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When Salary Negotiations Turn Sour: The Disconnect Between Employers & Job Seekers

May 24, 2024 by Kelsey Campion

When salary negotiations turn sour, the fallout can affect both employers and job seekers deeply. In a world where compensation talks can make or break job offers, understanding the salary negotiation disconnect is crucial for both parties. This blog explores the complex dynamics of salary negotiations, shedding light on the common misunderstandings and tactical errors that often lead to frustrating outcomes. By diving into the perspectives of both employers and job seekers, we aim to demystify the process and provide actionable advice to help navigate these critical discussions more effectively. Whether you’re offering a job or accepting one, understanding these nuances could be the key to a successful negotiation that satisfies both parties.

Why Do Salary Negotiations Fail?

Salary negotiations can be a tightrope walk for both employers and job seekers. Recognizing where these disconnects occur is the first step to better negotiations:

A concerned businessman holding money, looking perplexed, highlights common pitfalls in salary negotiations, including lack of transparency and poor communication.

Common Pitfalls in Salary Negotiations

Salary negotiations often stumble because of common misunderstandings and miscommunications. For both employers and job seekers, recognizing these pitfalls can pave the way for more successful outcomes.

Employers: The Importance of Transparency

Employers need to approach salary negotiations with openness about the rationale behind their offers. A common pitfall is failing to provide a clear explanation of how salaries are structured and what factors influence the final figures. This includes market rates, the candidate’s experience level, and internal parity. By being transparent, employers help mitigate the salary negotiation disconnect by setting clear expectations and building trust with potential hires. Moreover, embracing pay transparency can lead to reduced wage gaps and foster a more equitable workplace, as noted by PayAnalytics. Companies that are upfront about their pay structures are often seen as more ethical and employee-friendly, which can attract top talent and reduce turnover rates, according to Forbes.

Job Seekers: Knowledge Is Power

For job seekers, a frequent stumbling block is entering negotiations without a solid understanding of their market worth or the typical salary ranges for the position in their geographic and professional area. This lack of preparation can lead to unrealistic salary expectations or the inability to effectively articulate their value. Job seekers should arm themselves with up-to-date salary data and be prepared to discuss how their background and achievements align with the demands of the role.

Bridging the Gap: Facilitating Balanced Discussions

To bridge the salary negotiation disconnect, both parties must aim for an open and respectful negotiation process. Employers should be prepared to discuss the full compensation package clearly, while job seekers should transparently share their salary expectations and justifications. Employing tools like salary calculators and accessing up-to-date salary data can facilitate a more informed discussion, helping both sides achieve a mutually beneficial agreement.

Addressing these common pitfalls can significantly smooth the process of salary negotiations, reducing misunderstandings and fostering a more productive dialogue between employers and job seekers.

Equity Concerns in Salary Discussions

Equity is a critical aspect of salary negotiations that can significantly impact the perceptions and outcomes of these discussions. Understanding how to approach equity can help both employers and job seekers navigate this complex topic effectively.

Employers: Balancing Internal and External Equity

For employers, it's crucial to balance internal equity—ensuring that employees in similar positions with similar experience and performance are paid comparably—without alienating potential new hires by offering less competitive salaries. Employers need to be transparent about how salaries are determined and aware that internal pay structures might not always align with current market rates. Ignoring market competitiveness can exacerbate the salary negotiation disconnect, especially when a candidate is aware of their market value.

As highlighted by AIHR, maintaining internal equity is essential for employee morale and retention. However, businesses must also recognize that their internal equity concerns are not the external candidate's problem. According to this LinkedIn article by Robert J. Greene, companies risk losing both external candidates and their own internal talent to competitors if they fail to stay competitive with external market values. If employees realize they are underpaid compared to the market, they are likely to leave regardless of internal equity efforts. Thus, businesses need to enhance internal equity while also ensuring they offer competitive salaries aligned with the external market to attract and retain top talent effectively.

Job Seekers: Understanding When to Discuss Equity

Job seekers should be prepared to discuss equity concerns, but timing is key. It's advisable to bring up equity questions after receiving a job offer, when there is a clear intent to hire and room to negotiate. They should seek to understand how their potential salary compares with others within the same organization and the criteria for future salary adjustments and promotions. This understanding can help mitigate the salary negotiation disconnect by setting realistic expectations.

Bridging the Gap: Transparent Conversations About Equity

To bridge the salary negotiation disconnect regarding equity, both parties should engage in open and honest discussions about how salaries are structured within the organization. Employers can provide prospective hires with a clear understanding of the compensation philosophy and growth opportunities, while job seekers should feel empowered to ask for a fair comparison to ensure they are being offered a competitive and equitable package. Both parties can benefit from such transparency, which promotes fairness and satisfaction in the hiring process.

Understanding Total Compensation Beyond Salary

When discussing compensation, it's crucial to look beyond the base salary to understand the full package being offered. This holistic view helps mitigate the salary negotiation disconnect by aligning expectations between employers and job seekers.

Employers: Offering a Comprehensive Package

Employers must articulate the total compensation package clearly, highlighting elements like benefits, bonuses, and growth opportunities. This approach helps justify the salary offered and shows the employer’s commitment to their employees' comprehensive well-being. Benefits such as health insurance, retirement plans, paid leave, and professional development contributions often add substantial value that may not be immediately obvious when looking at salary alone. By fully presenting these elements, employers can demonstrate a deeper level of investment in their workforce.

