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The Future of the Accounting Workforce

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The Future of the Accounting Workforce

Firms who are hiring new accountants or accounting majors have to understand where the newer generations are “coming from,” as a Boomer (born 1946-1964) might say, to target a style that will bring out the next generation’s (the Millennial Generation’s) strengths and maximize their effectiveness. This involves discarding biases and preconceived notions and enjoying our generational differences—and similarities! The future of the accounting workforce is dramatically shifting as we learn more about the different generational preferences and work ethics. The rapid spread of information, more technology, and a culture that is changing faster than ever before will continue to shape the future of the accounting workforce.

A Shift in the Accounting Workforce

There is a shift in the accounting workforce occurring as Baby Boomers continue to retire and Millennials take over management roles in companies. Millennial workers grew up in a technology-driven world. The way we do business has changed dramatically over the last 2-3 decades. As a result, they often operate under different perspectives than older workers do. Companies across North America that recognize that the differentiator is their people will emerge as winners in the battle for talent; therefore, they’ll design specific techniques for recruiting, managing, motivating, and retaining them.

Another thing we are seeing in this accounting workforce shift is outsourcing the bookkeeping of the accounting department.


Click here to download: The Guide to Outsourcing Your Bookkeeping & Accounting for SMBs


Retirement of Baby Boomers

A notable demographic shift began in 2011 when the oldest Baby Boomers (b. 1946) hit the United States’ legal retirement age of 65. As Boomers continue to retire members, Generation X will take roles in middle and upper management, and, Millennials will take management positions in the workforce. That process has already begun since some members of Millennials in their mid 30s (if we use 1982 as the beginning of the Millennial generation).

Convergence of 3 Generations in 1 Workplace

Other scenarios that will become commonplace will include experienced Boomers reporting to Millennials, members of all 3 generations working side-by-side on teams, and, Millennials calling on Gen X clients. And, all this is going to happen while 3 generations (the Boomers, Gen Xers, and Millennials) continue the process of finding a way to get along in an uncertain workplace.

This has made all the more interesting given the gap between these two generations. For example, Gen Xers complain that the Millennials are indulged, self-absorbed, and overly optimistic, while Millennials charge that Gen Xers are cynical, aloof and don’t appreciate fresh ideas and idealism.

The Generational Gaps

A survey of 2,546 HR professionals (mostly Gen Xers with all 3 generations represented) across all industries (“Millennials at Work”) was conducted between June 1 and June 13, 2007. The results indicated that there were pronounced generational gaps in communications styles and job expectations in the workplace:

  • 49% of employers surveyed said the biggest gap in communication styles between Millennials workers and other workers is that Millennials communicate more through technology than in person
  • 25% said they have a different frame of reference
  • 87% said that Millennials feel more entitled in terms of compensation, benefits and career advancement than past generations
  • 73% of hiring managers and HR professionals ages 25 to 29 (Millennials) share this sentiment

Some of the examples of this behavior provided by the employers taking the survey included the following:

  • 74% said Millennials expected to be paid more
  • 61% said Millennials expected to have flexible work schedules
  • 56% said Millennials expected to be promoted within a year
  • 50% said Millennials expected to have more vacation or personal time
  • 37% said Millennials expected to have access to state-of-the-art technology
  • 55% said that Millennials have a more difficult time taking direction or responding to authority than older generations of workers did/do

Generational Preferences: Generation X and the Millennials

So, what is the answer to this frustration? Simply that the 3 generations, especially the Gen Xers and the Millennials, begin to understand and respect each other….

Generation X

There are 51 million members of the Generation X (also known as the “latch-key kids”). These Gen Xers:

  • Were born between 1965 and 1976
  • Accept diversity
  • Are pragmatic/practical
  • Are self-reliant/individualistic
  • Reject rules
  • Mistrust institutions
  • Are politically correct
  • Use technology
  • Are able to multitask
  • Are friend-not family oriented

Gen Xers want a casual/fun/friendly work environment that allows them to be involved, offers flexibility and freedom. They also want an environment where they can continue to learn.

