provide a Fresh Perspective

Temporary employees bring your organization ideas to improve efficiency and effectiveness. Because they worked at a variety of companies, temps may be able to take on additional projects while fulfilling their main responsibilities. For instance, temporary employees could use their downtime to update your website or filing system. Or, you could ask them to complete other tasks related to their strengths and interests. The extra help you receive will be a welcome bonus.

They Quickly Onboard

Temporary employees know how to begin producing when working at a new company quickly. Their agility to learn job responsibilities and blend with culture makes them well equipped to begin benefitting the organization in less time than other workers. Requiring less time for onboarding and training means increased productivity and reaching business objectives.

Hire Top Accounting and Finance Employees

Hire top accounting and finance employees through Casey Accounting & Finance Resources. As a top Chicago area employment agency, our goal is to provide high-performance candidates who make strong contributions to your team. Get started with us today.

Are You Meeting Finance Candidates’ Pay Expectations?

Part of the challenge in hiring finance candidates is meeting their pay expectations. Although many candidates have realistic ideas of pay ranges, some expectations may be too high or too low. Rather than turning to other candidates for interviews, take the time to decide whether a candidate whose pay expectations are outside your range may be worth considering after all. Here are some ways to do so.

What to Do When Pay Expectations Are Too High

If a candidate’s pay expectations are beyond your range, you want to avoid wasting anyone’s time by keeping them interested in the role. However, don’t give up on pursuing the candidate. Instead, send the candidate an email thanking them for their interest in the position. Let the candidate know their target salary is outside your range for the position. Share that if the candidate’s target isn’t firm, you’d like to discuss the role further. Otherwise, you don’t want to waste their time. Provide your pay range so the candidate can decide how to proceed. They might be able to go a bit lower in their pay expectations.

What to Do When Pay Expectations Are Too Low

If a candidate’s pay expectations are well below your range, you might be tempted to think the candidate won’t be a good fit for the position. However, keep in mind that previous pay is not an indication of a candidate’s true value. Because it’s hard to know which pay range is appropriate for a certain role, companies don’t always properly compensate employees. As a result, being paid below-market-rate doesn’t mean you should dismiss the candidate. Instead, find out whether they can perform the work according to expectations. Or, rather than asking about pay expectations, tell candidates your range upfront. Let them know that pay depends on specific skills and experience, then ask whether they’re still interested in the role.

How to Provide Context Before Discussing Pay Expectations

If your company doesn’t like including pay expectations in job postings, and some overqualified candidates may be looking for higher pay than you’re offering, you might dismiss the thought of calling them for an interview. However, consider meeting with overqualified candidates to discuss details of the role and benefits. Since they know little about the position before talking with you, they don’t understand the responsibilities, pressures, hours, or other information that affects pay expectations. After gaining a better understanding of these factors, candidates are in a better position to decide what their pay expectations should be and whether to move ahead in the recruiting process.

Set Reasonable Pay Expectations

Set reasonable pay expectations with help from Casey Accounting & Finance Resources. As a top Rolling Meadows employment agency, we understand the current job market. We find you qualified finance candidates, set up interviews, and help negotiate adequate pay expectations. Contact us to get started today.

4 Reasons Employee Retention Should Be a Top Priority in 2020

Given the costs involved with recruiting, employee retention needs to be among your biggest priorities. An effective retention plan fosters engagement, creates an authentic company culture, and shows you value what your employees care about most. Here are four reasons employee retention needs to be a top priority in 2020.

Employee Retention Conserves Resources

Retaining employees saves time and money. With the salary spent on HR and other departments involved in the hiring process, as well as the reduced productivity and output a new hire brings to a role, you could spend 6-9 months’ salary each time you replace a salaried employee. Even worse, replacing high-level employees can cost in excess of 150% of their salary. More hours spent advertising openings, reviewing resumes, interviewing candidates, and contacting references means less time for other tasks.

Supported Employees Remain Loyal

When you provide employee support as part of your retention plan, staff remain loyal to your company longer. Team members who feel valued, appreciated, and connected to your organization are less likely to leave when recruiters call or opportunities come up. Supported employees feel trusted, autonomous and engaged. They’re responsible for making a variety of decisions, receive constructive real-time feedback and have their contributions recognized. Staff who have support are well compensated, listened to and offered ongoing professional development opportunities. They’re treated with respect, offered opportunities to advance and given challenges to move their career forward.

