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jobs report

April 2019 Jobs Report: Unemployment Lowest in 50 Years

According to the BLS Jobs Report and national news sources the April 2019 unemployment rate was at it’s lowest in 50 years. The economy added almost 263,000 jobs, bringing unemployment down to 3.6%, exceeding analyst predictions.

As the jobs report states, the some of the largest employment gains since April of 2018 are in professional and business services. On the losses side were electronics, department stores and commercial banking.

Recognize What the Jobs Report Figures Mean for Employers

As reported by the BLS Jobs Report, there are now more jobs open with fewer available job seekers. Employers are competing in a market where the best and brightest job candidates quickly find desired positions. Ask yourself these questions:

  • Will new college graduates bring any value-added skills and qualities to your organization?
  • Is my business willing to be flexible regarding job requirements that new grads may not have yet attained?
  • Are your recruiting and hiring methods keeping pace with the expectations of today’s job candidates?

Add Up the Benefits of Hiring New Grads

There’s now a fresh batch of well-educated college graduates looking forward to embarking on their careers.

  • They bring enthusiasm and motivation to all work sectors.
  • They are interested in learning, tech savvy, and attuned to high-pace settings.
  • As a whole, they are creative, often thriving on group-think focus for problem-solving.
  • They are ‘quick studies,’ able to grasp new material and add fresh perspectives to the work at hand.
  • They are rather new to professional workplace settings, requiring little ‘retraining’ time to adapt to your organization’s culture and methods.

Review Organizational Recruiting and Hiring Policies

Assess your organization’s recruiting tools and practices to assure you are keeping pace with employee interests. Revise if needed as the new batch of college graduates will be attracted to the positions you have when they:

  • Learn that your organization is innovative, encouraging employee ideas and engagement.
  • Hear about the projected growth of your business, with the potential for internal advancement.
  • Realize that you offer a range of benefits and perks that include work flexibility, continuing education, and a positive work/life balance.
  • Become aware of the transparency and mutual respect embedded in your company’s culture.

Hiring Mangers, to ensure that the salary you are offering is competitive, download the 2019 DLC Group Salary Guide for compensation data on the top accounting and financial positions.

Click here to find out how Beacon Resources can make your hiring process easier.

onboarding questions

Onboarding Questions to Ask New Employees

How the onboarding of a new hire is handled is critical to their success. The quicker a new-hire can get up-to-speed and feel comfortable, the faster they can make meaningful contributions to the company’s growth.  Savvy managers take stress reducing steps to learn about each new employee’s motivations, aspirations, and sensitive areas.  Managers should be asking key onboarding questions to find out how they can improve their new hire’s integration into the company.

To ensure that your employee onboarding process is as engaging as possible, consider the following steps:

Timing for Asking Onboarding Questions

Well timed questions assure an employee is off to a good start. The employee feels secure, realizing that you are interested in their success. Being present with observations and questions aids with gaining trust. That trust in turn means they feel comfortable coming to you for information as needed. To assure right-timing:

  • Check in on the first day and during the orientation phase to assure onboarding expectations are being met.
  • Be present and alert for signs of the need to touch base, such as:
    • The new employee appears doubtful or moody
    • Tardiness or absenteeism
    • Stepping beyond the assigned role

Onboarding Questions to Ask During the First Few Weeks

  • Do you have any questions about the documents and time you spent with human resources?
  • Do you need any job description clarification?
  • What is your initial impression of what it is like to work here?
  • How can I best support you in the coming weeks?
  • How can the company help you become more successful in your position?
  • What is going well? What are the highlights of your experiences so far? Why
  • Do you have sufficient time to get your work done?
  • Is there anything you don’t understand about your job and/or the company?

Conversation that Goes Beyond Questions

Even well framed questions do not always result in the depth of information needed to fully support a new employee. Conversations can reap useful information. And often lead to meaningful inquiry.

  • “Tell me about your first few weeks here. I want to hear your impressions, good and otherwise.” Responses to this opening lead to questions unique to the new employee’s experience.
  • Let’s meet tomorrow—it would help to hear about your experience thus far.
  • We welcome two-way feedback. I want to hear suggestions you have for me, and how you like to have feedback shared with you.

 

 

Click here for more tips about Creating a Successful New Hire Orientation

 

 

 

 

 

 

 

 

 

competitive job offers

Making Competitive Job Offers Without Breaking the Bank

It is imperative for companies to be aware of the current compensation trends in their industry in order to hire efficiently and effectively. To attract top-notch candidates, employers must make competitive job offers, while not breaking the bank.  For companies on a tighter budget, the differentiation method may be appropriate. With the differentiation method companies define their employer brand. This can include intangible benefits such as culture, perks and work/life balance.

