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Inside Talk
 

Inside Talk

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  • Margaret:Good afternoon and welcome to IMA’s Inside Talk Webinar Series which is made possible by Accounting Principals.
  • Margaret:The title of today’s presentation is ___ Salary Isn’t Everything - Looking at What 2012 Has in Store for Businesses and Talent Acquisition.I’m __Margaret Loughery____ and I’ll be your host for today’s Inside Talk Webinar.
  • Margaret:Before turning the presentation over to today’s moderator, I would like to quickly review some important information about today’s event. First, all attendee phone lines are muted and the Chat feature is disabled for participants. We encourage you to submit questions to the panelists at any time during today’s event by using the “Q & A” panel on the right side of your screen. Please be sure that the “Send” field below your question is set to “All Panelists.” Please refrain from addressing questions to any individual speaker. In addition, we are pleased to offer you the Audio Broadcast feature for this event. Use of the Audio Broadcast feature eliminates the need for you to call in on the telephone line. However, if you would prefer to listen to the audio for today’s presentation by telephone, please click the Request icon at the bottom of the Participant Panel for teleconference information. Please DO NOT close the Audio Broadcast dialog box on your screen.Finally, should you experience any technical difficulty, please contact WebEx Technical Support at the number listed on your screen.
  • Margaret:If you wish to print the slides for today’s presentation you can do so now or at any time during the event by selecting the “Print” option under the File menu on your screen.If you miss the opportunity to print the slides today, a PDF of the presentation will be available for download from IMA’s website beginning Wednesday, January 25th.We are also recording today’s webinar, so if you miss any portion of the presentation, please visit the webinar library on IMA’s website.Please note, that the recordings of Inside Talk webinars are exclusive to IMA Members.
  • Margaret:CMAs, CFMs and CPAs can report 1-hour of CMA and NASBA-approved CPE for today’s event if you:Have registered for this event Participate in the live Inside Talk webinar by responding to the polling questions during the webinar.And complete the event evaluation which will appear during the Q & A portion of today’s event. A Certificate of Completion will be emailed to you within 7-10 business days. Please print this for your records Please DO NOT enter the credit into your own transcript, as this will create a duplicate entry.We value your membership and appreciate your patience.
  • Margaret:It’s a pleasure to have __Steve Shannon as part of our program and he will be serving as moderator for today’s event. Steve’s Bio:Steve is responsible for identifying, establishing, and growing business and strategic partnerships that are beneficial to the IMA organization and members. He also manages the existing strategic partner group which includes Accounting Principals, CCH, NetSuite, Host Analytics, FedEx, GEICO, and others who provide valuable business and professional services to IMA and its members.  Steve heads up the IMA annual conference exhibitor and sponsor sales effort and would welcome any inquiries you might have about this year’s event in Las Vegas. Margaret:Hi __Steve____. Welcome to Inside Talk. Steve: Thank Margaret! I’m pleased to be a part of the Inside Talk webinar series and on behalf of IMA, I want to welcome everyone to today’s session.
  • Steve: At this time I want to introduce you to our featured presenters for today’s program. With us today we have Trent Beekman.Trent Beekman’s Bio:In his role as Senior Vice President, Trent Beekman is responsible for directing and overseeing the mid-west branch network for Accounting Principals, Parker + Lynch and Ajilon Professional Staffing. Trent also serves as the National Executive responsible for the development and implementation of strategies and tactics that increase our Search and Permanent Placement business across the country. In addition to ensuring that our Search and Permanent Placement services are well positioned from a marketing and delivery perspective, he is also responsible for developing and implementing processes and procedures to maximize the mutually advantageous relationships between our Search and Perm business and our temp staffing teams.  Trent has been with the company since 2002. He has gained diverse experiences and held multiple positions throughout his 12-year career in the staffing industry, with proven expertise in growing sales and leading large profitable territories. Trent has been recognized for his success by winning the 2002 Rookie of the Year award and 2007 Top Area Manager Award. He holds a Bachelor of Business Administration from the University of Oklahoma.It’s great to have you with us Trent.Trent: Thank you. It’s great to be here and I’m pleased to be able to discuss this important topic with you and our members today.
