Rules and Regulations to Know When Hiring Temp Workers

As a business owner, it’s important to be cognizant of the labor laws relating to the hiring of temp workers.

While federal rules and regulations govern many aspects of part time and temporary workers, employers typically have a great deal of flexibility when it comes to benefits.

According to the federal law, a temporary employee needs to work with a company for at least 1,000 hours in one year to be entitled to benefits. Moreover, the same employee cannot be hired by the same company as a temporary employee consecutively for more than two years.

Who is a part time employee?

As defined by DOL or U.S. Department of Labor, a person who is appointed to work with a business for a year or less and his work ends on a specific date can be considered as a part time employee. The terms of a temporary work appointment can be determined by the employer, but it should either be for a short term engagement or seasonal basis if the business is engaging him for several weeks or months.

The date of ending temporary employment can either be the completion date of the project or the return of the permanent employee from leave

Rights of temporary employees

According to the DOL’s 1,000 hour rule, temporary employee can qualify for certain benefits after working for an extended period. For instance, a part time employee can be eligible to be part of the retirement plan sponsored by the employer after working a minimum 1,000 hours annually or nearly 20 hours per week with the same company.

Some of the statutory benefits to temporary employees like social security, short term disability insurance, and worker’s compensation insurance etc. may differ from state to state.

Whereas some benefits like comprehensive fringe benefit package and the matters not considered by the applicable laws can depend on the part time employee benefit policy made by the employer.

Some of the benefits a company can include in its policy for the part time employees may include:

Retirement Plans: According to the ERISA or Employee Retirement Income Security Act, the owner of a small business is required to consider part time employees eligible for retirement plans, including 401(k) plans, as offered to other employees. The eligibility of part time workers for retirement plans is just like their eligibility for health insurance benefit, depending upon the amount of hours worked with them. The employee must work more than 1,000 hours with the company to be entitled to the retirement benefits.

Health Insurance: Usually the owners of small businesses do not offer health insurance to part time workers even if it is offered to permanent workers. Still some of them offer this benefit as an additional advantage to attract the employees. But the health insurance to part time employees depends on various factors including the definition of part time employee as per the law of that state and insurance provider to the company etc. When offering health insurance to part time workers the business owner should consult with their insurance provider to know about the minimum qualification required. Normally the temporary worker has to on average work a minimum of 20 hours per week to be eligible for health insurance.

Overtime: The employers covered under FLSA are required to pay overtime to all the employees equal to one and a half times of their regular hourly rate for all the hours worked more than 40 hours in a week. But according to the federal law, the employee is not entitled to get overtime for working on weekends or holidays unless those hours are really the hours of overtime work. In this way, the overtime for full time as well as part time workers depends on local laws, state laws and the policy of the company

Fringe benefits: The owner of small business can offer various types of low cost benefits to his temporary employees, which may include personal vacations, paid vacations, reimbursement for partial tuition or sick days, stipend for wellness and health, tickets for sports events or options of telecommunication etc.

Unemployment benefit: According to state laws, a part time employee can be eligible for unemployment benefits if the business is in operating condition. The unemployment benefits to temporary employees can depend on the number of hours worked during the previous year; the wages earned during a particular time period; and/or whether he is fired, quit, or unemployed. The owner of a business is also required to be enrolled with the unemployment insurance plan of the state.

Thus, the number of hours worked by the part time employee can help in making decisions about the benefits he deserves to get from the employer, and whether it includes the options of retirement plan or health insurance benefit.

However, the employers has more flexibility to decide about the eligibility of the temporary employees for other fringe benefits like vacation time and healthcare. Part time employees should consider negotiating with their employers about receiving benefits they are not otherwise entitled to.

On the other hand, the owners of the business should offer various types of benefits to their part time employees even if they are not included in the state or federal laws.

Though employers are restricted by federal and state laws in providing benefits to their employees, they can still use their wisdom while deciding about the eligibility of their part time employees for some of the statutory benefits provided by the law for permanent employees.

Structuring an Interview

So you have prepared your questions, read over the candidate’s application and resume, and made all the necessary notations to ensure you ask all the right questions, what now?

Generally, the information you collect about an applicant before the interview indicates whether or not the applicant has the minimum education, training and work experience required for a particular position.

The interview is the time to verify this information and add to it.

The interview is usually the only opportunity you have to get to know something about the applicant’s personality, attitudes, and motivation. These personal characteristics five you an idea of how well a person will perform, how satisfied he or she will be in the mob, and how long the candidate will stay with the organization.

To get an interview started and keep it going smoothly, follow a structures. You can direct and control the interview by structuring it.

Here’s the basic structure to follow during an interview:

  • Introduction and small talk
  • Probing for information from the Candidate
  • Giving the applicant information about the job and your company

At Vested, this is the structure we follow for our temp recruiting process.

Let’s see what areas can be explored and what might be revealed about the candidate in each part of the interview.

Introduction and Small Talk

The first few minutes of an interview are very important because they set the tone for the rest of the interview. This is the time to establish rapport with the applicant.

If you help the applicant feel relaxed and comfortable immediately, he or she will be more likely to be talkative and open during the rest of the interview.

Begin the interview by introducing yourself and extending a warm and sincere welcome to the candidate.

After that, it’s a good idea to take a few minutes for small talk on a casual, neutral subject. Friendly chit-chat helps reduce tension and promotes communication.

Probing for information from the Candidate

This part of the interview can be any combination of subjects including: work experience, education, outside interests, and personal factors.

Discuss the candidate’s most recent job first. From there, work backward and cover the applicant’s other jobs.

Discuss only one job at a time and get a clear picture of how the applicant performed in that job before you move on to another job.

Here are some areas to explore about the candidates work history:

  • The applicant’s specific duties and responsibilities
  • The applicant’s successes and problems in each job
  • What the applicant liked or disliked about each job
  • What the applicant was looking for in each job
  • Why the applicant left each job

As we discuss an applicant’s work experience, look for the following types of information:

Relevance and sufficiency of work experience

  • Skills and competence
  • Adaptability
  • Productivity
  • Motivation
  • Interpersonal relations
  • Leadership Maturity and judgment

After reviewing a candidate’s work history, move on his or her educational background.

  • Here are some topics you might discuss:
  • Subjects liked best and least
  • Success and special achievements in school
  • Reason for choosing schools and major areas of study
  • How education and career are related

When consider a candidates educational background, remember that academic success or failure is not, by itself, a sufficient predictor of success or failure on a job.

Probing a candidate’s education background can reveal factors such as:

  • Intellectual abilities and versatility
  • Depth of knowledge
  • Reaction to authority and imposed assignments
  • Leadership and team work

When discussing outside interests, you have to be careful as it is a delicate subject and is not directly related to job performance.

Many interviewers no longer discuss outside interests with candidates unless they ask question specifically related to the job. Otherwise, it’s easy to unknowingly violate EEO laws.

If you are going to ask questions about this area, be sure to as the same question of every candidate of r a particular job.

This ensures equal treatment of all applicants.

If you have been supportive of a candidate during the rest of the interview, the interview will be flowing smoothly and the candidate will be talking openly by now. This make sit easier to discuss more personal information.

Basically, the purpose of this part is to discuss the strengths and weaknesses of candidates. You can also give applicants a chance to sell themselves by asking them to tell you what assets they feel they bring to the job.

When discussing personal factors, look for the following types of information about candidates:

  • Best talent and skills
  • Motivation
  • Social effectiveness
  • Where the job fits in with his or her long range goals

By this time, you should have some idea about whether or not this candidate is right for this job. If you are sure it’s not a match, there’s no reason to spend a lot of time giving the applicant information about the job and your company.

Simply conclude the interview cordially.