It is important to remember that Generation X grew up in a very different world than previous generations. Divorce and two income families created “latch-key” kids out of many in this generation – which led to traits of independence, resilience, and adaptability.

As a result, it is commonplace to meet Gen Xers who don’t want “someone looking over their shoulder” in a work (or social) environment. They want and are comfortable giving immediate and ongoing feedback, work well in multicultural settings, and take a pragmatic approach to getting things done.

Work Ethic of Gen X

Gen Xers have redefined loyalty after seeing their parents face layoffs and experiencing the recessionary period in the early 1980s when jobs were scarce and job security was poor. As a result, they are committed to their work, to the team they work with, and to their boss, but not necessarily the company they work for. Unlike the Baby Boomer generation which would complain about their job but accept it, Gen Xers send their resume out and accept the best offer they can find.

But that does not mean that Gen Xers do not take their employability seriously. Their career choices are flexible, and they are willing to move laterally, stop and/or start over in their careers. Instead of a career ladder, they have more of a career lattice.

Since Gen Xers dislike authority and rigid work requirements, a hands-off relationship is necessary, coupled with giving ongoing feedback on their performance (it is best to keep them informed of your expectations and the measures you will be using to evaluate their progress) and encouragement to be creative and show initiative in finding new ways to get the job done (in fact, Gen Xers work best when they’re told what the desired outcome is and then told to achieve it). They prefer to work “with” you, not “for” you, and are eager to learn new skills because they want to stay employable.

This is really different from the way to treat Millennials…

The Millennial Generation

Millennials (there are 75 million of them!) are also known as the “Internet Generation.” They:

  • Were born between 1977 and 1998
  • Celebrate diversity
  • Are optimistic/realistic
  • Are self-inventive/individualistic
  • Like to rewrite the rules
  • Want a killer lifestyle
  • Have an irreverence for institutions
  • Are able to multi-task at a rate faster than any prior generation
  • Are nurtured/nurturing
  • Treat friends as family/love family

Unlike Gen Xers, Millennials want a structured, supportive work environment, personalized work, and an interactive relationship with their bosses. This group is technically literate like no one else since technology has always been part of their lives. They are typically team-oriented, work well in groups, are accomplished multi-taskers, and are willing to work hard with structure in the workplace.

They acknowledge and respect positions and titles, and want a relationship with their boss. But this is something that many Gen Xers are not comfortable with, given their desire for independence and their preference for a hands-off style.

Millennials believe that their success will be linked to their ability to acquire as wide a variety of marketable skills as they can, and are looking for mentoring, structure and stability in the firm they work in. Thus, they like to be managed and coached in a very formal process. For example, they like set meetings and a boss who acts like their boss. They also like lots of challenges. Effective management of Millennials requires that you break down their goals into steps and give them the necessary resources and information they’ll need to meet the challenge. In fact, successful managers often mentor Millennials in groups since they work so well in team situations. They use the opportunity to act as each other’s resources or peer mentors.

Understand the Trends that Molded Millennials

To understand the Millennials, it is important to understand the trends of the 1990s and 2000s that molded their behavior:

  • Focus on children and family in the early 90s
  • Scheduled, structured lives as a result of parents and teachers micromanaging their schedules and planning things out for them
  • Multiculturalism – kids growing up in the 1990s and 2000s had more daily interaction with other ethnicities and cultures than ever before
  • Terrorism, Heroism and Patriotism – The bombing Federal Building in Oklahoma City the Columbine High School killings and, the terrorist attacks on September 11, 2001, and the heroes who emerged from these dark days, all affected them and galvanized their sense of patriotism
  • Parent Advocacy – the Millennials were raised by involved parents who did, and often still do, intercede on their behalf

These trends coupled with the consistent messages their parents gave and the school system reinforced had a profound effect on the generation as a whole. Messages they received included:

  • Be smart—you are special
  • Be inclusive and tolerant of other races, religions, and sexual orientations
  • Connect 24/7
  • Be interdependent—on family, friends, and teachers
  • Achieve now
  • Serve your community

Work Ethic of Millennials

All of this has translated into a generation of employees with a different work ethic that is different from their Gen X colleagues/bosses.