Additionally, in our 2024 top recruiting trends report, it's clear that candidates increasingly value remote and flexible work opportunities alongside purpose-driven work. Working for a purpose-driven company can significantly enhance job satisfaction and retention. By offering a comprehensive package that includes flexible work options and aligns with these values, employers can attract top talent and foster a motivated and committed workforce.

Job Seekers: Evaluating the Complete Offer

Job seekers should assess an offer in its entirety, not just the salary. This evaluation should include health benefits, retirement plans, paid time off, and opportunities for professional growth. These components can significantly enhance the total value of the offer, sometimes compensating for a lower-than-expected salary. Understanding the full package allows candidates to make informed decisions based on the complete value of what’s being offered, rather than salary alone. Additionally, Deloitte emphasizes the importance of evaluating the professional growth opportunities within organizations. Access to training, career development programs, and advancement opportunities can add significant value to a job offer.

A detailed job offer checklist showing categories such as Salary, Health Benefits, Paid Time Off, Retirement Plans, Professional Development, and Flexible Work Options.

Bridging the Gap: Communicating Total Compensation

To effectively address the salary negotiation disconnect, it is crucial for both parties to communicate openly about all components of the compensation package. Employers should be transparent and detailed, while job seekers should feel empowered to ask clarifying questions, so that they can better understand the holistic value of a job offer and make more informed decisions. This comprehensive understanding can shift negotiations from mere salary discussions to a broader conversation about mutual benefits and shared value, leading to more successful outcomes.

Economic Trends and Their Impact on Salary

As economies fluctuate, the landscape of salary negotiations shifts accordingly, presenting unique challenges and opportunities for both employers and job seekers. Understanding these economic trends is pivotal in navigating the often-complex salary negotiation disconnect, ensuring that both parties engage in informed and fair discussions.

Employers: Adapting Offer Strategies to Economic Shifts

In an environment influenced by economic shifts, such as inflation or recession, employers must adjust their salary offers to remain competitive and realistic. Understanding the economic context is essential for making offers that are attractive yet sustainable. During times of inflation, for example, salary offers should reflect the higher cost of living to prevent them from being perceived as undervalued by potential hires. According to Payscale, staying informed about industry salary benchmarks and economic forecasts is crucial for guiding compensation strategies. Additionally, WorldatWork projects that pay increases in 2024 are expected to exceed inflation, highlighting the importance of aligning salary offers with economic realities to effectively address the salary negotiation disconnect.

Job Seekers: Negotiating with Economic Awareness

Job seekers need to be aware of the broader economic conditions when negotiating salaries. In times of economic downturn, for instance, understanding the pressures on businesses can guide seekers in making reasonable demands. Conversely, in a booming economy, candidates might leverage their skills for better offers. Being informed about the economic climate helps job seekers approach negotiations with a balanced perspective, aligning their salary expectations with current market realities.

Bridging the Gap: Flexible and Informed Negotiations

Both employers and job seekers benefit from maintaining flexibility and staying informed about economic trends that impact salary structures. By fostering open discussions about how economic factors influence salary offers, both parties can negotiate more effectively, ensuring fair and equitable salary agreements that reflect both current economic conditions and individual value. This mutual understanding can significantly reduce the salary negotiation disconnect, leading to more successful and satisfactory hiring outcomes.

Partnering with Blue Signal Search

Navigating the complexities of salary negotiation can be challenging, but it doesn't have to be a struggle. At Blue Signal Search, we specialize in smoothing over these disconnects, providing expert guidance to ensure both parties reach mutually beneficial agreements. While we understand that some employers may face budget constraints, we excel in helping you present a fulfilling job offer that attracts top talent. Our recruiters work closely with employers to craft compelling compensation packages that align with market trends and organizational goals, while also offering strategic advice to job seekers to help them articulate their value effectively.

For job seekers looking to sharpen their negotiation skills, our sister company, Resume and Career Services, offers invaluable resources. Their YouTube channel features free video courses on salary negotiation tactics, equipping you with the knowledge needed to secure a fair and satisfying job offer. By partnering with our team, you gain access to a holistic approach to recruitment that simplifies the negotiation process, ensuring successful outcomes for all involved.

Conclusion

In conclusion, navigating salary negotiations can be tricky, often leading to a salary negotiation disconnect that results in misunderstandings and missed opportunities. But with clear communication, realistic expectations, and a bit of empathy, employers and job seekers can bridge the gap and turn potential conflicts into win-win situations. Use this guide to approach your next negotiation with confidence and share these insights with your network to help others navigate the process. And remember, if you ever need expert guidance, reach out to myself or any of our team at Blue Signal Search. We're here to help you transform daunting negotiations into opportunities for growth and success!

Meet Recruiting Expert, Kelsey Campion

Kelsey Campion, Sr. Recruiting Manager at Blue Signal Search, brings a wealth of experience and expertise to the table. With a proven track record in connecting top-tier talent with industry-leading employers, Kelsey is dedicated to helping businesses navigate the complexities of hiring and salary negotiations. Her strategic approach and deep understanding of market trends ensure that clients receive tailored solutions to meet their unique hiring needs. Whether you're looking to fill a critical role or build a high-performing team, Kelsey Campion is your go-to partner for recruitment success. Contact Kelsey to see how she can help support your hiring goals!