Giving the applicant information about the job and your company

If you feel positive about an applicant, start selling the job and your company. An effective interview is a two way street.

Now that you have the information you want about the candidate, give the candidate information about this job and company.

Begin this part of the interview by having the candidate tell you what he or she already knows about the job and what he or she expects from it.

Then you can tell more about the job by:

  • Adding to what the applicant already knows about the job
  • Correcting any misconceptions

Be sure to cover the following information:

  • Salary Shift or work hours
  • Overtime
  • Training
  • Travel
  • Relocation
  • Advancement possibilities

During this part of the interview, give the applicant all the information he or she needs to decide if the job is the right one.

Encourage the applicant to ask questions you discuss the job. A candidate who doesn’t get complete information in this part of the interview may be the same hiring “risk” as an unqualified candidate, because people are usually “good employees” only if they are place in jobs which satisfy their needs, us their ability and training, and encourages them to function somewhere near their optimal level.

Give the candidate a balanced and complete picture of the job. Be honest about its rewards and its problems.

If you’re hiring someone into a work unit or department with problems, let them know what they will face. Some people are trouble shooters and thrive in that type of situation.

Others don’t like and probably won’t do well in int. Also, let the candidate know what kind of atmosphere he or se will be working in.

One final question

By this point, you may feel you’ve covered all the necessary interviewing ground. You probably have. But it’s always a good idea to ask one final question.

Ask the applicant if there is anything else that he or she feels you should know. This gives the person the opportunity to cover any information you may have missed. It helps end the interview on a positive note.

Concluding the interview

Before you rush the candidate out the door, there are three things to cover:

  • Let them know when a decision will be made
  • When they can expect to hear from you
  • Confirm where and when they can be reached
  • Thank them for their time and interest

Taking these steps should allow an interview to flow with ease and provides for little “gray” area.

A candidate should leave the interview with a good understanding of the job and company and you should have a good understanding of whether or not they will make a good fit for the position.

Finally, check out this useful video on recruiting from Google:

How to Handle the Marathon Job Interview

The trend in job interviews today is toward longer, deeper interviews, more rounds of them, and many more people involved along the way.

To do so within the limitations of most candidates’ schedules, employers are increasingly bundling these multiple sessions into one super-interview. It’s important to be prepared for tough questions.

These marathon encounters can sometimes last an entire day, during which the candidate can be trotted through as many as six or seven different rounds with various people in the company.

It can be as much a test of endurance as the candidate’s ability to do the job. Here’s how to handle these long sessions and come out on top.

Know what you’re up against

Before you even get to the interview, find out what the agenda for the day is.

You may have in mind a relatively quick hour-long session, and then be surprised to find you have an entire afternoon to endure. And surprises are never good in interviews.

Physical endurance

Multiple-round interviews are as much a test of physical endurance as anything. Your body can be beat from hiking office to office, working your brain to the point of overheating, and just simply enduring the stress of high-stakes question sessions.

So do yourself a favor and rest well the night before, eat a great breakfast, and wear comfortable clothes.

Sparkly personality

Keep yourself fresh by keeping your emotions in good shape. Avoid as much stress as possible during the week of the interview.

Then boost yourself up with affirmations of your strengths, positive music during the drive their, or anything else to keep yourself up – you’ve got a long day ahead and keeping bright is key.

Interviewers with varying degrees of relevance

Through the various stages of a marathon interview, you’ll probably talk to everyone from your potential boss to co-workers that have little or nothing to do with the job.

The key is to treat them all well and give them the same intensity and concentration you would the top manager. For one thing, you can’t always sort out who really matters and who doesn’t. More importantly, the hiring manager is almost certain to later ask all of these people for their opinion of you.

Same story with fresh angles

Over the course of a marathon interview, you’ll probably end up telling the same stories over and over again. But you need to tell them every time with the same pride, enthusiasm, and energy. So practice.

Find different ways of saying your stories. Look for unique angles to adapt them with. Get used to repeating them. Your stories are the gold of your career. Make sure they sparkle appropriately time after time.

Freshen up

Finally, prepare ways to revitalize yourself as the sessions unfold. Keep an energy bar in your suit and chow it down as you take a restroom break. Bring eye drops to keep your eyes bright and sparkly.

Learn quick stretching and self-massage techniques you can use between rounds. Whatever you can do to keep the gleam in your attitude will certainly help your chances to win the day.

Lowdown on Contract to Hire Agreements

In a tight labor market, contract-to-hire agreements have become a popular employment strategy for businesses.

We have seen more and more of this type of work arrangement, as a viable temp staffing solution for small business owners.

What is a contract-to-hire agreement?

In simple terms, it is a contract with the promise of a permanent position at the end of a certain period.

In such an arrangement, a business provides temporary employment to a contractor to complete a certain task and his/her success in said task determines if the business will employ him/her on a long-term basis upon completion of the job at hand.

Advantages of a contract-to-hire

A contract-to-hire arrangement can be extremely beneficial to a business in the following ways:

1) Little training is required

A contract-to-hire tends to be task specific as mentioned above so very little training is required to bring a contractor up to speed with the ins and outs of the job in question.

With a full time employment scenario, however, businesses often offer extensive and thereby expensive training. So the fact that a contractor can hit the ground running at minimal cost is advantageous to not only the company but also the contractor himself/herself.

2) Low Human Resource expenses

Permanent employment comes with a lot of HR requirements e.g. leave management, payroll management, and 401 (K) benefits among other nitty-gritty. Contract-to-hire arrangements meanwhile have few HR requirements which means they consume little resources.

What’s more, in the event that a business decides to terminate the contract for whatever cause, it can do so no questions asked without paying out severances or without risking any legal backlash.

3) Employers get a trial run

Finding the right person to fill a certain role in a business can become an uphill task but contract-to-hires offer an effective trial period to help the employer separate the wheat from the chaff.

The company gets a view of the contractors’ skills and effectiveness and can decide to hire or let them go if they feel they are not a good fit. Whether or not candidates make the cut will depend strictly on what they bring to the table.

4) Contract-to-hire can provide stability

Vital roles in a business can become vast voids that take quite some time to fill in the event that the employee in place leaves.

Finding the right fit can be time and resource consuming but with the convenience of a contract-to-hire employee standing in, other company initiatives can keep up with normal operations even during this searching period when the business is looking for the best pick of the bunch.

Contract-to-hires accelerate initial onboarding and also quells any problems of instability.

Disadvantages

As with pretty much everything else, there is another side to the coin of contract-to-hire agreements. Some of its drawbacks include:

1) The process can become frustrating

The business might have to repeat the process over and over again as it is not often the norm that it will land the best candidate at the first go.

As the company kisses more toads than princes, it can start to lose faith in the process and the strategy can become frustrating.

2) Businesses can get two-faced employees

Arguably the most devastating of the drawbacks is that a company is at a risk of hiring employees who end up being unfruitful in the long run.

People will always put their best foot forward during the trial phase but once they get through the door of permanent employment, their entire persona changes drastically and so too does their work input. In a nutshell, it is not the best way to get top-notch personnel.

3) Many good employees are put off by contract-to-hire agreements

Truth be told, not many are interested in working for a company part-time and this is especially true for the talented or skilled employees who often prefer the financial security of a permanent placement.

This is not to say there aren’t any skilled labor with contract-to-hires. That said,how companies have treated contract-to-hire employees in the past will determine the caliber of candidates a business gets. Those with high success rates will attract the better candidates, while those with high turnover rates will not be very appealing.

When is a contract-to-hire agreement ideal for a business?

Whether or not a business should use contract-to-hire agreements depends upon a number of factors. While it might be perfect for some kinds of businesses, in other cases, it can become an ineffective means of procuring labor. At this juncture, we’ll be discussing the former.