From a work ethic standpoint, Millennials:

  • Are confident and have a “can-do” attitude
  • Are optimistic and hopeful, yet practical
  • Believe in the future and their role in it
  • Expect a workplace that is challenging, collaborative, creative, fun, and financially rewarding
  • Are goal and achievement oriented
  • Think in terms of the greater good and have a high rate of volunteerism
  • Are inclusive

Millennial Liabilities and Assets

Millennials’ liabilities include a distaste for menial work, poor people skills when dealing with difficult individuals, a tendency to be impatient, a lack of experience, and over-confidence.

Include in their assets the following facts:

  • Multi-task effectively
  • Goal orientated
  • A positive attitude
  • Work well with others

In fact, they work and learn best in teams. They also thrive in a structured environment that offers experiential learning.

What do Millennials Want from Employers?

So, what do Millennials want from their employers? Millennial want their bosses to:

  • Be the leader – specifically to behave with honesty and integrity and to be good role models
  • Challenge them and to offer them challenging, learning opportunities with growth opportunities
  • Let them work with friends and positive people in a friendly environment
  • Respect them
  • Be flexible
  • Pay them well

So, what do we do with all this information? Well, we have been giving lip service to the concept of internal customer service, specifically treating employees with the same respect and attitude we do customers. Thanks to the new generation, that is about to change – at least in successful firms.

This meansmeetings needs to learn to meet their high expectations, listen to their ideas despite their lack of experience, learn to respond in a positive/respectable manner than a negative one, and embrace their knowledge of technology (and not feel threatened by it). Learn from them.

Ideas for Managing Millennials

Companies such as Procter and Gamble, Siemens and General Electric have set up tutoring for middle-aged executives and or reverse mentoring programs so their executives can better understand new technologies.

Other changes companies are making include offering:

  • Flexible work schedules
  • More recognition programs
  • More access to state-of-the-art technology
  • Ongoing education programs

Guide to Outsourcing Your Business's Bookkeeping and Accounting


Sources
http://www.abanet.org/lpm/lpt/articles/mgt08044.html Generation X and The Millennials: What You Need to Know About Mentoring the New Generations by Diane Thielfoldt and Devon Scheef, August 2004
http://en.wikipedia.org/wiki/Generation_Y Generation Y
http://www.brandchannel.com/start1.asp?id=156 Who’s filling Gen Y’s shoe’s? by Dr. Pete Markiewicz, May 5, 2003 issue
http://www.usatoday.com/life/lifestyle/2006-06-28-generation-next_x.htm The ‘millennials’ come of age, 6/29/2006
http://www.cbsnews.com/stories/2007/11/08/60minutes/main3475200.shtmlThe “Millennials” Are Coming, Morley Safer On The New Generation Of American Workers, Nov. 11, 2007
http://humanresources.about.com/od/managementtips/a/millenials.htm Managing Millennials: Eleven Tips for Managing Millennials, by Susan M. Heathfield,
http://top7business.com/?id=3023 Top 7 Keys to Managing Millennials in the Workplace by Gretchen Neels.
http://www.abc.net.au/news/stories/2007/07/13/1978431.htm Generation Y disappoints employers by Liv Casben
Connecting Generations: The Sourcebook by Claire Raines, published 2003.
Managing Generation Y by Carolyn A. Martin, Ph.D. and Bruce Tulgan, published 2001.
Generation X by Charles Hamblett and Jane Deverson, published 1965

Originally posted by Jim Wilkinson on July 23, 2013. 


Be prepared for how the changes expected in the accounting workplace. But there are a few recruiting strategies that are tried and true – through all generations. Learn what they are in our 5 Guiding Principles For Recruiting a Star-Quality Team whitepaper.

future of the accounting workforce, Generational Preferences

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What the Current Hiring Process Costs

It’s hard for companies to realize how much they are actually spending when it comes to hiring a new employee. Once they decide it’s time to pursue a new worker, a lot of resources are used to find the perfect candidate for the job. Finding the perfect candidate within a vast number of people might be very difficult, therefore costing a significant amount of time and money to the company. There are certain steps a company can take in order to minimize these costs. In this blog, we will walk through what the current hiring process costs.

