The Importance of Employee Motivation

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Employee motivation plays a substantial role in a company’s success. When employees feel motivated, they perform at higher levels and work harder to move the company forward. Here are five reasons why employee motivation is important:

  • Positive Work Environment

Motivated employees help create a positive work environment. They smile more, respectfully interact with each other, and find ways to add additional value to the organization. Employees also support each other when expressing their ideas, collaborate better, and provide a more cohesive company culture. As a result, other top professionals are attracted to the company.

  • Productivity

A motivated workforce is more productive. Employees remain engaged in their work and perform at higher levels. Employees also handle uncertainty more easily, solve problems more effectively and are more creatively innovate. Therefore, leaders need to understand what motivates each employee to perform their best so that they can create strategies to complete projects and increase the bottom line. Key motivation programs may include monetary incentives, recognition and rewards, and programs that support a work-life balance. Also, leaders need to ensure each employee is performing the work the’re best suited for so they remain productive throughout the day.

  • Efficiency

Employees who are motivated display increased efficiency. In addition to possessing the appropriate skills and experience, employees need to be able to complete the tasks they’re given and need to desire to perform their work. When they have the right balance of those elements, employees will efficiently fulfill their responsibilities while lowering operational costs.

  • Goal Achievement

When employees feel motivated, they want to work harder at achieving company goals. Therefore, leaders need to provide the proper resources for completing each project, ensure each employee understands their role, and encourage collaboration among teammates. Leaders also need to answer questions, help resolve issues, and provide constructive feedback on each employee’s performance.

  • Loyalty

Motivated employees remain loyal to a company longer. They understand their role in helping the organization grow, put their best effort into completing their tasks and want to see the company succeed. Loyal employees contribute to a stable workforce, which saves time and expenses related to hiring, training, and retaining workers.

  • Partner with WinCorp Solutions

These are five reasons why employee motivation is important. For help with securing top industry professionals, contact WinCorp Solutions today.

Questions to Ask Accounting Job Applicants

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When interviewing accounting candidates, are you asking the right questions? Candidates’ answers can reveal insight into their background and uncover their hard and soft skills to help determine which candidate is the best fit for the role. Here are five questions hiring managers should be asking accounting job applicants:

  • What Are Three Top Skills Every Accountant Needs?

This question determines what a candidate believes their three best attributes are. Candidates’ answers should include a mix of hard and soft skills, such as understanding big data concepts and displaying strong communication skills. Candidates should also provide examples of how they developed and used these skills in previous positions.

  • How Do You Remain Updated on Accounting Legislation, Rules and Policies?

This question tests a candidate’s knowledge of the industry and critical thinking skills. Although no candidate can be completely updated on every new development, the top candidate will describe the methods they use to remain as current as possible with major industry news. For example, a candidate may actively read accounting magazines, attend seminars or conferences, or participate in professional organizations such as the American Institute of Certified Public Accountants (AICPA). Also, note whether a candidate provides a specific example of a recent change to accounting standards, especially as it relates to the position, to determine the authenticity of the candidate’s answer.

  • What Criteria Do You Use to Evaluate the Reliability of Financial Information You Are Given?

This question tests a candidate’s relevant skills. Candidates should mention generally accepted standards for evaluating the reliability of data, such as standards offered by the Financial Accounting Standards Board (FASB). Look for terms such as “neutrality,” “verifiability” and “materiality” and how candidates describe how those terms work. For example, “Neutrality is choosing accounting alternatives that are bias-free.”

  • Which Enterprise Resource Planning System Have You Used?

This question determines a candidate’s relevant skills. The top candidate should describe the brand or system they used and how it specifically benefitted the company. For example, the ERP system may have helped produce the annual financial statements 30 days sooner than before. Keep in mind that some companies are switching to cloud technology rather than using an ERP system, meaning a candidate may need additional training. Also, candidates with experience working for smaller companies may have used a more customized or hybrid ERP solution.

  • How Do You Handle Urgent Accounting Deadlines?

This question determines whether a candidate can effectively organize their work to ensure everything is completed on time. For example, a candidate may record all deadlines on a calendar, prioritize projects according to importance and how much time they may take, and complete the most important and less time-consuming projects first. If multiple projects have the same deadline, the candidate may come in early, work through lunch and/or stay late to complete their work. Also, the candidate may mention that they avoid answering phone calls or talking with colleagues unrelated to the project. In addition, the candidate may ask for help from their colleagues or manager or request more time if the deadline cannot be met.