Employee Turnover Is Contagious

When one employee leaves, others may feel encouraged to follow suit. This is especially true if a new hire starts work and finds out team members have been around for a short period of time. If the staff doesn’t stay very long, new hires might not feel encouraged to stay either. Because people are social creatures, we talk about almost everything. If there are significant issues affecting your team’s cohesion, teammates will discuss it. As problems increase in size because they’re not dealt with, employees feel encouraged to leave for a better work environment. In contrast, being welcomed to the team by employees who’ve been with the company for years and love working for you provide new hires confidence that they made the right decision in coming to work for the business.

Employees Get Stressed by Turnover

Turnover is stressful on your team. This is especially detrimental when teammates’ friends leave the company. Team members often leave because they miss working with people that they spend time with outside the office. Having significant numbers of employees leave affects collaboration and culture. Teammates feel stressed because of pressure to take on additional responsibilities, resulting in less time to perform their own work. To combat this issue, offer remote work options, additional paid time off, and other methods for reducing stress.

Hire Top Accounting and Finance Employees

Hire top finance and accounting professionals through Casey Accounting & Finance Resources. As a leading Rolling Meadows staffing firm, we fill your direct-hire, temp-to-hire and temporary staffing needs. Contact our leading finance recruiters today.

How Do You Calculate the ROI on Employee Engagement?

Employee engagement may be defined as proactively and passionately adding value while aligning with the company mission. Engaged employees demonstrate their commitment through their hard work, communication and body language. Because engagement impacts your bottom line through higher productivity and less turnover and absenteeism, knowing what a fully engaged team can do for your business is essential. Here’s how to calculate your ROI on employee engagement.

Reasons Employee Engagement Matters

Engaged employees are more focused and efficient than nonengaged employees. Engaged staff openly communicate about experiences, triumphs and challenges. They genuinely care about their work and don’t let anything stand in their way of attaining success. Engaged employees appreciate receiving feedback on their strengths and weaknesses so they can improve their performance.

Calculate Your ROI on Employee Engagement

To determine your ROI on employee engagement, begin by calculating your revenue per employee, which measures how efficiently you utilize your employees. Divide your annual company revenue by your average number of employees. For example, if your annual revenue is $31,550,000 and your average number of employees is 29, $31,550,000/29 means you earn approximately $1,087,931 in revenue per employee.

Next, determine your cost of absenteeism per employee. For instance, if your absenteeism per employee averages out to be 1.2% of total working days (3 days per year), take 1.2% of revenue per employee and add 1.2% of average employee salary. Based on the previous example, if your revenue per employee is $1,087,931 and average employee salary is $61,812, $1,087,931 x 1.2% = approximately $13,055 and $61,812 x 1.2% = approximately $742. Adding $13,055 + $742 means your cost of absenteeism per employee is $13,797.

Then, calculate your turnover rate by dividing the number of employees who left during the year by the average number of employees during the year. Based on the previous example, if your number of employees who left during the year is 11 and average number of employees during the year was 129, 11/129 means your turnover rate is 8.5%.

Next, determine your total cost of employee turnover by multiplying the average cost to replace an employee by the number of employees who quit or were fired last year. According to the Society for Human Resources Management, it costs 6-9 months of an employee’s salary to replace that employee. Nine months’ salary was used for this formula. So, $61,812/12 = $5,151 per month in salary; $5,151 x 9 = $46,359 for nine months’ salary. So, on average, if your cost to replace an employee is $46,359 and 11 employees quit or were fired last year, $46,359 x 11 = $509,949 in employee turnover.

Determine Your Total ROI

Finally, determine your total ROI value, which is the amount of revenue added due to a 20% increase in employee productivity, plus the money saved from a 41% reduction in absenteeism and 40% decrease in turnover. Based on the previous example, an increase in revenue would bring in an additional $28,068,594 ($1,087,931 x 20% = $217,586; $217,586 x 129 = $28,068,594). A reduction in absenteeism would save you $1,050,060 ($13,797 – 41% = $8,140; $8,140 x 129 = $1,050,060). A decrease in turnover would result in an additional $305,969 in revenue ($509,949 – 40% = $305,969).

Hire Engaged Employees

Hire engaged employees through Casey Accounting & Finance Resources. As a top Chicago employment agency, we provide high-performance candidates who make strong contributions to their companies. Partner with us today!