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Winning Trends in Attracting and Retaining Top Talent in the Finance Function FEI Canada Presentation Series. Trends Examined. Continued demand for skilled accounting and finance professionals Key hiring and retention strategies Gearing-up for future resource needs

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Winning Trends in Attracting and Retaining

Top Talent in the Finance Function

FEI Canada Presentation Series

trends examined
Trends Examined
  • Continued demand for skilled accounting and finance professionals
    • Key hiring and retention strategies
  • Gearing-up for future resource needs
    • Canadian CFO readiness for IFRS
  • Understanding your future workforce
    • Myths and facts about Millennial (Gen Y) employees
continued demand for skilled accounting and finance professionals key hiring retention strategies

Continued Demand for Skilled Accounting and Finance ProfessionalsKey Hiring & Retention Strategies

continued demand for accounting and finance professionals
Continued Demand for Accounting and Finance Professionals
  • Business expansion
  • Corporate governance initiatives
  • Talent crunch for top performers
  • Skilled professionals experiencing greater leverage in job market
  • Businesses enhancing employment offers
rising compensation
Rising Compensation
  • Employers expediting hiring process for promising candidates but becoming increasingly selective
  • Hiring managers looking for more exact skill sets
  • Temporary-to-hire arrangements used as hiring tool
  • Companies raising salaries for skilled practitioners
  • Counteroffers increasingly common
  • Employers offering comprehensive benefits

Starting salaries for accounting and finance professionals will increase an average of 2.7% according to the 2009 Robert Half Salary Guide.

(Available October 2008)

the hiring environment
The Hiring Environment
  • Corporate accounting
    • General accounting experience in demand
    • Financial reporting expertise sought
    • Companies hiring practitioners with well-rounded skill sets
  • Public accounting
    • Accountants sought to help firms deliver expanding service offerings
    • Competition for entry-level professionals increasing
    • Firms preparing for demographic shifts
    • Retention a growing concern
  • Banking and financial services
    • M&A activity fuelling need for financial analysts
    • Combination of industry expertise and interpersonal skills sought
  • Growing industries
    • Business services
    • Financial services
    • Professional services
  • Positions in demand

Staff / Senior Accountant, Controller

Financial Analyst, Internal Auditor

Tax Accountant, Payroll professionals

AP/AR staff, Credit and Collections Specialist

attributes sought in candidates
Attributes Sought in Candidates
  • Technology proficiency
    • Enterprise resource planning
    • Excel, Hyperion, Access expertise in demand
    • Industry-specific software knowledge sought in some sectors
  • Communication skills
    • Strong communication skills key factor in hiring decisions
    • Professionals must be able to convey financial information to diverse audiences
job seekers top considerations
Job Seekers’ Top Considerations

Source: Robert Half International survey of 270 Canadian chief financial officers

why good employees quit
Why Good Employees Quit

Executives were asked, “Which of the following is most likely to cause good employees to quit their jobs?”

Source: Robert Half International survey of 270 Canadian chief financial officers

provide advancement opportunities
Provide Advancement Opportunities
  • Consider existing staff first when looking to fill a vacant position
  • Provide challenging assignments that promote skill development
  • Subsidize training and formal mentoring
  • Develop a career map
  • Create an action plan
  • Provide training and support
  • Review the plan frequently

Percentage of executives more likely to promote from within than 3 years ago:

60

recognize employees
Recognize Employees
  • Why it’s important:
    • Lack of recognition leads to diminished motivation and low morale
    • Employees who feel unappreciated will seek other opportunities
    • In tighter labour market, employees won’t hesitate to quit for better offer
    • Even during downturns, recognition is important
  • Tie it to your company’s mission
recognize employees12
Recognize Employees

Canadian CFOs were asked, “Other than financial rewards, which one of the following is the most effective means of motivating your employees?” Their responses:

Source: Robert Half International survey of 270 chief financial officers

keeping employees motivated
Keeping Employees Motivated
  • Winning retention strategies:
    • Establish a common goal
    • Get the team’s buy-in
    • Manager should oversee staff’s processes
    • Encourage equal participation between subordinates
    • Get more involved with your employees
    • Enhance communication with you and your staff
    • Highlight the benefits of morale boosters to your hiring managers
    • Bring in additional resources to manage retention programs
    • Help staff focus on business goals
  • Money Still Matters
    • Merit raises, spot-bonus program, stock options, profit sharing, customized benefits
canadian cfo readiness for ifrs

Survey conducted July 30, 2008

Canadian CFO Readiness for IFRS

Canadian CFOs were asked, “How prepared are today’s accounting and finance professionals for the upcoming migration of Canadian standards to IFRS?” Their responses:

Source: Robert Half International survey of 270 chief financial officers

canadian cfo readiness for ifrs16

Survey conducted July 30, 2008

Canadian CFO Readiness for IFRS

Canadian CFOs were asked, “What steps will your company take, from a staffing perspective, to address the migration to IFRS?” Their responses:

Source: Robert Half International survey of 270 chief financial officers

strategic staffing for ifrs
Strategic Staffing for IFRS
  • Companies are staffing more strategically, recognizing the value of hiring only when there is a full-time need
  • Consultants/contract employees are seen as a long-term solution
    • “Just-in-time” access to key skills
    • More flexible and cost-effective
    • Access to highly specialized talent
  • Robert Half Management Resources provided exclusive training to help consultants prepare for the IFRS exam
generation y
Generation Y

Born 1979-1999

Also known as

“Millennials” or “Nexters”

Optimistic, confident and

goal-oriented

Financially and

technologically savvy

Expect greater

workplace flexibility

More open to change in

jobs and career

generations preceding the millennials

Generation X

  • Born 1965-1978
  • Often had both parents working, hence also known as “latchkey kids”
Generations Preceding the Millennials

Baby Boomers

The Silent Generation

  • Born 1925-1945
  • Born mostly during era of war or depression
  • Born 1946-1964
  • Most talked-about generation in history
the why behind gen y
The ‘Why’ Behind Gen Y
  • Have experienced effects of economic uncertainty
  • Conduct much of their lives online
  • Comfortable with close parental involvement in their lives
  • Ambitious and highly motivated, but share same concerns as their predecessors

“I don’t think Generation Y will stay at their jobs as long as their predecessors. They prefer change and will gravitate toward ‘forward thinking’ companies that embrace nontraditional working environments and high technology.”

– Gen Y survey respondent

myths and facts about gen y
Myths and Facts About Gen Y
  • 33% of Gen Yers surveyed are concerned about financial security, supporting themselves and their families, and “saving enough” money
  • 26% worry about finding/ keeping a job and career longevity
  • 23% worry about finding fulfillment on the job and advancing in their careers

Gen Y lives in the moment and would rather play than work

myths and facts about gen y23
Myths and Facts About Gen Y
  • They’re focused on the future and worried about funding retirement
  • Benefits, including health insurance and retirement programs, rank among the top three factors when evaluating a job opportunity

Gen Y expects

instant gratification

myths and facts about gen y24
Myths and Facts About Gen Y
  • 73% of Gen Y respondents worry about balancing professional and personal obligations
  • Want fulfilling work, families and rich personal lives
  • Look to employers for help in achieving work/life balance

They slack off at work to take care of personal matters

myths and facts about gen y25
Myths and Facts About Gen Y
  • 35% of Gen Yers polled want to communicate with the boss several times a day
  • 25% want once-a-day interaction
  • Only 10% are comfortable communicating with the boss once a week

Gen Y workers can’t

take direction

myths and facts about gen y26
Myths and Facts About Gen Y
  • About half of those polled expect to spend only one to two years in entry-level positions
  • 73% expect to return to school to obtain another degree during their careers
  • Many expect to work harder than their predecessors did

Gen Y employees have a sense of entitlement and don’t want to “pay their dues”

gen y s dream boss
Gen Y’s Dream Boss
  • Good management skills
  • Pleasant and easy to get along with
  • Understanding and caring
  • Flexible and open-minded
  • Respects, values and appreciates employees
  • Good communication skills
what gen y wants in the workplace
What Gen Y Wants in the Workplace

They ranked these aspects of the work environment as

most important:

  • A manager I can respect and learn from
  • Working with people I enjoy
  • Having work/life balance
  • Having a short commute
  • Working for a socially responsible company
  • Having a nice office space
  • Working with state-of-the-art technology
the coworker factor
The ‘Coworker Factor’
  • Two-thirds of Gen Y workers prefer to communicate in person with their colleagues
  • Structure the workplace to facilitate face-to-face communication
    • Open, connected seating areas
    • Pleasant break rooms, cafeterias and collaborative spaces
  • Create opportunities to socialize
    • Monthly staff lunches
    • Get-togethers outside the office
where do we go from here
Where Do We Go From Here?
  • Consider Gen Y’s professional priorities and mindset
  • Focus on strategies to recruit, motivate and retain Gen Y workers
  • Support career growth and advancement opportunities
slide31

Winning Trends in Attracting and Retaining

Top Talent in the Finance Function

FEI Canada Presentation Series