Below are some tips that will help you retain your current employees and attract top-notch job candidates:

Become an HR Trend Master

Job candidates are seeking flexible benefits and good company culture, in addition to competitive job offers. These diverse factors require you to keep current with trends that affect hiring.

  • Track annual salary trends in your sector
  • Update your information about benefits and perks every year or two
  • Keep informed about candidates’ preferences related to company culture
  • Meet with managers to learn about trends they’re hearing about

Be a Jobs Advocate

Do you work in an organization with defined job classifications and specific salary ranges? These maintain equity yet can limit your ability to make competitive job offers. There are steps to take when you are working within limitations.

  • Request job reclassifications as needed

Job classifications become stale and outdated. Your hiring role means requesting job reclassifications as needed, based in part on the trend data you have collected.

  • Review Benefits Negotiation

Negotiate within your organization for benefits that candidates will accept in lieu of their ideal salary. Again, the trend data you have gathered will aid you in negotiating suitable terms.

Focus on the Candidate

You have reviewed trends and negotiated terms within your organization. Time now to focus on the preferred candidates’ requests. Seek more information about the following to determine the preferences of favored candidates:

  • Inquire about career goals and desires.
    • What is it about your organization that is attractive?
    • Learning, skill development, and advancement opportunities are negotiation points for candidates with long-term goals.
  • Ascertain benefits that compensate for salary limitations.
    • Use benefit trend information to open the discussion.
    • Highlight your organization’s current and anticipated benefit and perk options.
    • Flex time, telecommuting, extended summer weekends, and compensated courses are just a few options finding favor among job seekers.

Partner-up with an Accounting & Finance Staffing Firm.

A top rated accounting and finance staffing agency like Beacon Resources knows the hiring and compensation trends of the accounting and finance market.  Beacon Resources has a sizable database of job seekers, including job candidates who you won’t have access to by checking the job boards.

 

Click here for more tips about hiring the right job candidates.

 

 

 

hiring

Is Hiring the Cheapest Candidate a Wise Decision?

Hiring the cheapest job candidate is not always the wisest decision. Attempts to help the bottom line may fail miserably and cost you more. Human Resource advisers agree on the benefit of using the following decision-making factors:

  • Identify the level and range of skill that is central to the position.
  • Assess internal supports for orienting and training for the position.
  • Follow through thoroughly with the hiring process.

Job Candidate Skill Identification

Review the particulars of the position in question. Does it require multi-faceted, high level skills, or those that are task-oriented functions?

  • High level skills and performance traits include:
    • Critical thinking
    • Discerning judgment
    • Innovation and creativity
    • Sophisticated communication
    • A willingness to take well-informed risks
  • Task-oriented performance involves:
    • Tasks completed according to procedure and process
    • Following direction, offering suggestions as requested
    • Preference for low to moderate risk situations

Assess Internal Training Supports

Sophisticated supports need to be in place when hiring the cheapest candidate for a position requiring high level skills. These include:

  • Internal mentoring
  • Internal or external skill development options with specific timelines for performance achievement
  • Factoring in costs associated with supports

It All Comes Down to the Interview

It pays to keep your mind open with this decision! Consider these factors as you review candidates and conduct interviews:

  • Assess a seasoned professional’s ability to adapt to your business philosophy and processes.
  • Assess a candidate with emerging skills for enthusiasm, energy, and interest in learning to grow within your organization.
  • Ask carefully framed questions to learn about added assets all candidates offer—those beyond the listed qualifications.
  • Leave room for candidates to ask questions and listen carefully. These can reveal each candidate’s true interest in the position and your organization.
  • Contact all references, listening for signs of potential or red flags.

You are Ready to Make a Wise Hiring Decision

You have carefully followed all the steps needed to make this decision.

  • Trust your hiring expertise as you proceed.
  • Discuss pros and cons of each candidate with appropriate managers.
  • Work up a financial analysis of top candidates to aid with objectivity.

 

Employers,  your Perfect Candidate Awaits. Find Experienced And Talented Accounting And Finance Professionals Today. Whether you are looking to fulfill an interim, direct hire or interim-to-hire position, Beacon Resources’ team of recruiting experts actively facilitates connections between clients and candidates. Our rich candidate network is comprised of accounting and finance professionals with an average of at least 10 years’ hands-on experience.  We will help guide you through all the stages of the placement process. Our consultative approach with our clients includes advice on job descriptions, interview techniques, as well as market knowledge on salaries and the offer process. We will continue to serve as a resource throughout the term of the engagement or placement to ensure optimal and mutual success.