1) It is a great strategy for a company with fluctuating labor demands

Those businesses that tend to require varying amounts of labor throughout the year-e.g. agricultural ventures where more hands are required during certain periods- benefit the most from contract-to-hire arrangements.

Instead of employing people on permanent terms only to lay them off when the job is at an end, these companies can hire extra personnel during the most intensive seasons of the year and let them go without having to pay hefty terms that come with permanent contract violations.

2) It is also excellent for small businesses with little resources

As discussed previously, permanent employment often comes with numerous incentives and conditionals. So for a business with a constrained budget that is just finding its feet in the industry, contract-to-hire agreements are the best way to go.

It allows small companies to cut down on human resource efforts among other related costs.

So is a contract-to-hire deal appropriate for your business? Well, that depends on the resources you have at your disposal and the nature of labor requirements in your company.

Simple tasks can be handed out on a temporary basis but more complex jobs require experienced professionals you can hire for the long haul. All in all, weigh the pros and cons of the strategy and you should find the way forward for your company.

(Photo from Pexels.com)

How a temp worker can secure a permanent position

Many employers do not have the funds to hire more full-time staff, but they still need work done. Temp workers are valuable because they help the employer save money and vet potential full-time staff.

If you’re currently in a temp position and want to secure a full-time role, here are the steps you’ll need to take.

How to Impress Your Employer as a Temp

Arrive on time or early at work

Punctuality is a crucial part of getting respect from your boss and will show your managers and co-workers they can trust you. It also helps you to stand out as a great worker. Suddenly hiring you becomes less risky.

Dress professionally

Even if your office has a more informal dress code, it is worth taking an extra step to dress well. Even if your boss does not realize it, he/she will consider you more serious if you are dressed well.

Listen to what your boss says

Take notes and give your boss full attention.  If you listen well, you can work more independently, and your boss will not think that you need constant direction.

Be punctual

When given a task, do it well the first time. If you have listened well, you will know what is being asked of you and how to do it. If you perform your work efficiently and accurately, you will be ahead of the competition, and your boss will surely notice.

Show a positive attitude

Even when the most tedious tasks are presented to you, accept the work happily. If you keep smiling, your boss will want to work with you, and you will avoid being bored or unhappy happy with your work.

Join office culture

Go out to lunch with your coworkers. Participate in the volunteer efforts of the entire company. Bring new ideas to the table. Become invaluable to the company. Go further.

Learn the trouble spots for the company and improve the way things are done. By presenting your company with new ideas, you will be seen as an asset that your company can not afford to work without.

Help your other workers

By helping with projects, you build relationships with your coworkers, and your boss will want you to stay. You are also likely to learn new things within the company, making you a more valuable and diversified employee.

Be busy most of the time doing something

That can be extraordinarily complicated as a temporary worker because you may always be waiting for a task and may not be on the administrator’s priority list. Take extra time to learn about the company, stay organized, or help a co-worker.

Work overtime

If your company faces an imminent deadline, offer to work overtime. That is an indicator that you are ready to go further to help the company succeed and earn extra money in the meantime.

Always show your interest

Let your boss know that you are willing to devote the additional time to receive training or education to fit the position correctly. If you have shown that you learn quickly, your boss may like this idea, can hire you at a lower price than an experienced professional.

Look for chances

If a job is not open, find a need within your company. If your company likes the work you have been doing, they may be willing to create a job for you. Make sure you do not disturb your boss about it, suggest the idea and then back off. You will already have an advantage over strangers.

Temp to hire salary negotiation

Once you’ve proven yourself as a valuable member of the staff, it’s time to negotiate your full-time role.

Successful negotiation is only possible if you know how to handle unexpected emotions and absurd arguments. It is equally important to understand how to maintain up with the agreement of your company while doing new business.

Effective communication is necessary to manage the relationship with your boss and result in a win-win situation.  However, not everyone has the ability or capacity to negotiate effectively, which could be a hindrance to getting ahead.

The salary negotiation must be for the benefit of both the employee and the employer, but it must never be adversarial, and no one must be aggressive.

Salary negotiation tips

When you are considering a job offer, it is essential to know how much your net salary will be. That can easily be verified on the Internet using the free salary calculators.

Learn about your work needs

Before salary negotiation, you must find out the amount of work you will do, and the skills, experience, and qualifications that are important to the employer. Do some research on salaries and be prepared for your negotiations. The negotiation tactics used must be professional, friendly, and data-driven

Let the employer start the talk

For recent graduates, it can sometimes be intimidating, as you lack experience.

Follow the rule of thumb and do not talk about your compensation. Let the employer start the conversation.

In cases your boss asks for salary expectations, the best answer is probably according to industry standards based on position, responsibility, and job challenges.

Never say any number

If the employer insists on the number, cite a salary range based on the research done instead of quoting the exact number. Here your research will help you, as you can mention a range while considering your experience and skills.

Be patient

Once you have received an offer, do not rush things. If you have doubts about the salary offered, a simple ‘I need to think about it’ can help you work on the numbers.

Be ambitious

While it is ambitious, be realistic about what you request and always support your request with information about the company, the position, and the responsibilities of the function.

Conclusion

When evaluating a salary offer, do not just look at the basic salary: be sure to consider the package as a whole. If there is a bonus structure implemented, ask what percentage of bonus has been achieved in the past and negotiate a higher rate based on key work.

Get Hired Immediately for Accounting Jobs in NYC

New York, New York – a Hotbed of Accounting Jobs

With over 8 million occupants, New York City is by far the largest city in America. Serving this massive population is a slew of businesses offering countless employment opportunities for finance professionals. As a result, New York City is one of the best places to find an accounting job, and in this accounting career guide, we’ll show you how to snag that dream job.

Apply for Accounting Jobs in New York!

 

For temp jobs, check out our temp staffing solutions.

A large number of major corporations make the city their home, including major players in the finance, media, and entertainment worlds. There are an abundance of opportunities for professionals at all levels and specialties, including bookkeeping, accounts payable, and staff accountant roles.

Who’s Hiring For Accounting?

It’s a city that never sleeps, and that saying also applies to the numerous businesses that call New York City home. Many of these businesses require large accounting staffs that can work 365 days of the year to keep up with all the commercial activity.

Furthermore, various well-off people who dwell in NYC additionally require master bookkeeping firms to deal with their accounts.

While the real firms are situated in Manhattan, there are also many firms hiring in the nearby boroughs. Brooklyn’s quickly developing fame has prompted an expansion in openings for work in the range, so don’t avoid this district from your pursuit of employment.

What’s the Accounting Salary in the Big Apple?

The typical cost for basic items in NYC is very high, so it really is great that accounting occupations pay handsomely in the city. Expect a normal pay of about $80,000 for someone experienced. This is well over the national average salary for the field, which is around $65,000. Senior accountants and managers can command over $100,000 per year.

Those with aptitude in a specific zone of bookkeeping, for example, reviewing or universal assessment, could get paid more by functioning as an expert to organizations or bookkeeping firms.

How to Apply for Accounting Jobs in NYC?

It is actually very simple to apply for accounting jobs. You just need to find open positions on a job board like Indeed or LinkedIn. Then send the hiring companies your resume letter online, containing all your past work and education experiences as well as an explanation of why you are qualified for the job. Then presto! You are hired.

If only it were that easy! New York is filled with many qualified candidates so expect lots of competition for those accounting jobs. Read up here on how to build up and enhance your credentials. It really does help if you can network via LinkedIn.

Try networking with past colleagues, or reaching out to old college buddies. Your natural market is the best way to get an “in’ into an organization.

Finally, one of the best ways is to use Vested. We match talented finance and accounting professionals with the fastest growing startups. It’s very simple. Just click the button “Sign Up” and link to your LinkedIn profile.