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    Filed Under: Recruiter Tips Tagged With: candidate experience, Career Growth, Compensation Strategies, Effective Negotiation, employee benefits, employee retention, Employer Branding, Employer-Employee Relations, employment trends, hiring strategies, HR best practices, job market insights, Job Market Trends, Job Offer Negotiation, Job Offer Strategies, Job Satisfaction, Job Seeker Advice, Negotiation Skills, professional development, recruitment challenges, recruitment expertise, Recruitment Tips, Salary Negotiation, Salary Negotiation Disconnect, Salary Negotiation Tips, Successful Hiring, Talent Acquisition, Workplace Communication, workplace culture

    Monday Market Share: Finance and Accounting Industry Insights

    March 25, 2024 by Taylor Leonard

    Curious about how technology and market shifts are transforming the finance and accounting industry? In this month's 'Monday Market Share,' we had the privilege of sitting down with Austin Younglove, our Director of Sales at Blue Signal Search, who specializes in finance and accounting roles. Join us as Austin unveils the current trends, sought-after skills, and emerging roles that are reshaping hiring practices in the finance and accounting sector. From the increasing reliance on technology to the growing importance of Environmental, Social, and Governance (ESG) principles, this edition of Monday Market Share offers invaluable insights into navigating the intricacies of talent acquisition in this dynamic industry.

    In this interview, Austin addresses these pivotal questions about finance and accounting employment trends:

    • What current trends in finance and accounting are significantly impacting hiring practices?
    • Given the evolving nature of the finance sector, what specific skills and qualifications are now most in demand?
    • What new or emerging roles in finance and accounting are companies most eager to fill in the current job market?

    Read on for Austin’s insightful responses or watch the detailed discussion in the video below!

    Trends Impacting Hiring Practices in Finance and Accounting

    What current trends in the finance and accounting sector are significantly impacting hiring practices?

    “The current trends impacting hiring practices in the finance and accounting sectors include increased reliance on technology and automation, which ultimately is shifting the focus of our clients towards candidates with strong digital skills. Specifically in areas like data analytics, AI, and blockchain.

    Additionally, the growing importance of ESG principles is leading companies to seek professionals who can really incorporate these considerations into their financial strategies as well as their reporting. Remote work and flexibility have also become key factors, as we all know, which affects both the talent pool available to them and requires new competencies in virtual tools and communication abilities.

    These trends are driving a demand for a blend of technical, analytical, and soft skills, and have ultimately reshaped the profile of the candidates our clients are seeking.”

    According to Austin, the finance and accounting sector is experiencing a paradigm shift driven by technological advancements and the growing importance of ESG principles. Increased reliance on technology and automation has led to a demand for candidates with strong digital skills, particularly in areas such as data analytics, AI, and blockchain. Moreover, companies are seeking professionals capable of integrating ESG considerations into their financial strategies and reporting practices. Remote work and flexibility have also become key factors, necessitating proficiency in virtual tools and communication abilities.

    In-Demand Skills and Qualifications for Finance and Accounting Jobs

    Given the evolving nature of the finance sector, what specific skills and qualifications are now most in demand?

    “Let's take the growth of US manufacturing and engineering as an example. We're seeing a significant rise in demand for accounting professionals that have an in-depth understanding of various types of costing methods.

    Cost and project accounting as an example, as well as mid-market ERP implementation experience, such as NetSuite and Microsoft Dynamics. They're looking for really multifaceted skill sets, with the ability to communicate cross functionally amongst different groups within their organization and have exposure to a variety of reporting tools.

    We do not see a heavy emphasis on advanced degrees, but we do see a frequent preference for folks with the CPA or CMA certifications, especially amongst the more advanced skills that we tend to place.”

    In light of these trends, Austin emphasized the importance of multifaceted skill sets in finance and accounting roles. Candidates with expertise in various costing methods, project accounting, and mid-market ERP implementation are highly sought after. While advanced degrees are not heavily emphasized, certifications such as CPA or CMA are preferred, especially among candidates with advanced skills. Cross-functional communication abilities and familiarity with a variety of reporting tools are also essential for success in the field.

    Learn More About Accounting Certifications to Advance Your Career

    Emerging Roles in Finance and Accounting

    What new or emerging roles in finance and accounting are companies most eager to fill in the current job market?

    “Right now, companies are keen on filling roles that really cater to technological advancements and data driven decision making. Positions like data driven financial analysts and cybersecurity finance experts, both are in high demand, and ultimately reflect the need for skills and predictive analytics and financial data protection.

    Additionally, the rise of sustainable business practices has spurred demand for ESG Reporting Specialists. Other emerging roles, like Blockchain Analysts, and AI Finance Specialists are really highlighting our clients and the industry shift towards incorporating tech into their business for enhancing efficiency and a majority of our leadership strategic insights. These roles show a trend towards specialization, not generalists, and place a heavy emphasis on technical proficiency and sustainability within our clients’ financial operations.”

    Companies are eagerly seeking finance professionals who can leverage technological advancements and data-driven decision-making processes. Roles such as data-driven financial analysts and cybersecurity finance experts are in high demand, reflecting the need for predictive analytics and financial data protection. Additionally, the rise of sustainable business practices has led to increased demand for ESG Reporting Specialists. Emerging roles like Blockchain Analysts and AI Finance Specialists underscore the industry's shift towards incorporating technology for enhanced efficiency and strategic insights, emphasizing specialization and technical proficiency.