  • Partner with WinCorp Solutions

These are five questions to ask accounting job candidates. For help with securing top accounting professionals, contact WinCorp Solutions today.

Encourage Employee Growth and Development

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Investing time and money in employee development is important to a company. Employees who focus on developing their knowledge, skills and experience help the organization move forward. Here are six ways to encourage employee growth and development:

  • Provide Resources

Ensure employees have a variety of resources to enhance professional development. For example, maintain a database of professional seminars or conferences employees can attend, classes they can take or organizations they can participate in. Employees will stay current on industry news and trends as they develop. Consider providing tuition/expense reimbursement for these professional activities/memberships. Also, provide as many online, on-demand learning opportunities as possible to accommodate employees’ schedules. In addition, offer coaching and mentoring programs for employees to increase their knowledge base and skill set, develop as leaders and help your company remain competitive. Furthermore, ensure different learning options cater to employees’ different learning styles for maximum results.

  • Develop Specific Skills

Encourage employees to focus on specific skills that need enhancement. For example, employees may take a class to develop their writing skills or participate in a local Toastmasters club to enhance their public speaking skills. Employees who pursue professional growth will increase their level of contributions to the company, perform better in teams and help the organization stay competitive.

  • Implement Cross-Training

Let employees cross-train in departments that interest them. For example, provide a lunch and learn or job shadowing program where employees can learn about job requirements in different departments and decide whether they may be interested in filling a different position or collaborating with different departments. Being able to take on different roles within the organization will result in a better understanding of company operations and potentially uncover ways to save time and money by streamlining systems. Employees may also remain loyal to the company longer because they’re staying engaged in their tasks.

  • Promote Networking

Encourage employees to constantly be networking. Developing relationships with industry professionals helps employees gain new insights, skills and perspectives to excel in their roles. Networking also increases employees’ visibility and builds their reputation as being knowledgeable and supportive. In addition, employees learn industry developments, best practices and ways to handle common challenges. Furthermore, networking helps employees contribute more and help the company move forward.

  • Encourage Regular Feedback

Ensure managers and employees provide each other with regular feedback to ensure their work is adequately challenging and their needs are being met. Managers and employees can also ask and answer questions, discuss problems and find solutions. In addition, managers can praise employees for achieving desired results and discuss ways they can work on areas that need improvement.

  • Lead by Example

Ensure all managers and executives lead by example. When staff see higher-level employees actively engaged in professional growth and development, staff are more likely to participate as well. Because workers crave transparency from leaders, workers typically are more willing to engage in behaviors that leaders request of them when they see those behaviors being modeled. This helps build a trusting, collaborative culture within an organization.

  • Partner with WinCorp Solutions

These are six ways to encourage employee growth and development. For assistance with finding top industry professionals, contact WinCorp Solutions today.

Regularly Meeting With Your Staff Is a Must

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As a manager, you need to help move your company forward. To do so, you need a great team in place. To maximize your team’s productivity, host regular meetings with them. Here are five reasons why regularly meeting with your staff is a must.

  • Keep Team Members Informed

When a member discovers something new, completes their part of a project or has an issue arise, they can ensure others are aware of the new development and how it affects their project. Team members can ask questions or provide their input accordingly. Also, if a significant amount of information needs to be discussed, a staff meeting is the perfect opportunity to share the information and answer questions.

  • Solve Problems

When your team gets together, they can voice their problems and concerns, share what solutions worked in the past and collaborate to find new ones. Because your members most likely come from different generations, have different life experiences and hold different values and beliefs, you will receive a variety of viewpoints on how to best handle the issue. Your team will work more cohesively when members know they have the information and support necessary for completing their work.

  • Innovate

Your team members can suggest methods to more efficiently and effectively complete processes to save the company time and/or money. Members can share their visions for the organization, such as new products/services that may be offered to stay competitive, along with ways to implement those ideas. When team members play a role in moving the company forward, they feel greater job satisfaction, stay engaged in their work, and remain loyal to the company longer.

  • Provide Feedback

You can discuss company policies and operating procedures to determine whether they’re being adhered to and/or need altering. Additionally, you can discuss your team and company goals, ensure each member understands their role in helping achieve those goals and provide feedback on how well your team is working toward the results. In addition, if your company is making substantial changes, your team can remain informed on what’s happening and why.