You’ll need to fill out a few small details about yourself, like your goals, needs and expectations. List your accomplishments and past work history and then we do the rest. Using our connection at startups, we’ll match the right role for your skills and career goals.

Immediate Openings in Accounting

According to our database of hiring companies, the top two positions that have openings are Accounts Payable Clerk and Staff Accountant.

Apply now at our CANDIDATE SECTION.

It takes less than five minutes to complete!

Accounts Payable Clerk Role

The duties related to the job of an Accounts Payable specialist vary from organization to organization. You will be a vital member of the team that has the task of maintaining accounting operations for a particular department in the organization.  To achieve success as an Accounts Payable Clerk, it’s key to understand job expectations and what it takes to exceed them.

Here is a basic job description for this accounting role:

  •  Financial analysis and office administration
  • Checking and Verifying receipts and monies owed to vendors
  • Create invoices and vouchers
  • Filing, typing and posting ledgers
  • Make sure the debits and credits tie out
  • Variable costs are assigned to right cost centers and applied to the appropriate legal entities
  • Maintain accurate records of employee pay
  • Manages the record keeping and maintenance of invoices, receipts and other vendor documents
  • Balance records with respect to accounts receivables and payables
  • Manage the reimbursement and tracking process for travel and entertainment expenses
  • Be the “go-to person” for updating bank records and daily cash positions.

Accounts Payable Clerk Salary

According to Glassdoor, the national average for an AP Clerk is $31,587. In New York City, the salary for accounts payable clerk jobs is closer to $40,000. This is based on various openings from startups that have signed up at Vested’s Employer Services.

Moreover, startups are lean on traditional benefits like matching 401K. However, they make it up in year-round casual dress codes, foosball tables, beer in the fridge, and high visibility. Startups are lean in general so it’s easier to rise up the ranks from an Accounts Payable Clerk to a Staff Accountant.

If the startup gets big enough or even goes public in 5-7 years, someone who started out as an Accounts Payable Clerk could easily be a candidate for a Controller job. This is the beauty of working for a startup: achieve success early and you will be recognized.

How to Achieve Success as an AP Specialist

We’ve done a recent survey of our startup clients, and we asked them what it takes for an Accounts Payable Clerk to succeed in this unique world.

Here are the highlights from that survey:

  • Constantly improve accounting skills and get more exposure in the accounting world
  • Review own work during month end to free up time for the senior accountant and/or the accounting manager to do more analysis
  • Make sure all accruals are defect free and hitting the right accounts so that there is no clean-up work to be done after
    • Make sure the accounting schedules tie out and see if there are ways they can be improved
  • Ensure the accounting team has an efficient and accurate Cash Process
      • Maintain constant and open dialogue with banks, and/or third-parties who specialize in cash processes (i.e. Stripe)
      • Analyze historic daily balances in Stripe to ensure we are forecasting correct
      • Perform a daily rec for stripe so that we have daily balances moving forward
  • Implement an AP automation software to drive efficiency and accuracy
      • Setup and manage the AP automation software that makes obtaining invoice approvals easier
      • Implement a process where invoice would be uploaded automatically into Netsuite
      • Improve AP aging process and work with department heads and the C-level executives to get pre-approval on fixed recurring monthly invoices. (Ex. Office supplies, Internet, travel & entertainment, office snacks, rent and utilities)
  • Constantly Improve finance skills and get more exposure to modeling  
      • Work 1 on 1 with senior accountants and/or accounting manager to improve modeling skills
      • Take on small ad hoc projects to figure out what skills need to be improved
      • Ensure which important metrics are needed for forecasting
      • Partner up to ensure we have a smooth budget process.

Most of these things are typical expectations for an Accounts Payable Clerk. The main difference between working for a large corporation and a startup is the amount of work, and the ability to prioritize and knock out tasks.

According to the startups we’ve surveyed, this ability to multi-task and manage uncertainty is the number one skill to achieve job success as an Accounts Payable Clerk.

Staff Accountant Role

Although the staff accountant is one level higher than the Accounts Payable clerk, the job requirements are very similar. Most startups, or any business looking to hire a staff accountant, often require the following things:

  • The ability to analyze information from the general ledger
  • Prepare internal and external financial statement for the organization
  • Prepare payments for accrued expenses, and manage disbursements
  • Assist the Accounts Payable Clerk in reconciling accounts
  • Answer questions related to finance and accounting by analyzing information and conducting research
  • Keep financial information
  • Have a strong grasp of SFAS rules and have a CPA
  • Solid understanding of math to calculate depreciation and cash flow impact of accruals
  • Comfortable with Excel modelling to help the Finance team with budgeting and forecasting exercises.

Skill and Educational Requirements for a Staff Accountant

This is where the Staff Accountant is slightly different from an Accounts Payable Clerk. Most businesses prefer their Staff Accountants to have a bachelor’s degree, which usually takes four years to complete. While in university, the Staff Accountant should have taken all the accounting courses, business courses, management courses, information technology courses, and ethics courses.

The curriculum might also include courses regarding macroeconomics, business communications, computer applications, statistics, and accounting information systems (which is one of the most important for the future according).

Furthermore, hiring firms require their Staff Accountants to have 2-3 years of prior accounting experience, preferably with one of the Big Four accounting firms (i.e. KPMG, E&Y). Finally, a Staff Accountant would need a CPA to work full time in a finance team at any business, including a startup.

The experience and educational requirements are different for Clerks because these roles require an Associate’s degree. It is not uncommon for Accounts Payable Clerks to work full-time and study after hours to acquire the necessary credits to sit for the CPA exam. Passing the CPA Exam is necessary if an Accounts Payable Clerk wants to get promoted to a Staff Accountant role.

Finally, Staff Accountants are expected to fulfill the CPE requirements to maintain their CPA license. The requirements are different from state to state. For example in New York, a CPA would need to do the following to maintain their license:

  • Complete a minimum of 40 hours of continuing education in any of the recognized courses
  • Complete a minimum of 24 hours in a concentrated subject area. Approved topics include but not limited to accounting, auditing, taxation, advisory services and specialized knowledge regarding accounting in a specific industry (i.e. real estate, patent)
  • Satisfy the ethics requirement  by completing four hours of courses

If an organization’s accounting department is big enough, then it could provide courses to help it’s in-house CPAs complete these requirements. However, in the case of most startups, they don’t have sufficient cash to pay for the continuing education of their staff. Hence, Staff Accountants need to fulfill the CPE requirements on their own.

Achieving Success as a Staff Accountant in a Startup

We’ve surveyed our clients about how a Staff Accountant can work effectively in their unique work environment. Here are the highlights of the survey:

  • Staff Accountants are expected to perform a detailed review of the financial statements and monthly variances; create value through deep analytical knowledge on accounting processes; and identify any errors and adjustments that need to be made
  • Perform a detailed review of monthly variances to ensure no accruals/reversals/bills are missed during close
    • Ensure accounting processes comply with GAAP
    • Analyze expenses by department on a vendor level
    • Meet with department heads to review monthly expenses to ensure all accruals, reversals and bills have been recorded
    • Create a monthly variance analysis in each schedule to understand expenses in detail
    • Set-up, own and drive an efficient process for balance sheet accounts to ensure accuracy in reporting
      • Analyze and review balance sheet accounts by journal entry since inception to identify any process errors and adjustments
      • Lead the communication to develop a new process for recording these accounts
      • Develop a more analytical knowledge about these accounts to provide deep insights on how to create an efficient process for accurate reporting
      • Determine the amount that is reasonable to write-off based on the analysis that is performed
    • Improving the Budget Versus Actuals (BVA) process
      • Identify fail points and opportunities on processes before business owners do
      • Drive process to ensure business leaders are prepared in the monthly meetings by reviewing and confirming the expenses prior to closing the books
      • Perform detailed analysis and having explanations on large or inconsistent variances
      • Create an environment of “no surprises.”

