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Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.1
Inside TalkWebinar Series Sponsored by:
www.accountingprincipals.com
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.2
Inside TalkSalary Isn’t Everything - Looking at What 2012 Has in Store for Businesses and Talent Acquisition
Trent 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 through
your computer speakers or headphones
• To listen to the audio by telephone, click the “Request” button on the Participant Panel for teleconference
Asking Questions:• Attendee lines are muted• Chat feature is disabled • Questions may be submitted
using the Q&A icon on the right hand panel
• Questions will be addressed after the formal presentation
3
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VolumeSlider
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.4
Webinar 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 again
Visit 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 and
NASBA approved CPE for today’s event
• The Certificate of Completion will be emailed within 7-10 business days. Please print for your records.
• Your CPE credit will now be automatically recorded in your transcript and local Chapter representatives no longer need to record webinar credit.
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Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.6
Moderator
Steve ShannonDirector, Business Development
IMA
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.7
Featured Presenter
Trent Beekman Senior Vice President Accounting Principals
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.8
Featured Presenter
Doug Greene, Jr.Vice President- Search
Accounting Principals
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.9
Upon completing this webinar, you will be able to:
1. Explain how the economic environment is impacting the way employers are hiring
2. Recognize the most sought after positions in the industry 3. Understand how retaining talent can help your
company’s bottom line 4. Identify what attracts new talent to an organization 5. Describe best practices for performance management to
ensure effective evaluation of top talent
Learning 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)
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• Current unemployment rate – 8.5% The private sector gained more than 200,000 jobs This kind of job growth has not been seen since
April 2006• Professional and business services added 12,000 jobs
Accounting and Bookkeeping sector saw a gain of more 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 Year
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Source: BLS
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.
Education Remains the Job Differentiator
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8.5%
4.1%
7.7%
8.7%
13.8%
National average
College educated
Some college
High school diploma
Less than high school
Source: BLS
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.13
What is happening to compensation in your company for 2012?
a) Salaries will stay the same or decrease but other benefits will increase
b) Salaries and benefits will increasec) Salaries and benefits will decreased) Not sure, market is too unpredictable e) Salaries and benefits will stay the same
Polling Question 1
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.
Cities Seeing an Increase in the National Base 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%
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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• Controller
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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 few positions that showed an increase in base pay for 2012:
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2011 Base Average
2012 Base
AveragePayroll Specialist $ 35,300 $ 36,200
Accounting Supervisor $ 67,900 $ 69,700
Compliance Manager $ 92,500 $ 94,300
Cost Accounting Manager $ 91,400 $ 94,000
CFO $ 359,600 $ 363,400
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.17
2011 Base Average
2012 Base Average
Increase percentag
eMortgage Underwriter, Sr. $ 55,300 $ 66,100 20%
Inventory Control Supervisor
$ 45,500 $ 56,300 24%
Financial Reporting Accountant, Sr.
$ 60,400 $ 76,100 26%
Private Banker, Sr. $ 77,000 $ 102,400 33%
The following positions showed the largest increase in base 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 accounting
and finance professionals with the tax deadline looming.
• Early predictions show that hiring for public accounting will be on the upswing.
• Additional sectors seeing an increase in hiring will be: Wealth management Compliance/Risk management
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Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.19
What additional tools does your company use to retain employees?
a) Company cultureb) Managementc) Additional benefitsd) Salarye) All of the abovef) Other
Polling Question 2
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.
Retention- The Bottom Line (1 of 2)Turnover by Industry, 2010
BLS - June 2011
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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):
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Retention- The Bottom Line (1 of 2)
30 – 50% for entry-level employees 150% for mid-level employees Up to 400% for high-level
employees
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.22
Analyzing the True Cost of Turnover for a Firm
Consider the following categories of cost to replace just one 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 salary
Pre-hiring and
• Lost productivity costs• Overtime cost for co-workers• HR support costs• Train cost for new hire• Cost of co-worker during
training• Project or design delays
costs• Opportunity costs• Travel costs (e.g. field offices)• Potential lost of client/s
Total True Cost
of Turnover
Hiring 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 right
strategies in place• Communication is key
Employees want to be in the know Eliminates fear and helps channel energy into
helping their company reach important goals Employees will become more engaged and willing
to go the extra mile if they know how they impact the organization
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Source: Forbes.com
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.
• Most important is to be proactive and to have the right strategies in place
• Communication is key Employees want to be in the know
Eliminates fear and helps channel energy into helping their company reach important goals
Employees will become more engaged and willing to go the extra mile if they know how they impact the organization
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Engaging 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 work and
how to lead in challenging times Encourages employees to stay focused and
develop new solutions
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Engaging 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 often than they leave companies.
