Transcript What Millennial Workers Want

Winning Trends in Attracting and Retaining
Top Talent in the Finance Function
FEI Canada Presentation Series
© Robert Half Management Resources
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
© Robert Half Management Resources
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
• 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
Starting salaries for
• Companies raising salaries
accounting and finance
for skilled practitioners
professionals will increase
an average of 2.7%
• Counteroffers increasingly
according to the 2009
common
Robert Half Salary Guide.
(Available October 2008)
• Employers offering
comprehensive benefits
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
• 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
Factors candidates value most
40%
Salary, 28%
30%
Work
Environment,
26%
20%
10%
0%
Source: Robert Half International survey of 270
Canadian chief financial officers
Company
Stability, 24%
Advancement
opportunities,
16%
Equity
Incentives, 5%
Why Good Employees Quit
Executives were asked, “Which of the following is most likely to
cause good employees to quit their jobs?”
Other/don't
know
4%
Limited
advancement
opportunities
39%
Bored with job
6%
Inadequate
salary and
benefits
11%
Lack of
recognition
17%
Source: Robert Half International survey of 270
Canadian chief financial officers
Unhappiness
with
management
23%
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
• 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 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:
Regular
communication
with staff
37%
Frequent
recognition of
accomplishments
38%
None/nothing
else motivates
1%
Don't know/no
answer
4%
Other
1%
All of the above
1%
Offsite team
building and
social events
4%
Source: Robert Half International survey of 270 chief financial officers
Giving employees
increased
responsibilities
14%
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
Gearing-up for Future Resource Needs
Canadian CFO Readiness for IFRS
© Robert Half Management Resources
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:
Somewhat
prepared
37%
Not at all
prepared
21%
Very prepared
20%
Don't know
22%
Source: Robert Half International survey of 270 chief financial officers
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:
Provide IFRS
training to
existing staff
31%
Don't know
11%
None/Does not
apply
19%
No plans
15%
Other
3%
Hire a public
accounting or
consulting firm
16%
Source: Robert Half International survey of 270 chief financial officers
Hire project
professionals/con
sultants with IFRS
experience
3%
Hire additional
staff with IFRS
experience
1%
Re-locate
professionals
from overseas
with IFRS
experience
1%
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
Understanding Your Future Workforce
© Robert Half Management Resources
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
Baby Boomers
The Silent Generation
Born 1965-1978
Born 1946-1964
Born 1925-1945
Often had both parents
working, hence also
known as “latchkey kids”
Most talked-about
generation in history
Born mostly during era
of war or depression
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
Gen Y lives in the moment
and would rather play
than work
• 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
Myths and Facts About Gen Y
Gen Y expects
instant gratification
• 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
Myths and Facts About Gen Y
They slack off at work
to take care of
personal matters
• 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
Myths and Facts About Gen Y
Gen Y workers can’t
take direction
• 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
Myths and Facts About Gen Y
Gen Y employees have
a sense of entitlement
and don’t want to
“pay their dues”
• 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’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
They ranked these aspects of the work environment as
most important:
1.
2.
3.
4.
5.
6.
7.
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’
• 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?
• 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
Winning Trends in Attracting and Retaining
Top Talent in the Finance Function
FEI Canada Presentation Series
© Robert Half Management Resources