Finally, the HR departments at most startups emphasized that “emotional intelligence” or EQ is more important than technical skills. Startups are a fast paced environment, and the Staff Accountant would need to be comfortable working independently.

Startups don’t have a large finance or accounting department, and the staff do not sit behind walled off cubicles.

It’s usually an open office setting with high visibility. So a Staff Accountant at a startup should be comfortable with all types of people (from an engineer requesting T&E reimbursement to the CEO asking about daily cash positions) to come to his or her desk.

The Staff Accountant role involves handling these ad-hoc requests efficiently and effectively, while still leaving sufficient time to complete his or her other regular tasks.

Some of the roles that firms are looking to fill:

  • Budget Analyst
  • Billing Analyst
  • Accounting Associate
  • Controller
  • Senior Financial Analyst
  • Accounting Manager
  • Director of Accounting
  • Vice President of Accounting
  • Bookkeeper
  • Chief Financial Officer (many startups prefer Big 5 credentials)

How to Get that Accounting Role

As we discussed in this article, figures quite often add power and believability to what you highlight on your resume, particularly when you are applying for accounting work.

Lots of employers like to see impressive numbers on your resume. Working on the budget for the lightbulb division in General Electric is not as impressive as managing a $50 million budget at a tire factory.

Yes, GE has the brand name, but stating your role doesn’t provide context. However, if you show on your resume, that you managed a $50 million capital budget for a company that has $75 million of gross revenues – then it’s a powerful story. It shows that you were important enough in the organization to manage a budget that is 2/3 of their entire annual gross revenues.

Be Prepared to Explain Your Credentials

Yes, there’s a limit to this. Something may look incredible on a resume, however consider how it will sound when somebody gets some information about it in the meeting. For instance saying that you “expanded organization benefits by 200%” opens yourself up to questions including “what particularly did you do to build benefits?”

On the off chance that you don’t have a nitty gritty system and operational guide for how you accomplished this, your interviewer will stay extremely suspicious of your prospects.

The Mental Game

Regardless of how great your pursuit of employment methodology, there’s continually going to be disappointment and dismissal. It’s inescapable. In any pursuit of employment, you can’t get to that “Yes, you’re hired” without loads of “No, we’re not interested” reactions.

Thus, it’s urgent that you get practical about the path towards landing a position and have the correct attitude to deal with setbacks. Without the capacity to drive forward, you won’t get very far. They say it’s a dog eat dog world in New York, and it’s especially true when it comes to finding the very best accounting jobs in the mecca of finance.

As we discuss here, it’s important to have a winning and sturdy mindset to deal with the ups and downs of finding that dream accounting role:

#1: Relish the Challenge of Finding the Right Accounting Job

The normal time it takes to find another employment is a month and a half. There’s a great deal to do when attempting to find your next employment opportunity, from researching the role and company to interviewing. Finally, there’s the soul searching part. This is probably the most important. We spend a lot of time at work so we must constantly evaluate why we’re doing this and why we should care.

#2: The Recruiting Game is just Statistics

It’s anything but difficult to romanticize one specific opening for work as “the one.” This happens regularly when you have one process going and all your eggs are in one basket. Perhaps, you’ve had an eye for that dream internal auditor role at a hot startup, and you’re focused only on that one role.

You open yourself up to major disappointment if it doesn’t pan out. It’s much better to spread yourself wide. Apply to various positions. Meet lots of people. It’s not rare that you interview for a Staff Accounting role and they give you a more managerial role because your specialty is needed in the organization.

#3 Power Through Tough Times and Keep Learning

You’ll likely go through various cycles of applying and not getting a response. Then when you finally get a response, the interview doesn’t go well. It’s a frustrating process that you have to compete with so many qualified accounting professionals in NYC, but it’s the recruiting game in the big city. Instead of being frustrated, keep your head up, keep networking and keep working on your resume and interviewing skills.

#4: Stay Positive!

Whenever you advance through the interview process, ensure that you record these wins in a diary that archives your triumphs and lessons learned as you experience this trip. It will come in handy when you feel stale or when you experience the hardships of finding that dream accounting job.

Attempt to recall that enormous victories are just the result of numerous littler triumphs included!

Interviewing for An Accounting Position

Here we have a more extensive review of how to prepare for your interviews:

  • What are your qualities?
  • What are your shortcomings?
  • Why are you intrigued by working for us?
  • Where do you see yourself in 5 years? 10 years?
  • What would you be able to offer us that another person can’t?
  • What are three things your previous supervisor might want you to enhance?
  • Educate me regarding an achievement you are most pleased with.
  • Enlighten me regarding a period you committed an error.
  • What is the ideal job for you?
  • What might you fulfill in the initial 30/60/90 days at work?

So be ready to answer any of these basic inquiries questions. Be honest and succinct but don’t sound monotone. Memorize a general script that answers each and every question, but don’t just regurgitate what you memorized.

Learn to vary your tone and overall emotion so it looks and feels natural. The meeting ought to be a discussion that ideally finishes up with you being offered the occupation you had always wanted.

Finally, when it comes to interviews practice, practice, practice.

If you are 2-3 years out of college or from your MBA school, it could be possible to set up mock interviews with the Career Center at your alma mater. This is often free for alumni so why not take advantage?

In today’s world, interviews can be done via Google Hangouts, via person or by phone. You have to be comfortable to showcase yourself and your skills in all mediums of communication.

If you find yourself stumbling in a video interview, then use the career center of your old university. Ask someone there to interview you via Google hangouts. If it’s in person interview that requires improvement, why not visit your old campus?

Another easy way to practice interviewing is with friends and family. It’s a comfortable way to practice answering questions. One caveat – friends and family are the worst critics. They will highlight the strengths but tend to overlook your weaknesses. Just keep this in mind when using friends and family to interview.

Then there’s scheduling informational interviews through your LinkedIn network. This does two things. First, you get to practice your interview skills with someone in your industry and get honest feedback. Second, you can strengthen your relationships with existing business contacts by reaching out to them.

If you can schedule interviews or meetings with people outside your network, then that’s even better. This helps you build your network, and perhaps, that person can pass on your resume to his or her company’s human resources department.

Courtesy Still Counts

Finally, we get to the often asked question of do I need to follow-up after an interview. It never hurts to thank your interviewers for their time. Usually, this is best done right after the interview. A short email of two to three sentences should suffice and make sure to use their business email.

As for further follow-ups, it’s good to check up a week from your interview, unless they explicitly tell you to wait for a specific time period. Again, a short polite email should suffice, and if it’s two weeks, then I’d pick up the phone and call.

You’ve Got the Accounting Job

First, congratulations once you land that dream accounting role. Anyone that has gone through a job search – any job search – in New York City can tell you how hard the process can be.

Make sure to submit your two weeks’ notice, and share your LinkedIn contacts with close colleagues at your soon-to-be employer. Although you are going to another position, it’s always good to stay in good graces with your old employer. You never know when you might be on the hunt again for another accounting job in New York City.

Benefits of Hiring Full-Time Employees over Temp Workers

One of the most important decisions and investments you will make as a business owner is the hiring of new staff. Many factors contribute to who you add to your finance team and what value they bring to your company.

We cannot cover all of these varied points in a single blog post, but instead will examine the question of whether you should hire a temp or full time employee?  

To help you answer this question, you need to look at the pros and cons of each type of employee. 

As you look at the different options, you also need to be aware of the impact on your bottom line. What type of worker you hire makes a difference.