  • Recognize

Participating in regular staff meetings helps your team recognize their accomplishments. When each team member’s contributions are acknowledged, they feel appreciated and want to work harder to increase their performance. Teams then form stronger bonds, work more collaboratively, and help move the company forward.

Partner with WinCorp Solutions

These are five reasons why regularly meeting with your staff is a must. For assistance with finding the right professionals for your company, get in touch with WinCorp Solutions today.

Tips for Successful Employee Recruitment

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Recruiting employees is a necessary part of managing a company. Due to the time and expense involved with hiring, training and retaining top talent, hiring managers need to find candidates with the required skills and experience who will fit best with the company culture. Fortunately, there are steps managers can take to improve the process. Here are five tips for successful employee recruitment.

Be Perceived as a Top Employer

Ensure employee practices for involvement, motivation, accountability, recognition, reward, promotion and retention make the business attractive. Also, encourage employees to discuss why they enjoy working for the organization and what benefits it may provide job candidates.

Use the Company Website for Recruiting

Make sure all information on the company’s vision, mission, values, goals and products/services is prominently displayed to attract candidates with similar interests and beliefs. Also, include employee interviews that provide insight into what it is like working for the organization. Include an employment section detailing open positions and what skills and experience the best candidate will possess.

Improve the Candidate Pool

Cultivate relationships with recruiters and staffing firms. Encourage employees to participate in industry conferences and professional associations so that they can network with potential job candidates. In addition, monitor job boards for active or passive candidates who may be looking for a new role. Place job postings on websites and in magazines of professional associations. Search for candidates on LinkedIn or other social media as well.

Involve Employees in Recruiting

Encourage employees to recommend candidates for open positions. Provide a monetary incentive if the candidate is hired and stays for a set time. Ask employees to review resumes and potential fit with company culture for candidates interested in working in their department. Employees know what their jobs entail and what company culture is like, making them perfect for that task. In addition, request that top employees meet with candidates during interviews to discuss their role within the organization and what they enjoy most about working there.

Increase Compensation, Benefits and Perks

Offer compensation, benefits and perks that are greater than what your competitors offer. For example, research what the average salary is for a position in your industry and offer a slightly higher salary. Also, find out what the average benefits package is within your industry, beyond health insurance and a retirement plan, and add in other benefits your company can afford. In addition, determine what perks your employees value most, such as working remotely or setting their own schedule, and offer what you are able to. Furthermore, educate candidates on the value of your compensation, benefits and perks so that they understand they are highly valued and want to work for you.

Partner With WinCorp Solutions

For assistance with securing professional workers, get in touch with WinCorp Solutions.

Retaining Your Top Talent

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Retaining top talent is a critical part of a company’s success. Keeping skilled professionals results in increased revenue, decreased recruiting costs, more effective business planning and other benefits. Therefore, companies need to have a strategy for encouraging employees to remain with them long term. Here are six ways companies can retain top talent.

  • Establish a Strong Company Culture

Top professionals seek strong company culture. To create and maintain culture, employees at all levels should ensure the company’s mission and values are displayed through every interaction and decision. Also, employees at all levels should be kept informed about new hires, charitable events, company news and other pertinent information. Employees who actively participate in many aspects of an organization feel like valued team members and stay with the organization longer.

  • Offer Flexibility

Remote work, flexible schedules and PTO are in high demand. Fitting in professional responsibilities around personal interests promotes greater work-life balance. As a result, employees are more engaged in their work, perform at higher levels and remain loyal to the company longer.

  • Improve Employee Engagement

Because the best employees are engaged in their work, companies should continuously provide the resources necessary for staying focused. Managers and colleagues should encourage open, frequent communication with team members. Also, managers should provide team members with the information and materials necessary to complete individual and team projects. Employees at all levels should be allowed to provide input on the company’s overall business strategy and further contribute to the organization’s success.

  • Provide Frequent Feedback

Skilled professionals benefit from frequent feedback on their performance. Managers should clarify expectations for each team member to help reach the company’s goals. They should consistently point out to each team member areas they excel in and discuss steps they can take for areas they need to improve in. In addition, managers should provide both verbal and monetary recognition in the form of bonuses, raises and promotions tied to accomplishments. Employees who have their contributions acknowledged feel valued, produce at higher levels and remain with the organization longer.

  • Invest in Technology

Maintaining current technology demonstrates a company’s commitment to evolving and improving business processes. Staying updated with technology helps an organization retain innovative employees who expand the organization.