    Explore More Emerging Roles in the Finance & Accounting Sector

    Conclusion

    In conclusion, Austin Younglove's deep dive into the finance and accounting sector offers a fascinating glimpse into how technology and market shifts are shaping job trends. It's evident that possessing specialized skills and adapting to industry shifts are pivotal for navigating the sector's changing landscape.

    Blue Signal remains committed to facilitating growth within the finance and accounting realm, serving as the bridge between exceptional talent and leading companies in the industry. Whether you're aiming to advance your career or seeking top-tier professionals to bolster your team, our finance and accounting recruiting expertise is tailored to guide you through these intricate pathways. We're dedicated to connecting ambitious professionals with the unparalleled opportunities unfolding in finance and accounting. Get in touch to discover how we can support your success in this dynamic industry!

    Learn More About Our Finance & Accounting Recruiting Practice

    About Austin Younglove: Expert in Finance & Accounting Talent Acquisition

    Meet Austin Younglove, a seasoned recruiting expert passionate about driving growth in the finance and accounting sector. With a knack for identifying top talent and deep industry knowledge, Austin specializes in connecting professionals with leading companies. His keen understanding of emerging trends and commitment to personalized service make him a trusted advisor for both job seekers and employers. Whether you're looking to advance your career or strengthen your team, Austin is dedicated to guiding you toward success in finance and accounting. Reach out today to start your journey with Austin!

    Contact Austin Younglove

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      Filed Under: Uncategorized Tagged With: accounting careers, accounting jobs, accounting recruitment, Accounting Sector, Career Development, employment trends, Finance Hiring, Finance Industry, Finance Professionals, Finance Recruitment, Growth Opportunities, hiring challenges, hiring strategies, Industry Insights, Job Market Analysis, job market insights, recruiting strategies, recruitment best practices, recruitment solutions, Staffing Trends, Talent acquisition strategies, Talent Acquisition Trends, talent management, talent pipeline, Talent Retention

      Top 6 In-Demand Accounting and Finance Jobs for 2023

      May 30, 2023 by Taylor Leonard

      Are you looking to stay ahead of the curve in the accounting and finance industry? With the sector expected to grow steadily in the coming years, now is the perfect time to identify the top accounting and finance jobs for 2023. According to the latest report from the U.S. Bureau of Labor Statistics (BLS), employment in financial activities increased by 23,000 in April, with gains in insurance carriers and related activities (+15,000) and in real estate (+9,000). To help you identify the most in-demand job titles, we have compiled a list of the top 6 accounting and finance jobs. In this blog, learn valuable insights from Ryan Walsh, an industry expert with over a decade of experience in financial services and a specialization in accounting and finance recruiting. By staying informed about the latest industry trends and following Blue Signal's expert advice, you can position yourself to attract top talent or take advantage of exciting new job opportunities in the field of accounting and finance. Furthermore, in this blog, we will provide a detailed overview of the current state of the job market and highlight the top 6 positions in demand.

      Employment statistic for accounting and finance jobs in-demand for 2023 with image of finance team meeting in background.

      Top 6 Accounting and Finance Jobs

      1. Financial Managers
      2. Credit Counselors
      3. Accountants and Auditors
      4. Financial Analysts
      5. Financial Advisors
      6. Compliance Officers

      Financial Managers

      Driving the financial success of organizations, financial managers hold a pivotal position in managing and optimizing financial resources. With their expertise in producing accurate financial reports, directing strategic investment activities, and developing long-term financial strategies, they are instrumental in steering organizations towards their financial goals.

      Here's what you need to know about this in-demand accounting and finance job:

      • Financial Manager Qualifications: Typically, a bachelor's degree in finance, accounting, economics, or a related field is required, along with several years of work experience. Having a Master of Business Administration (MBA) degree may be preferred.
      • Common Industries: Financial managers work in various industries, including banking, insurance, and corporate finance departments.
      • Projected Growth Rate for Financial Managers: The U.S. BLS projects a significant 10% growth rate for financial managers from 2022 to 2032.
      • Salary: The median annual wage for financial managers is $131,710.

      In the dynamic world of accounting and finance jobs, financial managers hold a pivotal role in ensuring the financial health and success of organizations. With their expertise in producing financial reports, directing investment activities, and developing strategies, they play a crucial part in achieving long-term financial goals. More than ever, organizations recognize the need for experienced financial managers to guide them through economic changes and maintain their financial competitiveness.

      Credit Counselors

      In the realm of personal and business finance, credit counselors play a vital role in helping individuals and organizations effectively manage their debts and enhance their credit scores. As economic uncertainty persists, the demand for credit counseling services is expected to increase in 2023.

      Here's what you need to know about this in-demand accounting and finance job:

      • Credit Counselor Qualifications: Typically, a bachelor's degree in finance, accounting, or a related field is required, along with strong communication and problem-solving skills.
      • Common Industries: Credit counselors work in various settings, including nonprofit organizations, credit counseling agencies, financial counseling firms, government agencies, and consumer protection organizations.
      • Projected Growth Rate for Credit Counselors: The U.S. BLS projects a 9% growth rate for personal credit counselors from 2022 to 2031.
      • Salary: The median annual wage for credit counselors is $51,650.

      With the ever-changing nature of the financial industry and the increasing emphasis on creditworthiness, the demand for credit counselors is projected to rise. As individuals and businesses seek expert guidance in effectively managing debts and enhancing credit scores, credit counselors offer invaluable strategies and support to navigate the evolving finance industry. By addressing financial challenges and fostering positive financial habits, credit counselors empower their clients to achieve greater financial stability and success.