What the Current Hiring Process CostsContemplating Profits and Cash Flow

Hiring and recruiting a new employee costs the company a lot more than just their salary. Recruitment costs are very often overlooked. Recruiters spend countless number of hours trying to find the perfect candidate for their needs, leading them to go through extensive research on countless number of candidates. This research, however, is not free. Finding the perfect candidate comes with a price. Let’s look at what the current hiring process costs:

Suppose you pay your recruiter $75 an hour and he looks through 100 resumes, each for 20 seconds:

$75 x (20s x 100 Resumes) 

Let’s assume that 10% of those applicants now get an interview lasting an average of 1.5 hours:

$75 x (20s x 100 resumes) + (10 x 1.5 hours)

On top of that, lets presume 10% of those interviews make it to a second round:

$75 x [(20s x 100 resumes) + (10 x 1.5 hours) + (1 x 1.5 hours)]

That’s a total of 17 hours and for $75 and hour you ended up paying your recruiter:

17 x $75 = $1,275!

That is not even adding the cost that you spent advertising for the job posting, drug tests, background pre-screenings or assessment tests!

As you can see, hiring a worker is clearly not free, it can come with various unexpected costs that sometimes can go unnoticed. Companies should take proper measures to minimize these costs because as you can see above, each recruiting process can cost a hefty amount.

This poll was administered online in the U.S. by Harris Interactive©

Impact of a Bad Hire

Even after spending countless amounts of time and money finding the perfect candidate, companies still run the risk of a bad hire. Maybe they needed to fill the job quickly, maybe they didn’t have enough talent intelligence, or maybe it was just an honest mistake. But hiring the wrong person can have significant effects on the company’s performance. Hiring a person that does not provide value to the company can be critical hit to the company’s development. Not only does it waste the company money, but it can also have a negative influence on company culture. Be cautious when it comes to hiring a new employee and take proper measures to properly decide on the best candidate.

Tips to Improve Your Recruiting Process

Once you realize it is time for your company to hire someone, it’s a chore finding the correct person for the job. From the marketing to the interviews, it can be very important how you go about this process. Or you risk missing out on great potential candidates when you do things imperfectly. Here are some tips to improve your recruiting process:

Have an Accurate Job Description

Thoroughly define what exactly are the duties and responsibilities you are looking for and add these to the job description. Make sure they are as clear and accurate as possible. Try to have a job posting that will attract qualified candidates and discourages others. This will help you save a considerable amount of time in the screening process.

Advertise Your Job

Do some research on what type of job posting resources will work the best for your company, whether its posting online, in a school placement office, or through an employment agency. The way you find you candidates can have a remarkable difference on the quality of your applicants.

Compare Applicants

Think of what your ideal candidate will look like. Then, have a strict screening process that would weed out applicants that would not be suitable for your company. After this, rank your remaining candidates in order from most to least suitable. You can also choose to have an assessment test that would measure their abilities in an actual job-like situation.

Show Them Why They Should Work For You 

Once you have chosen your ideal candidate, now it’s your turn to sell him on the job. Remember that the strongest candidates will always have more opportunities. Hiring is a two-way street, so make sure you convince your candidate by communicating a strong vision and mission for your business with enthusiasm and sincerity.

Bypass the Current Hiring Process

It’s 2018. With private companies launching rockets into space and technology recognizing faces, the question we asked ourselves was… Why is the current hiring process the same? Everything else from time keeping programs to communication software to automation has allowed businesses to succeed in 2018. There had to be some revolution to the hiring process, but the only changes in the past couple of decades are search firms, head hunters, and recruiters. That’s why we created Short|LYST. It allows employers to bypass the current hiring process and cut the current hiring process at least in half.

Instead of screening hundreds of candidates, interviewing dozens more, and risking not even finding the right candidate, Short|LYST does that all for you. Our team of experienced HR and financial executives take the financial and time burden off from the employers. All the employer has to do is pick and choose which recommended candidate they want to take forward. Learn more about Short|LYST here.