Here are some things to consider for each category of worker:

The advantage of hiring full-time employees

  • Full-time employees often feel pride in their position in your business. They get satisfaction out of being part of a team and working somewhere they feel comfortable and have job security.
  • The hourly wage for an employee is much less than that of the temp workers, assuming both workers work a standard 50-60 hour work week.
  • You realize that you generally have workers that you trust and can always depend on when you need them. You can assign errands for all time which gives you an opportunity to carry out the jobs that are most important to you.
  • You do not have to continually train new staff on how you like things done continually.

Disadvantages to hiring full-time employees

  • Full-time employees will always expect benefits like holiday pay and maternity leave.
  • They must always be paid a salary, regardless of whether your business is having a low period.
  • You are in charge of your workers’ training and professional licensing requirements.

Temp jobs often arise if businesses need to cover for the long-term absence of employees, due to issues such as sickness or maternity leave. Short-term projects or busy periods, such as the end of the financial year, may create temp job opportunities as well.

Using a temp agency allows a company to respond quickly to peaks in demand, without having to go through a lengthy and time-consuming recruitment process.

Pros of hiring temp worker

  • Lower labor costs. Hiring a full-time employee involves placing advertisements, carrying out background checks, training, and overtime costs. Hiring a temp worker eliminates the majority of these costs.
  • Hiring even a single employee involves a lot of time and energy. But while hiring a temporary employee, the duty is usually shifted to a team of career professionals and recruiters.
  • Full-time employees have to be provided benefits and perks. This entails an extra cost to the employer. Temporary workers, in most cases, are supplied by workforce agencies hence reduce benefits claims.
  • Avoid unemployment claims. This can be avoided by recruiting temporary workers, whose claims are limited only for the duration of employment.
  • If you hire a temp worker who is is not a good match, you don’t hire the worker again. You are not making a long-term commitment.
  • You can hire a worker for a particular task at hand by contracting someone with specialized knowledge.
  • Temporary workers are usually used on a “try before you buy” basis, which may offer the following benefits:
    • You get high flexibility when you are unsure about filling your position with a full-time employee – a reality that is particularly useful in uncertain economic situations.
    • You get the opportunity to assess a person from a specialized viewpoint for a prolong period. You likewise get the chance to evaluate social fit and character attributes, and how well the prospective employee’s values fit into your organization.

Disadvantages of hiring temp workers

  • You may lack the same amount of control as you would with the full-time employee. They will regularly run their business their way.
  • They usually do not have the same sense of company loyalty as a full-time employee and most of the time do not feel as they are a part of the business staff.
  • Wages for temporary workers are usually 15-20% more than that of regular employees. This is because the staffing agency includes its fees into the worker’s salary.
  • Permanent employees usually see temporary workers as nothing more than temps and are threatened by their presence. Temp workers are unlikely to attract much respect from the rest of the team.
  • So which option is best for you?In general, if you need a stop gap solution, you’re best option is to get a temporary person. It’s not a long term commitment and buys you time to look for a permanent solution.

 

However, a common mistake for most startups is making a temporary person a “full-time” solution, especially in the case of building their finance and accounting teams. Startups focus mainly on building out their product and engineering teams and neglect the importance of a strong core of finance and accounting professionals.

They then become shocked when they find it difficult to create financial dashboards and presentations that will impress the VC crowd.

If you are serious business and want to raise money in the future, the best option is to find a finance professional or a full-time accountant. Ideally, you would have both. They grow your business and understand how to create the right dashboards and presentations that will impress. Most hired guns will come in, do what’s needed and get out. That’s not an ideal way to lay the groundwork for your financial and accounting processes.

If you’re business has gotten some traction and you’re ready to seek VC money in less than a year, you should definitely be looking for a full-time finance and accounting professional.

Sign up at Vested today to get started in the process of securing your business’ financial future.

 

2018 Recruitment Trends – Whats Happening in HRTech

2018 recruitment trends

With 2018 upon us, it’s a good time to review 3 trends shaping the future of hiring solutions. It’s a constant battle to attract and retain finance and accounting talent. After surveying our base of clients, we found these common themes in their HR strategy that you should consider in the upcoming year.

Shared Economy Model for Temp Staffing

Or shall we say the Uberisation of temporary workers. This is a trend that we’re going to see over the next few years, in particular temp staffing for finance and accounting roles.

We’ve seen this disintermediation in other industries, like Uber has dramatically changed the transportion industry.  We’re seeing this already in recruitment with tools like Task Rabbit and Thumbtack, where you can literally use an app to just find somebody available to do handyman work.

With a simple swipe on your smartphone, you pay by credit card to hire a professional to complete your job. The final step is a feedback mechanism where both the pro and you rate each other.

App based automation has completely transformed a number of different sectors and industries:

This trend will penetrate further, and we are going to see it more in temp volume staffing. At a recent HR Tech conference, a speaker described recruiting and building a team as parts of a computer. You can go to a computer store and buy parts and pieces which provides you the flexibility to add various parts to your setup. Temp staffing works the same way. As long as somebody has the right skill set, companies are becoming more accepting of part-time and temporary assignments.

Going back to the example of Uber – the driver doesn’t matter. The car type doesn’t matter. As long as the app helps you get from Point A to Point B, then it’s as good as taking the subway or a yellow taxi (if you’re in New York).

This shared economy is the way of the future in all segments of recruiting and temp volume staffing. Perhaps you need a receptionist to come for a day and you have simple requirements. They arrive and leave at the specified hours and can manage a simple scheduling tool.

The current workflow is that another admin or office manager will call a staffing agency which provides a list of resumes. Then you must take the word of the placement agency (who is paid on a commission) that their temp worker will be the best of the lot.

In the Uber model of temp staffing, you’ll still need a phone – your smartphone. You open the app and then filter through thousands via a matching algorithm filtered on a few different criteria. You get real profile pictures. You get real resumes. You can probably even call these candidates.

Based on several reviews (not just the “expert” opinion of one placement agency), you hire the best person. And one more thing:

Just like Uber, the company also vets the professionals for criminal history and only lists real professionals who can do the job successfully. Hence, you won’t even need to do background checks. And just like Uber, this will be on-demand so your temp receptionist can be at your office the next day.

Because of this trend to Uberizing temp staffing, we’ve developed the app that can help companies with on-demand talent. We’ve seen a larger portion of our placements as temp staffing because companies have found that temp staffing (especially at start-ups) are cost-effective solutions to their finance and accounting needs.

For a full comparison of the pros and cons of full-time versus temp staffing, check out our article.

The industry hasn’t fully shifted into app hiring for full-time employees. Perhaps one day but we’re not there yet. The reason is cost. When was the last time you purchased something via an app that cost you more than a few thousand dollars?

When was the last time you bought a car online? Most people would say never because buyers like to test drive the car, kick the tires, talk to the “experts” at the car dealership and shop around.

It’s the same thing with recruiting full-time employees. Full time workers are a big investment – not just in terms of money but also time. You’ll be sitting next to this person 40 to 80 hours a week. You’ll be going to “war” with this person in various conference calls and client meetings. You want to make sure the fit is right.

Scanning profiles from an app doesn’t provide enough insight on some of these qualities. Technology is great at presenting quantitative data. It still has a long way to go in terms of assessing the human qualities that recruiters look for when evaluating a new hire.

Online Reputation Management

Reputation is really important, and organizations pay top dollar for agencies to manage their online presence. It’s also important in the tourist and travel industry. For example, Trip Advisor was one of the first to do this on mainstream. On Trip Advisor, a user can read thousands of reviews on a particular hotel property or experience.

Yelp is another example, where the success or failure of a local restaurant could depend on user generated reviews of the establishment. Yelp has replaced the need to pick up the New York Times Sunday edition and check out the hottest restaurants. Now, all one needs is to head on over to Yelp and find the best restaurants for any genre or type.