  • Steve: Next, I want to introduce you to our second featured presenter, Doug Greene, Jr.Doug’s Bio:Doug Greene, Jr. has over 19 years experience in the staffing industry.  He started working in the temporary side of our business and transitioned over to the perm side of our business in 1995 as an Executive Recruiter.  In 1998 Doug was promoted to a Division Director.  He was promoted to an Area Manager in Kansas City over both temp and the perm side of our business in 2001.  Doug was promoted to a Regional Vice President in 2005 over the Mid-West Region.  Doug was then promoted to the National Vice President of Accounting Principals and Parker + Lynch in 2009 and still remains in this role today.It’s great to have you with us Doug.Doug: Thank you. It’s great to be here and I’m pleased to be able to discuss this important topic with you and our members today.
  • Steve:Thank you _Trent and Doug__. I would like to begin addressing some of the questions from our audience members. Let me first remind participants to send us your questions and comments by typing them into the Q & A panel on the right side of your screen. Be sure that the “Send” field is set to “All Panelists.”Seeded Questions:(Insert 3-5 questions attendees may be likely to ask after your presentation)1. Ok, we have time for one more question…
  • Margaret: I’d like thank our presenters, __Trent Beekman and Doug Greene___, for sharing their knowledge and expertise with us. We’re very appreciative that they have made time for IMA and our audience today. Also, thank you __Steve Shannon___, for moderating today’s event.

Inside Talk Inside Talk Presentation Transcript

  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.1Inside TalkWebinar Series Sponsored by:www.accountingprincipals.com
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.2Inside TalkSalary Isn’t Everything - Looking atWhat 2012 Has in Store for Businessesand Talent AcquisitionTrent BeekmanDoug Greene, Jr.January 11, 2012
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.Webinar Features:Audio Broadcast:• You should hear sound throughyour computer speakers orheadphones• To listen to the audio bytelephone, click the“Request” button on theParticipant Panel forteleconferenceAsking Questions:• Attendee lines are muted• Chat feature is disabled• Questions may be submittedusing the Q&A icon on the righthand panel• Questions will be addressedafter the formal presentation3Should you experience any technical difficulty, please contactWebEx Technical Support at 1-866-229-3239 or +1-408-435-7088VolumeSlider
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.4Webinar Materials and Access to Recording• You can print the slides from today’s presentation• You can download a PDF of the slides• IMA Members can also view this webinar againVisit IMA’s website:www.imanet.org/programs_events/webinars.aspx
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.CPE Credit Requirements• CMAs, CFMs & CPAs can report 1-hour of CMA andNASBA approved CPE for today’s event• The Certificate of Completion will be emailed within7-10 business days. Please print for your records.• Your CPE credit will now be automatically recordedin your transcript and local Chapter representativesno longer need to record webinar credit.5
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.6ModeratorSteve ShannonDirector, Business DevelopmentIMA
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.7Featured PresenterTrent BeekmanSenior Vice PresidentAccounting Principals
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.8Featured PresenterDoug Greene, Jr.Vice President- SearchAccounting Principals
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.9Upon completing this webinar, you will be able to:1. Explain how the economic environment is impacting theway employers are hiring2. Recognize the most sought after positions in the industry3. Understand how retaining talent can help yourcompany’s bottom line4. Identify what attracts new talent to an organization5. Describe best practices for performance management toensure effective evaluation of top talentLearning Objectives
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.A Look at Today’s Economic Environment(Based on December, 2011 BLS Report)10• Current unemployment rate – 8.5% The private sector gained more than 200,000 jobs This kind of job growth has not been seen sinceApril 2006• Professional and business services added 12,000 jobs Accounting and Bookkeeping sector saw a gain ofmore than 3,000 jobs Financial activities sector saw a gain of 2,000 jobs
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.Job Gains and Losses in One Year11Source: BLS
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.Education Remains the Job Differentiator128.5%4.1%7.7%8.7%13.8%National averageCollege educatedSome collegeHigh school diplomaLess than high schoolSource: BLS
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.13What is happening to compensation in yourcompany for 2012?a) Salaries will stay the same or decrease butother benefits will increaseb) Salaries and benefits will increasec) Salaries and benefits will decreased) Not sure, market is too unpredictablee) Salaries and benefits will stay the samePolling Question 1
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.Cities Seeing an Increase in the NationalBase Salary Average From 2011 to 2012• Deerfield, IL - 0.88%• Cincinnati, OH - 2.1%• Parsippany, NJ - 2.16%• Princeton, NJ - 2.99%• Paramus, NJ - 3.51%• New York, NY - 4.18%• Raleigh, NC - 4.41%• Charlotte, NC - 5.93%14