What the Current Hiring Process Costs


what the current hiring process costs

what the current hiring process costs

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Recruiting vs Staffing

Difference Between Recruiting vs Staffing

The difference between recruiting vs staffing is that recruiting is acquiring talent to be a full-time employee. Whereas staffing is the hiring of an agency to provide temporary workers.

Recruitment / Placement

There are many recruitment agencies or placement agencies. It may also be referred to as a retained search. They typically charge a percentage of the hire’s salary as a placement free. Those agencies then collect resumes, interview, vet, and eventually get the client’s approval for hire. After the client approves and hires the recruit, the agency has finished their job. The client company not only hires the recruit, but is also responsible for the Social Security, Medicare, and employment taxes. In addition, those employees usually expect benefits such as health insurance and 401K.

Staffing Agency

Conversely, a staffing agency fills the gap when a client company needs a number of employees immediately but does not have the resources (capital) to afford all that is involved with hiring an employee. Staffing provides temporary workers that can be specialized to the client and bills them on an agreed to hourly rate

Hiring Process Through a Staffing Agency

A staffing agency has numerous job ads published to recruit the best talent. The agency then reviews the resumes, interviews potential candidates, and eventually, finds the perfect employee to fill a position at a client company. Depending on the demand, agencies can have a significant amount of employees that they can deploy.

Hiring a Staffing Agency

When hiring a staffing agency, it is important to assess your needs. Are you seeking specialized workers? Do you need 80 employees tomorrow or just 2? Different staffing agencies are going to be able to help you with what you need.

Advantages of Hiring Through a Staffing Agency

Some advantages of hiring through a staffing agency include seeing a potential employee in action before making the commitment to hiring them. Companies also are able to offset the costs of hiring to the staffing agency – essentially stretching their dollar. Additionally, companies are able to get a number of employees quickly, bypassing the weeks hiring usually takes.


Looking to hire a staffing agency to fill your accounting department needs? The Strategic CFO has recruited the best talent to serve your staffing needs. Click here to learn more about how we can serve you best.


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Corporate Zombies: Combat the Rise of Unengaged Employees

Recently, we have seen a new term emerging regarding the type of employees some companies have: corporate zombies. Why should you as a financial leader care about the type of employees your company has? It all lies in your income statement. One of the largest (if not the largest) expense item is your human capital. If some of your employees are corporate zombies, that cannot be good for the financial future of your company and we’ll explain below.

What are Corporate Zombies?

So what are corporate zombies? Let’s break it down by starting with the word zombie. Zombies are depicted by popular culture to be reanimated corpses with a focused hunger for flesh (namely brains). But you put these zombies in a corporate setting, you find that they are hyper-focused on reaching a title or level within the company. They are speedy and efficient. But like general zombies, corporate zombies neglect to look left or right for any other solution to a problem. They lack creativity and instead, corporate zombies have an unquenchable hunger for power and influence. These employees neglect to innovate, go out of their way to serve customers, or solve problems. And they are rising up…

corporate zombiesWhy are Corporate Zombies rising up?

Corporate zombies are rising up for three potential reasons. They are:

  1. Unengaged in their current work
  2. Laser-focused on reaching management level
  3. No interests outside of work because they spend all their time in the office

In addition, we are seeing that corporate zombies in recruiting are hiring the same type of person. This person is on the fast track to management, are unengaged with doing the job that they currently have, and are spending all their time at work. While it may seem good to have those that want to be promoted and will work for that promotion, you must address whether they are putting in the work for the job they were hired to do. The army of corporate zombies are rising up as those in charge of hiring are adding more and more of the same type of person into their company.

Is your company overwhelmed by corporate zombies? If so, it’s time to start revamping how your company hires. Click here to download our free 5 Guiding Principles for Recruiting a Star-Quality Team whitepaper.

Why are Corporate Zombies destroying companies?

The 2AM emails, rolling into the office late, staying late, accommodating everyone, and living for the gold stars. When you add all these factors up, you will see an unproductive, uncreative, and exhausted employee that are wasting your time and money. Not good. These employees are destroying your company before your eyes, and they need to be stopped.