In 2018 and beyond, we see this ratings system extending into the recruiting industry. What if you search for accountants in New York, look up their resumes, and rank them by ratings?

Today, the filtering system is the agency. An agency collates resumes, and they send the resumes to the client. At Vested and other similar apps, we’re seeing clients eager to cut the middleman out. The middleman mind you who’s incentivized to fill the placement, regardless of fit, to get paid. They want direct access to the candidate. They want to see their resumes and a way to score them according to their opening.

With this trend in mind, job seekers would do well to maintain a professional online portfolio. Update LinkedIn and fill out their Vested profiles completely. These steps will help you stand out among the crowd.

Online reputation extends to companies as well. This is why Glassdoor or similar sites are so popular. Candidates want to read reviews and see star ratings on companies.

Candidates don’t want to be stuck in a job with a company with a bad reputation. Hence, companies nowadays spend thousands of dollars for agencies to manage their online reputation. A Glassdoor rating or Vested profile can have a direct impact on your ability to recruit and retain top finance and accounting talent.

Active Management of Candidates (Outreach Model)

Finally, the last big trend is the concept of active management. Currently, most HR strategies are passive in nature. HR departments will only start seeking candidates, when a spot opens up in one of the divisions. When an opening arises, HR departments initiate their flow: call the agency, farm for resumes, screen for resumes and hope one of these resumes come from the ideal candidate.

This reactive approach to recruiting is not the optimal way to manage personnel. In this approach, you’re always at the mercy of active job seekers which may not suit the requirements at that moment in time. Often, these are not the best candidates in the industry.

In the active management model, HR professionals don’t wait for an opening to reach out for candidates. HR professionals are constantly reaching out. They search in LinkedIn for the best profiles. They read blogs or watch videos from authoritative sources. They engage and connect with them and maintain a strong rapport.

In sales and marketing, this is called “pre-selling.” When a salesperson pre-sells a product, they are informing customers about the product or service, and through informative content, the salesperson hopes to create future demand. Marketers often point out that it takes seven contacts before a salesperson can make a sale. Hence, there is a lot of pre-selling before a consumer actually purchases a product.

This concept of pre-selling interest in potential employees can work really well in the recruiting. When we surveyed our most active users (companies who are hiring), we found interesting results. They use Vested (along with LinkedIn) to nurture interest from candidates who have attractive profiles.

They spend half the time setting interviews and funneling candidates to the recruiting flow, and they spend the other half reaching out and “pre-selling” the organization to ideal candidates.

Our clients who use the active management model have higher conversion rates when they bring in candidates they’ve already pre-vetted via prior outreach campaigns. They’ve identified top candidates and pre-sold them on the benefits of working at their organizations.

Vested as a Next-Gen Hiring Solution

After reviewing the results from our clients, we at Vested feel even more confident that our platform is the next-gen recruiting tool to connect job seekers to companies who need them. It’s a platform where both sides can interact with each other and “pre-sell” the benefits of a working relationship.

It’s a cost-effective platform, where hiring managers have direct access to candidates. It’s a platform pushing the boundaries and laying the groundwork for the future of the recruiting industry.

(Photos from Upsplash)

Vested – the Ultimate HR Tech Recruiting Solution

Vested HR Tech Recruiting Solution

As serial entrepreneurs, we understand the challenge of finding reliable recruiting solutions to find accounting talent or recruit top finance professionals. We commend Hired.com for pioneering the intelligent matching HR technology to assist with recruiting engineers, and we feel that this approach can work in other fields. This is why we developed the next big thing in HR tech:

Find the Best Talent

 

Our Vested intelligent matching app will help business fill their accounting and finance job openings.

Recruiting the best finance professionals is of the utmost importance for the growth of any organization or institute in today’s shifting business landscape. The recruiting process begins with reaching out to those people in the world who have the requisite skills for the position.

Most of the corporate institutions, business houses, industries, organizations and government agencies know what they are looking for in their future financial workforce, but they may lack the means of reaching them.

Moreover, recruitment can be a time consuming process if you are a small team of professionals or a startup. This is where Vested comes in. All you need to do is tell us your requirements and we will find you the right person to manage your finances.

Corporate finance and FP&A (Financial Planning & Analysis) are the backbones of understanding and managing a business. All businesses require a finance team (whether it is a team of 1 or 100) that are responsible, intelligent and possess sharp business and management acumen.

Our team is dedicated to helping companies of all types and sizes meet their finance and accounting staffing needs. We promise to use our state of the art technology to provide you with high-caliber finance, investment, and banking professionals. Whether you need entry or senior level staff, short-term consultants or permanent employees, Vested offers solutions to aid your business.

We are well-connected and knowledgeable of the insurance, banking, and finance sector. While we specialize in startups, we also cater to a number of investment banks, corporate enterprises, commercial banks, and local businesses.

Vested’s HR Tech Solution Simplifies the Recruiting Process 

Unlike others in the HR field, we are not mere headhunters or recruiters. We are dedicated professionals who use our proprietary intelligent matching technology to curate and match you with the best and brightest finance and accounting professionals.

One approach we use to attract talented candidates is to target early career professionals who wish to prove their mettle.

We are connected to the brightest young minds in the field and keep tabs on their career development. We have a huge database of carefully curated talent that grows by the day. Armed with this knowledge, we have the right candidate that will fit perfectly in your business. More and more young professionals have landed up in dream jobs with a gentle but professional push from our end.

How do we attract the top talent in the finance and accounting field?

We work for your firm as though we are hiring people for ourselves. 

Recruitment and Candidate Assessment with Vested’s Intelligent Matching

We start work as soon as you contact us with your need! And we ensure you get the results within a week’s time.

Our recruitment process begins by working with you to identify your business needs. We will initially try to find your match among the candidates already in our database, but will conduct additional outreach if you have specific qualifications or needs.

Once we get a list of candidates matching your qualifications criterion, we pre-screen them to see if their skills and temperate match your company’s needs and culture. We are determined to get the most skillful, sensible, and intelligent match for your job.

Every candidate we provide has been screened and if hired, will be ready to start working from the first hour of day one. This is the recruitment process that we follow.

  • We will work with you to identify the position, qualifications, experience and additional requirements needed for the job.
  • Querying the Vested Database for candidates with matching credentials- Since we have a big database of applicants, we first query it to get a list of the people who have applied earlier for similar jobs.
  • Preliminary Interviews by skill experts to shortlist- Before the client-side experts step in for final selections, our experts make the job of recruitment easier and shorter. The applicants selected after screening are interviewed by the Vested experts in the specific field and select the candidates who have potential to excel in the said job.
  • In such cases, we prepare the written exam or practical test to be taken by the candidates qualifying the preliminary interview phase. The test is conducted and the selected candidates are selected to appear for a final interview.
  • Final interview by client organization Official and Experts at Vested – This is the final stage of selections. The client organization will put the selected candidate(s) through their interview process.
  • Job and organization Orientation- In the last stage of recruitment, we conduct an orientation program for people who have been selected for the job. During the orientation program, they are given details about the job and the employer organization so that they can gel in at the new workplace from day one.

Who Benefits from our Hiring Solutions?

Our specialization in finance sector recruitment is the best service for employees as well employers. With the right connections at the right place in finance industry, we ensure that is presented with the perfect opportunity for growth.