Anything the supervisor does to make an employee feel unvalued will contribute to turnover.
Make sure employees are aware and given a framework of how to succeed.
• Open door policy Employees need to feel like they can speak their mind without
punishment. If they feel a vested interest in the company they will be more
apt to feel like they play a part in what happens to the company.
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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 are encouraging one employee and discouraging another.
Avoid playing favorites.• Recognize and reward
Employees like to feel appreciated. A simple “thank you” goes a long way.
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How 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 pop culture pieces hold some truth in day-to-day office irritations.
• Most companies are focused on attracting and retaining but what about developing?
To keep and attract top talent, it is imperative to have a well developed training program. Internal- make sure employees are aware of in-house
sources of development. External- encourage employees to attend training
courses given by associations or continuing education at a local university.
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Don’t Get Caught in the “Dilbert Paradox”
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.29
1. Create support by mentoring2. Invest in development3. Focus on morale4. Show your appreciation5. Make performance reviews more meaningful6. Help employees manage their workloads
Proven 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 required experience
• Recruiting Firms Normally they are plugged into the community
and have access to some of the best talent
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Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.
• Benefits Consider offering one of a kind benefit or having
new hires pick their most desired benefits.• Get creative
Let the employees you are trying to attract know that you have a vested in them and their success.
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Best Ways to Attract New Talent(2 of 2)
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.32
How effective are performance evaluations?
a) Extremely effectiveb) Somewhat effectivec) Could be more effective with the right
type of evaluationd) Not effective at all
Polling Question 3
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.
• Critical incident method- identify and describe something the employee does well and what he/she can improve.
This is a method that should be performed every quarter• Performance ranking method- look at how the
employee performs compared to co-workers. • Forced ranking- performances are ranked in terms of
forced allocations. 10 – 20% highest 60 – 70% middle 10 – 20% lowest
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Different Appraisal Methods (1 of 2)
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.
• Management by objectives- managers and employees set objectives and assess on a regular basis.
Rewards are based on the achieved results.• 360 degree evaluation- employees give confidential and
anonymous assessments of colleagues. This is becoming one of the most used forms of
appraisal methods• Rypple- Facebook-like application which delivers feedback
in real-time. Managers “like” tasks. Reward employees with badges. Solicit feedback through a “post” or “message”
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Different 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 you have 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 evaluation
process.• Include only the categories that can accurately assess the
employee’s contribution, not only to job duties but to his/her team and the company.
• Set clear expectations- a review should not be a surprise to the employee.
Constant feedback on performance what the employee is doing well and what he/she should improve.
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Keys To Performance Evaluation- Best Practices
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.
Check Out Our Articles in Strategic Finance Magazine
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To obtain these articles, visit:
• IMA’s Resources and Publications website page
• AccountingPrincipals.com Or
• Contact your nearest Accounting Principals office
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.
2012 Salary Guide - Workforce Insights
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• The latest, most comprehensive salary data and job descriptions
• National salary averages broken out by base salary, total cash compensation, and company size
• Localized salary figures• To obtain a copy please contact
your local Accounting Principals office or log on to accountingprincipals.com to request a copy
This valuable resource features:
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.
• Staying current with industry standards when dealing with salary is important but it is also important to stay on top of what your workforce desires out of a job.
• Get to know your current employees and find out what your company 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 charity they would like to get involved with or raise money for in their local community
• Encourage your employee to develop.• Constantly evaluate your company’s performance appraisal
methods and find the method that works best for your employees.
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Conclusion
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.39
Questions & Answers Use the Q & A Panel to send your questions to our panelists
Steve ShannonDirector, Business
DevelopmentIMA
Doug Greene, Jr.Vice President - Search
Accounting Principals
Trent BeekmanSenior Vice PresidentAccounting Principals
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.40
Thank You to our Featured Presenters!
Doug Greene, Jr.Vice President- Search
Accounting Principals
Trent BeekmanSenior Vice PresidentAccounting Principals
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.
Notification of Future Webinar Schedules
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Next Inside Talk Webinar:• Automating Financial Reporting & Disclosure Management
Wednesday, January 18, 2012 1PM EST
For Upcoming Events:• Visit IMA’s website at
www.imanet.org/programs_events/webinars.aspxLog-in with your User Name & PasswordRemember to check IMA’s Learning Spotlight for
upcoming webinar events
Inside Talk Webinar Series© 2011 Institute of Management Accountants. All rights reserved.42
Thank You to Our Sponsor!
www.accountingprincipals.com