      Accountants and Auditors

      In the industry of accounting and finance, accountants and auditors hold a critical position, safeguarding the integrity and compliance of financial records. With their meticulous attention to detail, they carefully prepare and examine financial statements, calculate taxes, and ensure strict adherence to laws and regulations.

      Here's what you need to know about this in-demand accounting and finance job:

      • Accountant and Auditor Qualifications: Bachelor's degree in accounting or a related field. Strong analytical and math skills are essential. A Certified Public Accountant (CPA) license may be required. To further advance your career in accounting and auditing, explore the top accounting certifications that can provide specialized knowledge and demonstrate expertise to potential employers.
      • Common Industries: Accountants and auditors work in various sectors, including accounting firms, government agencies, corporations, and non-profit organizations.
      • Projected Growth Rate for Accountants and Auditors: The U.S. BLS projects a 6% growth rate for accountants and auditors from 2022 to 2032.
      • Salary: The median annual wage for accountants and auditors is $77,250.

      With financial regulations evolving and an increasing emphasis on transparency, the demand for accountants and auditors remains strong. Their expertise in maintaining financial integrity and ensuring compliance makes them indispensable in the business world. With meticulous attention to detail and a deep understanding of accounting principles, these professionals play a vital role in safeguarding the accuracy and reliability of financial records.

      Financial Analysts

      Unlocking the secrets hidden within financial data, financial analysts possess the power to guide strategic investment decisions. Equipped with their keen eye for detail, they examine financial statements, market trends, and uncover industry insights, all to offer invaluable recommendations for your organization's success.

      Here's what you need to know about this in-demand accounting and finance job:

      • Financial Analyst Qualifications: Bachelor's degree in finance, accounting, economics, or a related field. Strong analytical and communication skills required.
      • Common Industries: Banking, investment, insurance, consulting firms, and corporate finance departments.
      • Projected Growth Rate of Financial Analysts: The U.S. BLS projects a 5% growth rate for financial analysts from 2022 to 2032.
      • Salary: The median annual wage for financial analysts is $95,570.

      Financial analysts are crucial in the field of accounting and finance jobs, particularly in today's unpredictable economic landscape. Their expertise in collecting and analyzing financial data empowers businesses to make data-driven decisions, navigate uncertainty, and effectively manage risk. As the demand for accurate financial insights continues to rise, the role of financial analysts becomes increasingly vital in driving strategic investment decisions. By leveraging their ability to unlock the secrets hidden within financial data, these professionals contribute significantly to the long-term success of organizations in the field of accounting and finance.

      Financial Advisors

      Financial advisors play a crucial role in guiding clients towards their financial goals by providing comprehensive advice on investments, insurance, mortgages, taxes, and retirement planning. As the demand for expert financial guidance continues to rise, the role of a financial advisor remains in high demand in the accounting and finance job market.

      Here's what you need to know about this in-demand accounting and finance job:

      • Financial Advisor Qualifications: Typically, a bachelor's degree in finance, economics, or a related field is required, along with strong analytical and communication skills. Holding a Certified Financial Planner (CFP) certification is also preferred.
      • Common Industries: Financial advisors can be found working in various industries, including banking, investment, insurance, and accounting firms.
      • Projected Growth Rate for Financial Advisors: The U.S. BLS projects a 5% growth rate for personal financial advisors from 2022 to 2032.
      • Salary: The median annual wage for financial advisors is $94,170 per year.

      With the financial landscape becoming increasingly complex, the demand for financial advisors continues to grow. Individuals and businesses are relying on the expertise of financial advisors to guide them in making informed investment decisions, planning for retirement, and maximizing their overall financial well-being. As the year progresses, the role of financial advisors remains essential in helping clients navigate the intricacies of the financial world and achieve their financial goals.

      Compliance Officers

      When it comes to maintaining legal and regulatory compliance, as well as upholding internal policies and procedures, compliance officers are the guardians of accountability within companies. With increased scrutiny from regulators and growing concerns about cybersecurity and data privacy, skilled compliance officers are in high demand in the field of accounting and finance jobs, expected to rise significantly in 2023.

      Here's what you need to know about this in-demand accounting and finance job:

      • Compliance Officer Qualifications: Typically, a bachelor's degree in business, finance, or a related field is required. Knowledge of relevant laws and regulations, as well as strong analytical and communication skills, are essential for success in this role.
      • Common Industries: Compliance officers can be found in various industries, including banking, finance, healthcare, manufacturing, government agencies, and nonprofit organizations. The need for compliance is prevalent across different sectors.
      • Projected Growth Rate for Compliance Officers: The U.S. BLS projects a 5% growth rate for compliance officers from 2022 to 2032, which aligns with the average growth rate for all occupations. This indicates a steady demand for professionals in this field.
      • Salary: The median annual wage for compliance officers is $76,980.

      It’s evident that companies in 2023 will increasingly seek skilled professionals to fulfill the crucial role of ensuring compliance with legal and regulatory requirements. With the escalating significance of cybersecurity and data privacy, organizations will rely on competent compliance officers to navigate complex landscapes and safeguard their operations. Stay ahead of the curve in the accounting and finance industry by recognizing the growing demand for compliance officers and the pivotal role they play in maintaining regulatory integrity.

      Recap of the Top 6 Accounting and Finance Jobs

      Top 6 accounting and finance jobs in a numbered list with a man working on finance in the background.