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.Heading Into 2012 The Most “In Demand”Positions for Accounting and Finance• Accountant (Public and Private)• Accounts Payable/Accounts Receivable Specialist• Accounting Clerk• Financial Analyst• Controller15
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.Salary Increases (1 of 2)Using our internal compensation information we found a fewpositions that showed an increase in base pay for 2012:162011 BaseAverage2012 BaseAveragePayroll Specialist $ 35,300 $ 36,200Accounting Supervisor $ 67,900 $ 69,700Compliance Manager $ 92,500 $ 94,300Cost Accounting Manager $ 91,400 $ 94,000CFO $ 359,600 $ 363,400
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.172011 BaseAverage2012 BaseAverageIncreasepercentageMortgage Underwriter, Sr. $ 55,300 $ 66,100 20%Inventory ControlSupervisor$ 45,500 $ 56,300 24%Financial ReportingAccountant, Sr.$ 60,400 $ 76,100 26%Private Banker, Sr. $ 77,000 $ 102,400 33%The following positions showed the largest increase inbase pay for 2012.Salary Increases (2 of 2)
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.Where Are All The Positions?• Q1 typically sees a spike in demand for accountingand finance professionals with the tax deadlinelooming.• Early predictions show that hiring for publicaccounting will be on the upswing.• Additional sectors seeing an increase in hiring will be: Wealth management Compliance/Risk management18
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.19What additional tools does your company use toretain employees?a) Company cultureb) Managementc) Additional benefitsd) Salarye) All of the abovef) OtherPolling Question 2
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.Retention- The Bottom Line (1 of 2)Turnover by Industry, 2010BLS - June 201120
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.• Maintaining employees is critical to productivity,morale and profitability!• In a recent study, replacing employees can cost(annual salary):21Retention- The Bottom Line (1 of 2) 30 – 50% for entry-level employees 150% for mid-level employees Up to 400% for high-levelemployees
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.22Analyzing the True Cost ofTurnover for a FirmConsider the following categories of cost to replace justone employee and hiring another if not carefully managed.+ =• Search firm / contingency fee• Recruitment costs• Advertising costs• Hiring bonus costs• Relocation costs• Temporary help costs• Testing, reference &verification paperwork• Management costs (interviews,orientation, on-the-job training)• Employee referral bonus• New employee’s higher salaryPre-hiring and• Lost productivity costs• Overtime cost for co-workers• HR support costs• Train cost for new hire• Cost of co-worker duringtraining• Project or design delays costs• Opportunity costs• Travel costs (e.g. field offices)• Potential lost of client/sTotalTrue CostofTurnoverHiring CostsOn-boarding Costs
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.Engaging and Motivating Your Employees(1 of 2)• Most important is to be proactive and have the rightstrategies in place• Communication is key Employees want to be in the know Eliminates fear and helps channel energy intohelping their company reach important goals Employees will become more engaged and willingto go the extra mile if they know how they impactthe organization23Source: Forbes.com
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.• Most important is to be proactive and to have the rightstrategies in place• Communication is key Employees want to be in the know Eliminates fear and helps channel energy intohelping their company reach important goals Employees will become more engaged and willingto go the extra mile if they know how they impactthe organization24Engaging and Motivating Your Employees(1 of 2)Source: Forbes.com
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.• Training is the new 401k Continuous learning in one of the best motivators It’s important to teach employees how to workand how to lead in challenging times Encourages employees to stay focused anddevelop new solutions25Engaging and Motivating Your Employees(2 of 2)Source: Forbes.com
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.How Do You Keep Your Best Employees?(1 of 2)• Look at your managers and supervisors Employees tend to leave managers and supervisors more oftenthan they leave companies. Anything the supervisor does to make an employee feelunvalued will contribute to turnover. Make sure employees are aware and given a framework of howto succeed.• Open door policy Employees need to feel like they can speak their mind withoutpunishment. If they feel a vested interest in the company they will be moreapt to feel like they play a part in what happens to the company.26
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.• Get to know your employees Take a look at special skills and previous experience. Employees want to feel needed outside of just doing their“normal” job duties.• Fair treatment A job well done should be rewarded but make sure you areencouraging one employee and discouraging another. Avoid playing favorites.• Recognize and reward Employees like to feel appreciated. A simple “thank you” goes a long way.27How Do You Keep Your Best Employees?(2 of 2)
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.If talent is a top priority, why are “The Office”(television) and “Dilbert” (comic strip) so popular?• Talent is a top priority (or should be), but both of these popculture pieces hold some truth in day-to-day office irritations.• Most companies are focused on attracting and retaining butwhat about developing? To keep and attract top talent, it is imperative to have awell developed training program. Internal- make sure employees are aware of in-housesources of development. External- encourage employees to attend trainingcourses given by associations or continuing educationat a local university.28Don’t Get Caught in the“Dilbert Paradox”