Unengaged Employees

According to the most recent Gallup poll on employee engagement, 67% of employees in companies located in the United States are unengaged. Most of the time, you will not be able to walk into a company and see this. But after spending a little with employees in different departments, there will be a couple things that stick out to you. People are watching the clock, trying to prove how much work they are doing (and completely disregard the quality of the work completed), and are sucking up to their superiors. While they may be engaged with their position, they are not engaged with the work needing to be done.

In addition, these unengaged employees are looking to step up into a more superior management position. But another interesting thing to note is that not everyone should be a manager. Gallup also reports that “only 10% of human beings are naturally wired to be great managers — and some others, while not naturally gifted, are teachable. But companies choose candidates with the right talent for the job only 18% of the time.” By putting employees that may “work hard” but do not produce quality work into management roles, leaders will continue this cycle of building a zombie-like company.

Reduced Productivity

If you told an eight-year-old to clear the dinner table and put things in the dishwasher, you may find that although the task will get done but it may be done not correctly. Employees in your company do each task and move onto the next so quickly that there is no check of the work done. Down the line, those or other employees will have to redo those tasks – wasting the company’s money. Their hyper-focused attention on reaching the end goal skips over the full scope of a project.

Although millennials are most often blamed for this, all employees that leave late, stay up late, and are on the clock essentially 24/7 are destroying their own productivity. 24/7 work creates exhaustion, tension between the employer and employee, decreased productivity, and reduced loyalty. An employee starts out exhausted. They think that to get to the next level, they need to be on the clock always. Then if they don’t see progress on getting that promotion, they begin to resent the company. That resentment quickly morphs into decreased productivity. If more work doesn’t move the needle, then they start producing less work. Eventually, they leave the firm. Everyone knows this: employee turnover is a killer for companies.

Response Not Initiative

Have you noticed that your company is more responsive than proactive? After a customer, vendor, or employee brings up a complaint, your company then begins to find a solution. But there is no initiative to find a solution beforehand. It can be frustrating when you hear the same complaints repeatedly. You start to question whether there is something that can be done to prevent these situations from arising. Sound like your company? Corporate zombies may have overrun your company.

The best companies in the world attempt to predict potential issues in advance and work to find a solution to those issues before they become a problem. They think about how they could improve the current product or service. They don’t just move onto the next project because they finished the previous. This lack of initiative in companies is destroying any chances of gaining real value.

How to Combat Corporate Zombies

A general does not go into battle without a game plan, so why would you? To take down the army of corporate zombies that have been building up for years, you need a firm strategy to combat them. Some of the strategy needs to include changing the culture of your company and taking control over the hiring process. You cannot allow that army of zombies to continue to build.

Build a team that defies the norm. Click here to download our free 5 Guiding Principles for Recruiting a Star-Quality Team whitepaper and start combatting those corporate zombies.

corporate zombiesThink Critically

The best way to combat those cash-sucking employees is to encourage critical thinking. Try not to just settle for the easiest and quickest solution. Instead, create teams to provide the best solution for your company and for your customers. If you do not encourage and demand that your employees think beyond what they have been taught to do, the cycle of producing the same type of person will continue. Hire each person for a very specific purpose. As one of your largest expense items, it is your role as a financial leader to cultivate the best employees.

Challenge your management to do better instead of letting them do their jobs like they have been for years. Corporate zombies do not like to be attacked. Defy the norm and think critically about how you can go against the grain.

corporate zombiesTransform Your Culture – Reengagement

If you are a company full of the same type of employees, step up and reengage the management with the reality of what is going on. The culture of the company needs to shift before it inevitably falls. Create a culture of accountability by implementing teams, improving leadership philosophies, and building on the strengths of individual employees. Harvard Business School Professor of Leadership, Leslie Perlow, describes transformation of company culture this way: “If you try to do things differently, you will find it incredibly valuable. It’s rallying together to recognize that if we continue to work in this way, it’s undermining our productivity, our sustainability, our creativity.” (Entrepreneur)

Address quality in your company. Create quality controls in your company to push your employees to do better than they did yesterday. Your company, customers, and shareholders will be thankful that you did that (and your competitors will be cursing you).