      To recap, the accounting and finance industry is expected to experience steady growth in the coming years, with an increasing demand for top talent across various job positions, including accountants and auditors, financial managers, loan officers, financial advisors, credit counselors, compliance officers, tax professionals, risk managers, and investment bankers. By staying informed about the latest industry trends and pursuing the necessary education and qualifications, you can position yourself to take advantage of exciting new job opportunities in the field of accounting and finance.

      At Blue Signal, we are committed to helping businesses and job seekers stay ahead of the curve in the accounting and finance industry. If you're looking for top talent or seeking to make a career move, our expert recruiters can guide you through the hiring process and help you find the perfect match.

      About Ryan Walsh

      Ryan Walsh is a Certified Public Accountant (CPA) with a decade of experience in the Manufacturing, Food & Beverage, and Financial Services spaces. He brings a deep understanding of these industries and technical expertise to his role as Vice President of Recruiting and Head of Client Development at Blue Signal. Specializing in finance & accounting recruiting, Ryan is dedicated to connecting companies with top talent and creating win-win scenarios for both parties. Learn more about Ryan’s recruiting expertise on his recruiter bio page. Contact Ryan today to fulfill your hiring needs in the accounting and finance sector.

      Partner with us for your next hire.

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        Filed Under: Finance & Accounting Tagged With: 2023 job market, 2023 job trends, accounting and finance, accounting careers, accounting jobs, accounting recruitment, career prospects, employment trends, finance careers, finance jobs, financial industry, financial recruiting, job growth, job market, job opportunities

        Navigating Quiet Retirement with Recruiting Services

        May 4, 2023 by Lacey Walters

        Retirement is a natural part of the career journey, but the way in which workers retire is changing. In recent years, and perhaps inspired by the more well-known “quiet quitting” phenomenon, a growing number of workers have been choosing "quiet retirement." Quiet retirement refers to the process of retiring from work without making a formal announcement or taking any significant steps to wind down work-related responsibilities. It is a subtle approach to retirement that can have a significant impact on companies and the U.S. job market.

        Unlike a traditional retirement, where an individual might have a retirement party, give notice to their employer, or otherwise make their retirement known to their colleagues and network, quiet retirement is characterized by a more subtle and gradual transition away from work. This can involve scaling back hours, reducing workload, or taking on a more advisory role while maintaining some level of involvement in work-related activities. Quiet retirement is often associated with older workers who may be looking to reduce their work-related stress or transition into retirement while maintaining some level of connection to their professional networks or careers. Explore the impact of quiet retirement on organizations, the workforce as a whole, and how partnering with a recruiting and staffing agency can help businesses prepare for and address the challenges presented by this trend.

        The Impact of Quiet Retirement on the U.S. Job Market

        The impact of quiet retirement extends beyond individual businesses and can have a significant impact on the U.S. job market. As more workers participate in quiet retirement, the labor force participation rate for workers aged 55 and older is projected to decline, which can lead to workforce shortages and impact economic growth. The Bureau of Labor and Statistics projects that the labor force participation rate for workers aged 55 and older will decline from 42% in 2020 to 37.9% in 2030. In comparison, the participation rate for workers aged 25 to 34 is expected to hold steady at approximately 81% between 2020 and 2030.

        Graph displaying workforce participation rates by age group with Blue Signal and Bureau of Labor and Statistics logos

        Certain industries, such as healthcare and manufacturing, rely heavily on experienced workers. The retirement of these workers can lead to a shortage of skilled talent, which can be challenging to address. A survey conducted by Willis Towers Watson found that 75% of employers believe that their workforce demographics will shift significantly in the next five years due to aging workers, and 81% are concerned about the impact of talent shortages.

        To address the challenges of quiet retirement, businesses and policymakers must develop proactive strategies, such as offering incentives for older workers to stay in the workforce and investing in skills training programs for younger workers.

        The Impact of Quiet Retirement on Companies

        Quiet retirement can lead to several challenges for businesses. When experienced employees engage in quiet retirement, companies may face a significant loss of institutional knowledge and expertise. According to a survey conducted by the Society for Human Resource Management, 72% of organizations have implemented knowledge transfer programs to help retain critical knowledge and skills as older workers retire.

        Young woman shaking hands with older man. Both business people. Overlayed text describing Strategies to Address Quiet Retirement

        As older workers retire, organizations may struggle to find qualified replacements, leading to reduced productivity and potential talent shortages. One way to re-engage employees participating in quiet retirement is to offer part-time or flexible work arrangements. Many older workers may be interested in continuing to work, but may not want to work full-time or on a set schedule. By offering part-time or flexible work arrangements, businesses can tap into this pool of experienced workers and retain their knowledge and expertise.

        Businesses must prioritize knowledge transfer and talent retention strategies to address the challenges of quiet retirement. These strategies may include implementing new initiatives such as mentorship programs and flexible work arrangements. Mentorship programs can be an effective way to re-engage employees participating in quiet retirement. By pairing older workers with younger workers, businesses can facilitate the knowledge transfer and help younger workers develop the skills and expertise needed to fill potential talent gaps.

        Conducting stay interviews can be an effective way to understand the needs and motivations of employees participating in quiet retirement. Businesses can tailor their re-engagement strategies to the specific needs of these employees by asking employees what they need to continue working and what they find most fulfilling about their work.