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.291. Create support by mentoring2. Invest in development3. Focus on morale4. Show your appreciation5. Make performance reviews more meaningful6. Help employees manage their workloadsProven Strategies to Enhance Productivity,Engagement, and Retention
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.Best Ways to Attract New Talent(1 of 2)• Referrals Trust your employees• Associations Best place to find professionals with the requiredexperience• Recruiting Firms Normally they are plugged into the communityand have access to some of the best talent30
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.• Benefits Consider offering one of a kind benefit or havingnew hires pick their most desired benefits.• Get creative Let the employees you are trying to attract knowthat you have a vested in them and their success.31Best Ways to Attract New Talent(2 of 2)
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.32How effective are performance evaluations?a) Extremely effectiveb) Somewhat effectivec) Could be more effective with the righttype of evaluationd) Not effective at allPolling Question 3
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.• Critical incident method- identify and describesomething the employee does well and what he/she canimprove. This is a method that should be performed every quarter• Performance ranking method- look at how theemployee performs compared to co-workers.• Forced ranking- performances are ranked in terms offorced allocations. 10 – 20% highest 60 – 70% middle 10 – 20% lowest33Different Appraisal Methods (1 of 2)
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.• Management by objectives- managers and employeesset objectives and assess on a regular basis. Rewards are based on the achieved results.• 360 degree evaluation- employees give confidential andanonymous assessments of colleagues. This is becoming one of the most used forms ofappraisal methods• Rypple- Facebook-like application which delivers feedbackin real-time. Managers “like” tasks. Reward employees with badges. Solicit feedback through a “post” or “message”34Different Appraisal Methods (2 of 2)
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.To keep your best employees it is imperative that youhave an accurate form of evaluation• Everyone needs to be on the same page- from the top down.• Employees should play an active role in the evaluationprocess.• Include only the categories that can accurately assess theemployee’s contribution, not only to job duties but to his/herteam and the company.• Set clear expectations- a review should not be a surprise tothe employee. Constant feedback on performance what the employee isdoing well and what he/she should improve.35Keys To PerformanceEvaluation- Best Practices
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.Check Out Our Articles inStrategic Finance Magazine36To obtain these articles, visit:• IMA’s Resources andPublications website page• AccountingPrincipals.comOr• Contact your nearestAccounting Principals office
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.2012 Salary Guide - Workforce Insights37• The latest, most comprehensivesalary data and job descriptions• National salary averages brokenout by base salary, total cashcompensation, and company size• Localized salary figures• To obtain a copy please contactyour local Accounting Principalsoffice or log on toaccountingprincipals.com torequest a copyThis valuable resource features:
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.• Staying current with industry standards when dealing with salary isimportant but it is also important to stay on top of what yourworkforce desires out of a job.• Get to know your current employees and find out what yourcompany is doing well and what you could do better.• When searching for the best and the brightest to add to your team,ask for referrals and research the most desired benefits. This could be as easy as asking your employees what charitythey would like to get involved with or raise money for in theirlocal community• Encourage your employee to develop.• Constantly evaluate your company’s performance appraisalmethods and find the method that works best for your employees.38Conclusion
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.39Questions & AnswersUse the Q & A Panel to send your questions to our panelistsSteve ShannonDirector, BusinessDevelopmentIMADoug Greene, Jr.Vice President - SearchAccounting PrincipalsTrent BeekmanSenior Vice PresidentAccounting Principals
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.40Thank You to our Featured Presenters!Doug Greene, Jr.Vice President- SearchAccounting PrincipalsTrent BeekmanSenior Vice PresidentAccounting Principals
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.Notification of Future Webinar Schedules41Next Inside Talk Webinar:• Automating Financial Reporting & Disclosure ManagementWednesday, January 18, 2012 1PM ESTFor Upcoming Events:• Visit IMA’s website atwww.imanet.org/programs_events/webinars.aspxLog-in with your User Name & PasswordRemember to check IMA’s Learning Spotlight forupcoming webinar events
  • Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.42Thank You to Our Sponsor!www.accountingprincipals.com