Take Control of Recruiting

As the financial leader of your company (CFO, CEO, controller, entrepreneur, etc.), take control of your recruiting. If you are looking to be successful and grow substantially, you must have the right employees. They must challenge you like you challenge them. Although it may feel nice to have a yes-man, a yes-man is only looking to get your job or to get on your level. A star-quality team requires different people to contribute to the overall success. Start assessing your current team and transform your hiring process by learning what it takes to have a star-quality team. Download our free 5 Guiding Principles for Recruiting a Star-Quality Team to stop the rise up of corporate zombies in your company.

corporate zombies

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Access your Recruiting Manual in SCFO Lab. The step-by-step plan shows you how you can recruit and hire the right team.

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Recruiting a Winning Team

See Also:
How to Hire New Employees
Designing an Effective Internship Program

Recruiting a Winning Team

If an organization is to be successful, recruiting a winning team should be a top priority. An organization cannot function efficiently if its personnel are not chosen appropriately. Therefore, certain steps must be taken so that an organization can ensure the best employees are hired.

How to Recruit New Employees

Hire in Haste, Regret in Leisure!

Often companies panic when someone leaves. They feel that the position must be filled as soon as possible. Or, in the case of a new position, they wait until problems occur by not having that position filled. The cost of lost productivity by making a bad hire often outweighs the cost of taking your time to fill the position. Another consideration is: What are the odds that the ideal candidate is available or interested during the search process? Furthermore, the question still remains: What criteria determine how organizations recruit new employees? If you have a short window then the odds are low that your optimum team member is available. By extending your window, you increase your hiring success exponentially.

Hire for Talent, Train for Skills

Most companies identify the skills they need for a particular job and then hire a candidate that already possess the skills they need. They ignore the question of whether the candidate has the talent to grow with the organization. To build a winning team you should do the opposite: Hire for talent then train for skills! It is important for a company to know how to recruit talented employees as opposed to skilled ones.

Determine the Job, Then Find the Person!

In today’s job market companies are inundated with job candidates. Many are extremely talented and skilled. Unfortunately, they may be over-qualified when recruiting a winning team. Consequently, the company spends an enormous amount of time trying to find a position for the candidate. So how do organizations decide how to recruit the best employees for a certain job? Often they redefine the job position to fit the candidate’s skills not what the organization needs to be successful. To build a winning team, you should determine the role to be filled and focus on filling that role.

Don’t Hire Someone You Wouldn’t Eat Lunch With!

If a candidate doesn’t fit in well with the team members, then the team’s performance is in jeopardy. So what is the best way to recruit employees so that they can fit in with existing personnel? When interviewing a candidate you should have them meet one on one with four or five team members. They should meet with both supervisors and subordinates. Finally have someone go to lunch or breakfast with the candidate. If you can’t eat a meal with someone, then how are you going to work well under stress? When recruiting a winning team, it is important to understand that the team members must work well together!

If You Know the Last Chapter, Get There

Face it! We all make mistakes in hiring. The question is how to deal with it. If you know that someone is not a good hire then address the issue immediately. Work out a fair severance package and move on. The longer you delay, the more damage is being done to your team and the farther you are away from recruiting winners.

Determine which candidates are the right fit for your company. Download the free 5 Guiding Principles For Recruiting a Star-Quality Team.

recruiting a winning team

Strategic CFO Lab Member Extra

Access your Recruiting Manual Execution Plan in SCFO Lab. The step-by-step plan recruit the best talent as well as avoid hiring duds.

Click here to access your Execution Plan. Not a Lab Member?

Click here to learn more about SCFO Labs

recruiting a winning team

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How to Hire New Employees

How to Hire New Employees

Hiring new employees is one of the most challenging tasks business owners face. You can take the fear and anxiety out of the process – and ensure you get the best prospect for the job – by developing an incremental, systematic approach and staying focused on the process. There are four simple steps that cover how to hire new employees.

Remember this: if you don’t change the system or process of hiring that you’ve been using thus far, then you’ll simply get more of what you’ve already got. Here’s a proven four step recruiting system that if followed carefully will ensure you hire the best candidate for the job every time.