        Leveraging a Recruiting and Staffing Firm to Address Quiet Retirement

        As we have discussed, the implications of quiet retirement can be significant, but there are solutions to help businesses navigate this trend. One such solution is partnering with a recruiting and staffing agency like Blue Signal, which can help companies access a wider pool of talent, streamline their hiring processes, and develop talent retention and succession plans.

        Accessing a wider pool of talent is key to mitigating the impact of quiet retirement. Recruiting agencies have a deep understanding of the job market and access to a larger network of professionals, including experienced workers who may be looking to move into high-level or executive-level roles. This can be particularly helpful in industries facing a skills gap or a shortage of qualified workers.

        Moreover, recruiting agencies can help businesses streamline their hiring processes, reducing time-to-fill and minimizing the impact of talent gaps. The recruitment experts at Blue Signal, for example, have in-depth knowledge of hiring best practices and can offer guidance to companies on optimizing their recruitment processes. For instance, they can recommend using technology to automate repetitive tasks, improve the candidate experience, and enhance the quality of hires. In fact, one of Blue Signal’s own recruiting managers wrote a blog on optimal hiring practices from a recruiter’s perspective.

        Group of three people collaborating over notebooks, laptops, and writing utensils

        In addition, recruiting and staffing firms can help businesses develop workforce succession plans that prioritize talent retention and identify potential talent gaps. These plans can include strategies for engaging older workers, such as phased retirement, job sharing, and flexible work arrangements. They can also help companies identify and develop high-potential employees and create a plan to ensure that they are ready to step into key roles.

        A recruiting firm can also facilitate communication and collaboration between quiet retirement employees and their colleagues. This can involve creating opportunities for mentoring and knowledge sharing, promoting teamwork and collaboration, and creating a sense of community and belonging in the workplace.

        Conclusion

        As the American workforce continues to age, quiet retirement will remain a growing trend that businesses will need to address. Companies that fail to plan for talent retention and succession may find themselves facing significant challenges and lost opportunities. However, working with a recruiting or staffing agency can help businesses access a wider pool of talent, streamline their hiring processes, and develop proactive strategies for talent retention and recruitment.

        At Blue Signal, we specialize in helping companies navigate the challenges of the modern job market. Our team of experienced recruiters has the knowledge and expertise to help businesses of all sizes and industries stay ahead of the curve.

        Contact us to learn how Blue Signal can help you build a successful & sustainable workforce

        Partner with us for your next hire.

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          Filed Under: Blog Posts Tagged With: aging workforce, BLS, employee engagement, employee re-engagement, employment trends, hiring, hr, human resources, knowledge transfer, labor and statistics, labor market, quiet retirement, recruiter, recruitment, Retirement, retirement planning, retirement strategies, staffing, succession planning, Talent Acquisition, Talent Retention, Talent Shortage, workforce planning

          A WAR FOR PEOPLE – AMERICA’S FIGHT FOR SKILLED WORKERS

          November 8, 2019 by Lacey Walters

          For years, there’s been a significant gap in the amount of job seekers and the amount of available jobs. Many people believe that this is due to an abundance of job seekers and not enough jobs. In actuality, reports show that job opportunities are at an all-time high, with the labor shortage leaving nearly 1.4 million roles open. 

          For a consistent record of nearly 18 months, the number of open jobs has been significantly higher than the amount of people applying. According to data released by the US Department of Labor, there were 7.4 million job openings in June but only 6 million looking for work. So where are those 1.4 million people and why are they not being hired? 

          US EMPLOYEES AND LACK OF SKILLS

          According to the results of a new American Staffing Association Workforce Monitor survey by The Harris Poll, approximately 54% of Americans agree that adults aren’t getting hired because they don’t possess the necessary skills needed for the jobs they want. With jobs requiring more prerequisites than ever before, job seekers are simply not matching up to what companies are looking for. 

          This continued trend of open jobs is not only limiting job seekers, it’s limiting employers. If not resolved, the skill gap is expected to branch across multiple industries and companies, affecting more than just the blue-collar and lower-paid industries. 

          Approximately 54% of Americans agree that adults aren’t getting hired because they don’t possess the necessary skills needed for the jobs they want.

          There are already more open jobs that people seeking work in nearly every industry. Some companies have resulted to raising pay, adding perks and eliminating restricting requirements like drug screening to fill their roles. But should that be the answer - employers lowering skill expectations to fill roles with subpar candidates?

          EXPERIENCE AND THE SKILLS GAP

          Another contribution to the increased amount of open jobs is the amount of baby boomers retiring this decade. Boomers account for over a third of the workforce, leaving millions of jobs in their wake till 2029. With the rise in retirement, Gen X, Millennial and Gen Z workers are needing to step up to make up for the shortage. This is compounded by lack of experience throughout the Gen Z and Millennial populations. These workers have little real-world experience and typically do not bring enough experience alone to make up for the older generation.

          Although it is majorly believed that the skills gap is what is causing the labor shortage, others contribute it toward strict job requirements. It is believed that the millions of unfilled jobs are the result of outrageous employer skill set expectations. Data indicates that 61% of full-time entry-level jobs require at least 3 years of experience. This greatly limits college grads and people without degrees who may not have the ideal traits when you need experience to gain experience, oftentimes requiring these candidates to look for supplemental income.

          AN INSIDE LOOK

          While there have been many studies about the long-term work and financial benefits to obtaining a college degree, recent college grads and people without degrees are affected the most by this skills shortage. Nowadays, a degree isn’t enough to score your dream job and desired pay. People with more experience are being paid more money with better benefits than those with/without a degree and limited experience.

