Hiring Today s Accountants: More Than Debits And Credits. If you invest in hiring harder you will end up managing easier

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1 Hiring Today s Accountants: More Than Debits And Credits If you invest in hiring harder you will end up managing easier August 2018

2 Executives spend more time on managing people and making people decisions than on anything else and they should. No other decisions are so long lasting in their consequences or so difficult to unmake. And yet, by and large, executives make poor promotion and staffing decisions. By all accounts their batting average is no better than.333: at most one-third of such decisions turn out right; one third are minimally effective; and one third are outright failures. In no other area of management would we put up with such miserable performance. Peter Drucker, HBR, July-August, 1985 The cost of making a bad hire On average turnover costs % of an employee s first year s annual compensation. Senior Leaders Biggest Talent Management Pain Points 1. great employees 2. the right employees 3. Senior leader team communication/ 4. Developing future 5. Getting to step-up Talent Management (TM) is much more than the administrative practice of Human Resources, it is "an integrated set of processes, programs, and cultural norms in an organization designed and implemented to attract, engage, develop, and retain the right talent for the right job at the right time." A Talent Management Model For Your Firm

3 OMS TALENT SYSTEM Main Components of the System 1. JAX Job Analysis Expert Measures the behavioral needs within a position Is a 29 item survey that is completed by the hiring authority Takes approximately 25 minutes to complete 2. OMS Questionnaire Measures the talents/personality of an individual Is an assessment that takes approximately 7 10 minutes to complete Traits/talents being measured: Four primary personality traits: A = S = P = D = Three secondary traits: BA = Behavioral Adaptability (a.k.a., ) E = Emotional Containment (a.k.a., ) O = Originality of 3

4 OMS CONTINUUMS Low - 3 SD Extremely Low Low - 2 SD Very Low Low - 1 SD Moderately Low High - 1 SD Moderately High High - 2 SD Very High High - 3 SD Extremely High Low A Teachable Yeilding Peaceful Shy Modest Undemanding Team focus Pleasing Responsible Firm Competitive spirit Determined Risk-taker Asssertive Strong-willed Dominant Aggressive Demanding High A Low S Reclusive Retiring Critical Deliberate Internal processor Matter-of-fact Internally energized Conventional Calculating Social Externally energized Optimistic Charasmatic Unrestrained Enthusiastic Affable Gregarious Magnetic High S Low P Trigger happy Extremely Impatient Hypertense Strong sense of Urgency Loves Variety Pressureoriented Driver to get things done Impatient Active Methodical Relaxed Steady Planner Likes to focus Passive Extremely reactive Very slow High P Low D No fear of rejection Careless with details Laid-back Unconcerned Opinionated Big Picture Oriented Independant Self-willed Detailed Factual Tactful Perfection Accurate Cautious Meticulous Rigid Worrisome High D 4

5 TALENT ACQUISITION: Selecting the right person the first time: Using science and tools to hire for talent, NOT just technical expertise 1. Create/articulate your organization s employee proposition 2. HIRE FOR TALENT as well as education and experience a. Create a job (JAX) 3. Interview and select for talent and culture a. Use a validated selection instrument (OMS) b. Detect for faking in an interview c. Utilize a structured interview 4. Assimilation a. On-boarding i. Help your new associate learn about their motivational needs Provide the new associate s manager with a coaching guide Firms are doing a good job selecting for expertise and experience; however, they are NOT doing a good job at selecting for talent and culture fit. Best Practice #1: Employee Value Proposition: An employee value proposition(evp) is what is offered by an employer in exchange for the productivity and performance of an employee. It includes the entire employee experience from their rewards and benefits, to the opportunity for career development and also the more intrinsic elements of management style, work environment and culture. Branding the EVP means how you interpret all these elements into an identity that links your employment brand to the corporate brand. (Towers Watson, 2010) From an organization s point of view: The Old School Mentality was: They [employees] should be they have a job and are getting a paycheck. The New School Mentality is: should be ecstatic that they have chosen to work for my firm and now I better work to make sure they do not leave. 5

6 Creating an employee value proposition What is the value that your firm offers to potential and current employees and how does this value exceed the value proposition of others? A process to use at your firm: 1. Data gathering - conduct an employee engagement survey and/or conduct employee focus groups to get an idea of the current sentiment and perception of your firm 2. Have a strategic discussion with executive leaders regarding the future state of the firm 3. Create EVP draft 4. Test drafted EVP with current staff and potential staff 5. Tweak and finalize EVP 6. Synthesize EVP with talent management plan Questions to investigate your firm s employee value proposition: 1. Describe your firm s current culture? a. What are the strengths of your culture? b. What are the weaknesses of your culture? c. Is the current culture the one you need to have a long-term sustainable, successful, firm? If yes, what do you need to KEEP doing to make sure it does not go backwards? d. If no, what do you need to do to CHANGE in order to achieve the needed culture? 2. Why should someone work for your firm? That is, what value does your firm offer an employee for being a member? 3. Once an individual signs-up to be a member of your firm, why should they STAY working for your firm? That is, what value does your firm offer an employee for STAYING as a member? Draft your firm s EVP: To be an employer of choice, we attract the best talent by: To continue to be our employees firm of choice we: 6

7 Talent Acquisition Best Practices: 1. Hire for talent and culture fit by creating a Job Model i. Every job has tendencies i Every person has motivational Our goal is to MATCH them 2. Job modeling process i. Create/update job description i iv. Have the hiring authority(ies) complete the JAX Validate the job model with the hiring authority Use the job model to create a talent-based job posting NOTES: 3. Interview for talent and culture fit i. Use a validated assessment ( ) i. Have each candidate take the assessment Compare the candidates profiles to the job model i Interview for: 1) emotional intelligence and 2) areas of incongruence Create interview questions that measure: i. Your firm s core Listen for talent/culture fit 7

8 Talent Acquisition Best Practices: 4. Creating a structured interview, the process i. Identify the behaviors you are seeking Create questions that measure the idealized behaviors i Identify favorable themed answers to the questions iv. Identify unfavorable themed answers to the question v. Create an evaluation scale vi. Train all interviewers a. On the overall process b. The favorable and unfavorable responses c. How to use the evaluation scale 5. Focus on new employee assimilation, specifically the on-boarding phase i. Assimilation is a to month process i. Is made up of: Pre-boarding, On-boarding, and On-going support On-boarding i. Provide the new employee with a copy of his/her talent report Provide the new employee s manager with a copy of the coaching report Notes: 8

9 ABOUT JEREMY WORTMAN, Ph.D Jeremy is a consultant, speaker and trainer with HRD Initiatives, a consulting firm to the CPA Profession since Jeremy s expertise is within talent management and organizational development where he helps firms build and execute strategic plans regarding the people side of their business. Prior to his work with the Accounting Profession, Jeremy worked at TD Ameritrade for 8 years as their Director of Organizational Development and Effectiveness and Business Psychologist. His consulting expertise and services include key offerings such as: Talent management strategy planning Behavioral/talent/personality assessments Team building 360 Assessments Creating competency models Creating and facilitating leadership development programs Helping firms update their Mission statement Helping firms update, or identify, their core values Executive coaching Employee engagement surveys Identifying career paths for their employees Enhancing, or building, performance management/feedback systems Conflict management and resolution Reward and recognition strategies and programs Executive and employee on-boarding programs He is a member of the American Psychological Association, the Society for Industrial and Organizational Psychology, and taught at the University of Nebraska from 1999 to 2016 as an adjunct professor. 16