  • Encourage Professional Development

The best employees expect to be offered opportunities for professional development. For example, companies can offer tuition reimbursement to encourage additional education, training or industry certification. Companies can provide online training to enhance employees’ qualifications for promotion. Employees consistently engaged in learning feel greater job satisfaction, increase their contributions to the organization and remain with the company longer.

For assistance securing skilled professionals for your organization, contact WinCorp Solutions today.

Attracting the Top Accounting Talent to Your Business

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Hiring top accounting talent is a necessary part of growing a business. With the high costs involved in recruiting, it’s imperative the right professionals are in place throughout an organization. Here are four ways a company can attract top accounting talent.

  • Network

Networking introduces top accountants to the roles they desire. For example, companies can utilize LinkedIn to search for accountants in the company’s geographic area, find candidates who are already connected to the organization, and ask to be connected with those candidates. Using warm introductions increases the potential for successful results. Also, if managers attended college locally, they can join alumni associations and post in their online message boards and social media groups when positions become available. Managers can contact accountants who left the company on good terms and may want to come back. Those accountants would be more productive when rejoining the company than a new hire without previous experience. Furthermore, managers can host career fairs at local college campuses and open houses at high schools to promote the accounting industry and positions available within the company.

  • Offer Internships

Internship programs provide a direct pipeline to accounting students. Future accountants can adapt to company culture while applying what they learned in school to gain on-the-job experience. Employers can evaluate interns’ performance to determine who should be offered full-time roles within the organization.

  • Provide Opportunities to Advance

When a company has a track record of developing and promoting top employees, more accountants compete to work for the organization. Top professionals want to continually develop their skills so they can move on to greater opportunities. For example, accountants should be able to work with clients from start to finish to experience the entire accounting process. Also, accountants should work in audit, tax, consulting and other areas to see which field they prefer. In addition, accountants should be given increased responsibility, more input in management decisions and the potential to become partners in a firm. Furthermore, continuing education should be provided so that accountants interact with other professionals, stay current in their field and add to their skill sets.

  • Partner With WinCorp Solutions

Partnering with WinCorp Solutions provides access to our vast pool of top accounting professionals. As experts in our field, we place the most qualified candidates to fill all of a company’s accounting needs. Organizations save time and money by engaging us as active participants in their recruiting process.

For assistance securing accounting professionals for your organization, contact WinCorp Solutions today.

The Financial Sector and Gender Diversity

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As a traditionally male-dominated industry, the financial sector is becoming more gender inclusive. More firms are realizing that empowering females to work at all levels increases innovation and moves organizations forward. Here are three ways the financial sector is working to promote gender diversity.

  • Welcoming Females in Finance

Major firms are forming special programs welcoming females into the financial services industry. For example, Merrill Lynch partnered with the Columbia Business School to launch Greater Returns, a program designed to welcome females reentering the workforce. The program provides opportunities for networking and leadership development to help females advance their careers. Goldman Sachs launched Returnship Initiative, similar to an internship but focused on providing intense training, mentoring and work experience for females restarting their careers. In addition, Bank of America launched Career Connections, designed to maintain connections with female alumni from financial organizations who took time off from their careers and want to reenter the workforce. When senior- and mid-level executives plan on taking off for one to three years, the executives help create a return plan and a schedule for contact and communications. Executives may still participate in company events to increase their skill sets. Upon returning to work, executives have a customized onboarding plan and peer coach to assist with the transition.

  • Adding Female Board Members

Increasing numbers of female board members in the finance industry are being reported. Opening up additional positions of influence for females will continue encouraging gender diversity in the field. For example, traditional qualifications for directors, including financial and operational skills and industry experience, are being replaced with qualifications such as technology and cybersecurity skills and international experience. Also, imposing a mandatory retirement age and term limits for directors can facilitate board composition changes. However, because the majority of banking and capital market companies lack a mandatory retirement age for directors, many directors serve long into their 70s. Because the majority of banking and capital market companies lack term limits for directors, the average tenure is eight years.

  • Modifying Company Policies

Many financial organizations are modifying company policies to accommodate the needs of female employees. Many firms are allowing remote work and flexible schedules to empower females to purse high-ranking roles. Also, many benefits are being added to provide support for females’ health and child care needs. Employees are being trained to identify gender discrimination and its effects on the workplace and business outcomes to cultivate a more inclusive work environment. Furthermore, programs are being designed to provide females with access to professional development opportunities to help advance their careers.