Define What You Are Looking For

Define what you’re looking for carefully. Before you even begin looking or telling people you have a position you’re looking to fill – assess your present situation and define your ideal organization chart. Is your current staff in the best positions? And then, for this new / open position – have you fully defined the job and documented its responsibilities and requirements in a job description? What will the ideal candidate look like? Draw this picture before you even begin looking.

Attract a Large Pool of Applicants

Attract the largest pool of applicants your time and budget will allow. Be prepared ahead of the need arising with an up to date database of all your contacts. Research a wide variety of job posting resources that make sense for your business – develop a list and keep it updated. These would range from newspapers and industry newsletters, community organizations and churches, to temp agencies to web sites. Spread the word and share the job description with all your current employees, customers, vendors and other personal contacts.

Compare Applicanta

Compare each of the applicants who contact you two ways: compare each to your requirements, and then compare the qualified applicants to each other and rank them from most to least suitable. Implement multiple levels of screening and you’ll waste less time in lengthy interviews with under-qualified candidates. After you have developed a short list of applicants – invite them in for a structured test situation where they perform the essentials of the position in real time while you observe the results. Also assess your short list with one or more of the variety of assessment tools available to make sure you’re making an appropriate selection.

Sell Your Ideal Candidate

Sell your ideal candidate on the job. Remember the hiring process is a two way street. You’re interviewing them – and they’re assessing you. The stronger more desirable candidates will always have more opportunities. Do you have a strong vision and mission for your business that you can effectively communicate with enthusiasm and sincerity? You need to enroll and inspire in your vision to get a strong team member to join you. Another common mistake in hiring is ‘selling’ too soon. Be sure you haven’t skipped any of the previous steps so you don’t wind up selling the wrong candidate.

The hiring process is critical to the growth of a strong healthy business. Turning it into a systematic, incremental process can take the fear and anxiety out of the process. Having a system in place for making hiring a routine process will ensure you are not trapped with retaining poor performing staff because you fear having to hire replacements.

In order to determine which candidates are the right fit for your company, download and access your free white paper, 5 Guiding Principles For Recruiting a Star-Quality Team.

how to hire new employees

Strategic CFO Lab Member Extra

Access your Recruiting Manual Execution Plan in SCFO Lab. The step-by-step plan recruit the best talent as well as avoid hiring duds.

Click here to access your Execution Plan. Not a Lab Member?

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how to hire new employees

See Also:

How to Run an Effective Meeting
How To Train People For Success
Future of the Accounting Workforce
Recruiting a Winning Team
How to form an Advisory Board
How to Hire a CFO Controller

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American Institute of Certified Public Accountants – AICPA

American Institute of Certified Public Accountants (AICPA) Definition

The American Institute of Certified Public Accountants (AICPA) is a professional organization for Certified Public Accountants (CPAs). Furthermore, this organization is based in the United States. The organization dates back to 1887.

The AICPA creates the CPA examination. Then, they grade the CPA examination. In addition, it is also the organization that authored many of the original financial accounting and reporting standards included in GAAP; however, FASB is now responsible for GAAP.

The AICPA’s primary objectives include the following:

  • Advocacy on behalf of members
  • Certification and licensing of new members
  • Promoting public awareness of CPA professionalism
  • Recruiting and educating prospective CPAs
  • Establishing professional standards

If you want to learn more financial leadership skills, then download the free 7 Habits of Highly Effective CFOs. Find out how you can become a more valuable financial leader.

american institute of certified public accountants

Strategic CFO Lab Member Extra

Access your Flash Report Execution Plan in SCFO Lab. The step-by-step plan to manage your company before your financial statements are prepared.

Click here to access your Execution Plan. Not a Lab Member?

Click here to learn more about SCFO Labs

american institute of certified public accountants

AICPA Website

If you want more information on the AICPA, then go to: AICPA.org.

See Also:
Statement of Financial Accounting Standards – SFAS
Sensitivity Analysis Definition
Standard Chart of Accounts
Problems in Chart of Accounts Design
Future of the Accounting Workforce

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