          Blue Signal had the opportunity to speak with recent Arizona State University graduate, Alexander Klampert, about his recent graduation and job search. He has been looking for work for a few months now, but to Alex it feels like a lifetime. When asked why he hasn’t found the right fit, Alex showed frustration with the advanced skill requirements for jobs he was seeking.

          “There were a ton of jobs that peaked my interest and seemed like a good fit,” Alex stated. “But a lot of the jobs that were listed as entry level positions required years of previous experience.”

          Although Alex does have previous internship and real-world working experience, his background does not compare to someone who has been working for years. Whether or not the skills gap is a result of too many strict background requirements or the simple lack of qualified applicants, it continues to be the common denominator.

          A FINAL NOTE

          The cycle of finding employees in a flourishing job market calls for a deep dive into required skills. In order to compensate for this gap, it’s expected that companies will need to start putting in more effort, time and money to attract the right candidates. Without distracting from the real work hiring managers are tasked with in their roles, recruiters can support this talent hunt with the expertise, market knowledge, and focus needed to find the perfect candidates. When taking advantage of the services recruiters have to offer, companies are able to find quality candidates without sacrificing the traits they desire in an employee. Recruiters have the time and experience needed to look past a resume, and to the real value a candidate could bring to a role. Although difficult to find, those people are out there. Recruiters use their entire 9 to 5 to dig through the under-qualified to find the qualified.

          It’s more important than ever to take advantage of the resources around you and to not settle for employees with lower skills just to fill a role. This will result in high employee turnover rates and dissatisfaction, leaving companies right where they started. The job war occurring throughout America and its workforce is real, and it doesn’t seem to be coming to a resolution anytime soon. The skills gap may continue to widen, but those prepared companies that have invested in their talent searches will have a better chance of winning the battle, if not the war.

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          Filed Under: Blog Posts, Recruiter Tips, Uncategorized Tagged With: candidates, employment trends, job market, recruiting, skills

          The Changing DAS Space and the Looming Skills Gap

          October 20, 2016 by Lacey Walters

          The Distributed Antenna Systems (DAS) market has made important gains in the past several years. The United States is the world leader in 4G technology (with 5G in the works), and exploding growth in wireless broadband coverage has led to a big rise in network infrastructure.

           

          The Changing DAS Landscape & Forecast

          In-building wireless applications are one of the most important areas of DAS market growth. Tier 1 demand has dropped (this includes stadiums, large office buildings, urban mass transit systems, and other large venues). Tier 2 demand (mid-size venues) will grow steadily over the next five years as retailers and medium office buildings invest in DAS and small cell technology. This growth is due to a high demand for coverage that is never interrupted. Network outages are more expensive than ever, and consumers demand continuous access to data and a good phone signal.

          Will DAS/small cells replace macro cells? Not likely—they require 10 times the number of sites to cover the same area as a macrocellular site. Instead, they are a new facet of the new heterogeneous network infrastructure model.

          Intense market demand has flooded the industry with small solutions firms hoping to make it big. In the next few years, we can expect this high-innovation environment to stabilize and thin out as the strongest players begin to dominate the space, acquiring and driving out smaller firms as they grow.

           

          The DAS Skills Gap

          According to the Bureau of Labor Statistics, the number of jobs in the telecom industry has fallen dramatically since 2006, but this statistic does not give the full picture of today’s telecom labor market. The telecom industry experienced a bubble in the 1990s as cell phones gained popularity. Although the total number of jobs has fallen, there is a growing skills gap in technical industries, including the telecom and RF/DAS space.

          The economy as a whole is facing one of the biggest skills gaps since the government began collecting data. This also applies to the telecom industry. Companies report major labor shortages within three major areas: technology experts, engineers, and field technicians. Even worse, the Baby Boomers, who dominate positions in senior management, are retiring in large numbers. They leave behind no good source of talent to replace them. This is a good reason to start succession planning early.

          Although the millennial generation is one of the most educated workforces in history, telecom companies cite lack of technical experience as one of the biggest hiring challenges they are currently facing. The economy is experiencing high levels of educated workers being unable to find employment, despite the huge demand for skilled labor.

          BLS Statistics - DAS and Telecom Employment

          After the 1990s telecom bubble burst in 2000, there was a sharp drop-off in telecom employment. But competition is still intense for top talent, like engineers and technology experts.

          How to Secure DAS Talent

          Large enterprises are scrambling to implement training programs to grow the next generation of talent. This is the best approach for a long-term plan, but many companies need to capitalize on DAS market demand now. It takes years to train up new recruits.

          This “land grab” phase has led to an industry-wide war for talent, which makes it difficult for DAS-focused SMB telecom firms to attract and retain top talent. For these companies, investing in a comprehensive training program is dangerous—it means falling behind the growth curve. Instead, invest in a relationship with a trusted recruiting firm who knows the telecom and wireless space well. In a high-demand, employee-driven market, sourcing and attracting talent is a full-time job. The cost of a bad hire can cripple an entire project during a critical time.

           

          If your company is invested in DAS and small cell projects, contact us for a free comprehensive analysis of your talent sourcing strategy for the next 2 to 5 years. Get in touch with us at info@bluesignal.com, or at (480) 939-3200.

          Filed Under: Blog Posts Tagged With: DAS, distributed antenna system, employment trends, hiring trends, labor market trends, rf, telecom, telecom talent, telecommunications industry, war for talent

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