For assistance with securing a finance position, contact WinCorp Solutions today.

Why a Diverse Workplace Is Necessary in the Financial Sector

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Diversity is an important element of any company. Employing professionals with various backgrounds provides many benefits to an organization. This is especially true in financial services. Here are four reasons a diverse workplace is necessary in the financial sector.

  • Recruit Top Talent

Focusing on diversity is imperative for hiring the most skilled financial professionals. Due to the continually changing economic climate, firms need to hire and retain the most qualified professionals to remain competitive. Hiring for diversity provides access to a wide range of candidates with the hard and soft skills and experience necessary to increase a firm’s market performance.

  • Cultivate Client Relationships

When financial professionals embody the behaviors necessary for serving a diverse population, they can enter into new markets and increase a firm’s revenue. For example, although women control a substantial amount of money worldwide, their demographic remains relatively untapped by the financial services industry. Not only do a significant number of females not have a financial advisor, a substantial number who do have an advisor feel their advisor does not understand their objectives. Therefore, by having a diverse group of financial advisors, a firm is better equipped for communicating with clients to determine their needs and wants and build trust. Clients will take a more active role in asking questions, choosing their investments and planning their financial future when they feel heard and respected.

  • Fill Client Needs

Because the global population is growing in heterogeneity, having a diverse workforce that anticipates market shifts and the needs and wants of clients provides a competitive advantage. Therefore, it’s important that a firm’s representatives reflect the clients they serve. For example, because female executives tend to more clearly understand the financial needs of female business owners and consumers, firms should be hiring more female executives.

  • Innovate

Hiring for diversity promotes innovation. Having professionals with varying backgrounds provides a strong foundation for solving complex problems in more efficient and effective ways. By encouraging the exploration of unconventional ideas and providing the resources to make those ideas viable, financial professionals desire to further contribute to the firm. As a result, new products and services are created, new markets are captured and revenue streams grow.

For assistance finding staff members or securing a role in finance, accounting or audit, contact WinCorp Solutions today.

The Questions You Need to Be Asking As a Small or Mid Size Business Owner

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As a small business owner, you can’t afford to make a bad choice when it comes to hiring new staff. A ‘bad hire’ can cost you valuable time, money and mis-hire carnage.

No small business stands alone; the best small businesses are collaborative ventures. And that means the best candidates must be strong team players, willing to do what is necessary to reach a project goal or other business deliverable. But teamwork and an entrepreneurial and independent spirit can be challenging to identify on a resume. What questions should you be asking during the interview process to ensure you are choosing the right candidate?

Question #1

When do you do your best work – when working as part of a team or working alone on a single task or assignment.

We all enjoy a little peace and quiet every now and then. And intentional solitude has been proven to boost productivity, but if you’re interviewing a candidate who prefers isolation over teamwork, chances are they’re not the team player your small business needs.

Question #2:

What do you know about this company and why do you want to work here?

This question shows whether the candidate did research on your company. It is a great way to gauge their interest in the position and the organization. An individual who does their research before the interview will stand out as a more informed and competent candidate.

Question #3

Ask your candidate to describe a successful project they worked on, what their role was, and why the project was ultimately successful.

If a candidate quickly tells you about their personal achievements –  and why their role was vital to the project’s success – chances are they’ll be better suited to a position requiring less team focus.

But if the candidate was keen to elaborate on details about the project team – highlighting group actions and collaborative successes – you’ve just identified an ideal team player.

Question #4

We’ve all experienced conflict at some time. Anyone can have a bad day. And while conflict may be unavoidable, how someone chooses to deal with that conflict reveals a great deal about who they really are.

Ask a candidate to describe a situation where they had to deal with conflict and how they resolved the issue.

Did the candidate talk about something that happened months or maybe even years ago – but with very real, very current emotion? If they did, it’s a big red flag. A candidate who displays an emotional response to a work-related conflict is giving you a clear signal that they have a limited capability to thrive in group settings.

But, if your candidate was quick to describe something that happened in an even manner without overt sentiment, they’re demonstrating a strong ability to step aside from personal emotions and focus on moving forward for the benefit of the team. And that’s something only a great team player will do.

Knowing the right questions to ask a candidate can be tricky! If you run a small business, you can’t afford to hire the wrong person; you need to be confident your next employee is the right person for the job. And that’s where the specialized recruiters at WinCorp Solutions can help. They’re specialists, just like you are. Reach out to the team today and let them help you find your next SBS (small-business-superstar).