We help our clients in the following departments and activities

  • Audit &Accounting
  • Financial Reporting and Analysis
  • Financial Planning and Analysis
  • Tax Planning and Reporting
  • Investor Relations
  • Mergers and Acquisitions
  • Treasury Capital Markets
  • Analysis of various Financial Transactions
  • Consultation in Financial Services
  • Operations Managers and Executives
  • Equity  and Mutual Funds Sales and Management
  • Investment and Insurance Planning
  • Credit Planning and Management
  • Regulatory Control and Management
  • Lease and Asset Financing and Management

Our success and our clients’ trust lies in the way we focus on providing staffing solutions mainly in the fields of corporate finance and FP&A for startups. In fact, our stringent measure to recruit our own recruiting consultants is one of our greatest strengths. All of Vested’s consultants and professionals have been selected as a result of their expertise in the finance and recruiting industries.

We put countless hours building our team, and use even more rigorous standards when we recruit candidates on behalf of our clients.

Why are our recruiting services the best HR solution?

The right resources, aptitude, and attitude make all the difference. As far as recruiting services are concerned we are counted among the best for the following reasons:

  • Over the years we have communicated with countless candidates and own a large repository of candidate resumes. This collection includes financial professionals who can be employed for jobs at every rung of the organizational ladder. You name it and we have it! And more and more qualified and experienced candidates are joining us each day.
  • We believe in the fact that quality attracts quality. As such our entire team of experienced and intelligent recruiting consultants is well versed in every aspect of the financial industry. From hedge funds to investment banks to corporate finance in a S&P 500 company, we understand what it takes to build a winning finance team.

Why us and no one else?

We consider the recruitment needs of our clients as our own. That’s why we work hard to find the right candidate.

We call, discuss and screen the candidates ourselves. No one else is involved in this process except our own experts and professionals and of course the clients. The level of professional dedication has resulted in earning the faith of our clients. We can proudly admit that we have been able to retain our clients, build relationships while earning and growing business with the help of unbelievable customer service.

It’s a mark of pride that some of our own employees who have been working here for years have left to join the best companies in the industry. We are still in contact with these achievers who help us in many crucial and important recruiting assignments. They are still a part of the Vested  family and spare their time for training and guiding our new recruiting professionals. Our clientele range from big business houses to small teams and startups.

They vouch for our outstanding services that have given them their best and most experienced workforce. In nutshell, we have grown with our clients and have created the very best HR tech recruiting solution to hire top talent in the finance and accounting field.

Recruiting Technique: Understanding Body Language

interview techique

According to a recent survey of our clients, we found that body language in an interview is of utmost importance.

It’s equally important for the HR interviewer to watch his or her body language and to assess the body language of the candidate. Understanding body language is an effective recruiting technique to conduct successful interviews.

Conducting successful interviews is of course a vital part of any effective recruiting strategy.

How Important is Body Language as a Communication Tool?

There are some fascinating  studies around body language. In a study of athletes in the Paralympics, researchers analyzed body language of people from around the world, and from all different cultures. They found that athletes used similar gestures to convey a thought or meaning. For example, the expanded posture and outstretched arms were associated with pride.

In another study, researchers observed the body language of  the blind. These individuals have never observed the body gestures of other people. However, they also exhibited similar body gestures like everyone else. They would open up to show pride, or they would clam up whenever they felt fear or shame.

Finally, we see body language as an inherent part of nature. Male peacocks spread their feathers to show off they physical traits to female peacocks. Dogs wag their tails as a sign of excitement.

Body language is a universal tool used by all species to convey a thought or meaning. Hence, it’s very important to be mindful of body language whenever, we’re meeting someone, especially when we’re trying to assess a candidate in a 30 minute interview.

Create a Friendly Atmosphere

People make snap decisions about us in the first few moments:

  • Are we trustworthy?
  • Do we convey confidence?
  • Are we friendly?

If you as the interviewer clam up in an interview, there’s a good chance that the candidate will clam up as well. This doesn’t help anybody. It’s important to talk in a controlled and friendly tone, and to give non-verbal cues that this interview is a friendly meeting.

One quick tip we’ve discovered from an HR veteran was his use of the eyebrow flash.

It’s seems so simple, yet it’s been quite effective. During the introductory phase of the interview, an eyebrow flash and a smile can go a long way to set the tone early. It will help calm everyone’s nerves and loosen up the candidate. This is key if you wish to delve deeper into the candidate’s experience and attitude towards various work scenarios.

The second tip is using a slight head tilt. The head tilt is something that we naturally do when we’re trying to listen more closely. It’s something we do to show that we trust the other person. We’re exposing some vulnerable sections of our neck here when we’re doing this. So, when we do  this people will feel that trust and  feel that we trust them more in return.

You’ll even see animals employing the head tilt technique. Your cat  or your dog may tilt their head to show that they trust you:

Finally, smile! A genuine smile works wonders. It’s simple. It’s timeless. It works.

During the introductory phase of the interview, try these 3 tricks to loosen the nerves of the candidate and set the tone early for the interview.

Pay Attention to the Candidate’s Body Language

There’s a saying: “Say one thing and do another.”

This happens a lot in an interview. The candidate could be talking in a monotone voice about his or her experience in a particular situation. It might seem calm and confident.

But what if during this time, he was fiddling with his thumbs nervously?

He could be talking confidently but his body language exhibits a different tone. In this scenario, he could just be spouting off an answer he or she practiced in the bathroom mirror and hoping you won’t notice his fear.

What exactly is he or she hiding?

As an HR interviewer, it’s your job to pick up on these cues and then use them to dig deeper. If you asked him or her about a particular situation and you saw this dichotomy of behavior, ask follow up questions.

Like all humans, candidates tend to fall back to our caveman days or evolutionary instincts. Back in our caveman days, if a tiger was trying to hunt us down, we would find a secure spot and freeze up. We would try to hide and hope the danger passes by. Or, the cavemen would distance themselves from the situation by running away or some other avoidance behavior. The cavemen could also pick up a stick, make a spear and fight the predator. Finally, another form of defense is blocking. Cavemen would move a rock or build a wall to protect themselves from anyone hunting them.

These behaviors can still be found today. As an interviewer, watch for these non-verbal cues:

  • Freezing up or clamming up
  • Avoidance or distancing
  • Aggression
  • Blocking behavior

Veteran HR recruiters constantly look for these three things as it’s a clear sign that “something is there.” Here’s a quick list to look for in candidates:

  • Leaning back in their chair (distancing)
  • Folding of arms (blocking)
  • Scowl on face (aggression)
  • Fiddling with fingers or pen (clamming up/stuttering/freezing)

Once HR recruiters see any of these behaviors, then it’s a big sign to delve deeper into a particular topic. If the candidate exhibits confidence and answers with a smile and even a nice story, it’s time to move into a different topic.

Understanding Body Language Results in Efficient Interviews

HR recruiters could be interviewing eight or ten candidates in-person a day for a particular job leaving only about 30 minutes to assess the candidate. 

The most skilled recruiters can use both verbal and non-verbal cues to dictate the flow of the conversion.

When you use these vanilla questions, expect vanilla answers:

  • Tell me about yourself
  • Walk me through your resume.
  • Can you provide an example of a difficult situation that didn’t work out?

These questions can be found in every interviewing guide on the Internet. Every candidate rehearses this in front of a mirror and have very canned answers. Don’t expect to learn anything new.

The trick is to use these questions as an opening. Then it’s up to the interviewer to pick up on non-verbal cues so then he or she can follow up with more questions.

Understanding Body Language is a Key Recruiting Technique

If the candidate exhibits confidence in technical questions but exhibits distancing behavior when it comes to workplace scenarios, then dig deeper into that. If a candidate folds his or her arms during technical questions, then focus more on the technical side of the job.

You only have 30 minutes to assess a candidate. Pay attention to their body language and you’ll discover a lot about the candidate.

Conducting efficient interviews is an important recruiting technique for any professional HR recruiter.

(Image Source: RawPixel on Unsplash)