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“Age-old tactics like outbidding competitors for talent simply are not going to fix the enduring accounting shortage that the industry faces. Instead, accounting firms need to engage in a systemic overhaul of how they pull individuals toward the profession, keep them in it, and use them as advocates to bring others into the space in the future as well.”
“While financial capital has always been a priority, CEOs and boards are now seeing human capital as an equal influence on success and growth. The allocation of people is as powerful as the allocation of finances. In fact, talent is a key component, if not the driver of strategy and outcomes. This alone commands that CHRO’s are dynamic decision makers. An organization that puts equal emphasis and influence on HR (along with finance and operations) will experience transformative change.”
“With travel expected to be so huge this summer, HR officials worry that motivation or even absenteeism could become a serious issue as the dog days of August settle in. “’ compliance on vacations can be an unexpected fiasco,’ says Erika Duncan, cofounder of HR consultancy People on Point.”
“Integrating two workforces with different cultures, processes, and values is no easy task, and failure to do so effectively can result in decreased morale, high turnover rates, and ultimately, failed M&As.”
“As Erika Duncan, cofounder of HR consultancy People on Point, puts it: ‘When the right HR tech stack is well utilized, it’s a game changer.'”
“‘When the right HR tech stack is well utilized, it’s a game changer,’ said Erika Duncan, cofounder of HR consultancy People on Point. ‘HR tech allows for insight, line of sight to trends, and drives data-driven decision-making.'”
“And one more argument against retention bonuses: ‘You’re essentially paying people to do what you’re already paying them to do,’ observes Erika Duncan, a human resources advisor based in New Jersey.”
“As consolidation continues to increase, companies are getting more intentional about the due diligence process, particularly within the roles of finance, legal, and business development leaders. However, many organizations still fail to recognize the importance of including people leaders at the earliest stages. As a result, crucial aspects of the company’s future structure are often overlooked.”
Compensation cycles are typically annual, said Erika Duncan, cofounder of HR consultancy People On Point. “Many organizations embrace pay for performance and tie an employee’s raise with their annual performance review. Ideally, there is also an annual review of the market and salary demand for titles and skill sets,” she added.
In addition to providing transparency into compensation structures within an organization, “compensation transparency [also offers] insight into how an employee’s compensation is determined,” explained Aaron Olman, cofounder of HR consultancy People On Point…“It is important for employees to understand the basic principles of their company’s compensation philosophy and the process [involved in] meeting that overall philosophy,” Olman said.
Today’s work landscape is incredibly competitive when it comes to attracting and retaining top talent, and this is especially true for the financial services industry. While the peak of the Great Resignation seems to have passed, employee turnover is still a significant issue in the finance industry. According to data from the US Bureau of Labor Statistics (BLS), in May 2022, 220,000 people left their jobs in the sector. And with fintech companies continuing to rise in prominence, traditional finance companies are having to do everything they can to stay competitive. One of the key strategies for achieving this is investing in learning and development (L&D).
For me, critical thinking is the most important skill set. To be inclusive of candidates’ learning styles, and personalities, I think it’s important to use multiple modalities to ensure a broad and fair representation of how the candidate thinks. Written questions allow candidates to have time to package the answer. This often allows introverts to show up more confidently.
When it comes to Human Resources in financial services, there are few areas more important than employee experience. Ensuring that your employees are engaged with their work, satisfied with their jobs, and having a positive overall experience with your organizations plays a crucial role in everything from company culture to employee retention to employee performance. And with so many financial employees leaving their jobs (according to data from the US Bureau of Labor Statistics (BLS), in April 2022, 249,000 people left their jobs in the financial sector), keeping your employees engaged and satisfied is more important than ever.
Engagement and retention are discussed now more than ever but remain an enigma for many organizations. The pandemic was a catalyst for discussions of how to engage employees creatively while companies quickly adapted to remote work. Companies are immersed in a season of challenges as we navigate competing priorities, loyalties, and commitments.
“For executives, usually an assistant sends the information to someone in HR, and then to someone in accounting,” says Erika Duncan, co-founder of People on Point, an HR consultant…This eats up resources. “You’ve just lost man hours, increased labor costs, and increased workloads,” Duncan says.
The Great Middle Management Migration: Why Leaders Need to Act Now for Retention
Chief
Lindsey Galloway
July 21, 2022
“During the pandemic, middle managers had to learn to lead and communicate virtually. They had to motivate candidates to come into the office (even if getting paid more at home) and current employees to stay (even if new hires are making more than those with experience). And they had to manage both customers experiencing adverse effects and leaders expecting results,” says Chief Member Erika Duncan, Co-Founder and human capital advisor for People on Point.
4 Subtle Habits That Influence Team Morale
Hive Blog
Anouare Abdou
July 12, 2022
“‘Morale can be inspired with the joy of the simple things, or deflated with one disrespectful comment. Either way, these simple influences on team morale change the tone for an entire meeting, an entire day, or an entire team,’ says Erika Duncan, an HR executive with over 20 years of experience and the co-founder of People On Point.”
frog’s Global Practice Lead for Organizational Design, Turi McKinley, and Capgemini Invent’s Vice President of Enterprise Transformation, Elizabeth Kiehner—along with several esteemed panelists—will explore relevant sub-topics including (but not limited to) Culture, the Employee Experience, Workplace Hybridity and more.
We all love a chance to go behind the scenes. The exclusive, elusive sneak peek. The vlog by your favorite content creator. Why? It’s fun! You get to feel like you’re really in the know. And, often, there’s some trivia or practical knowledge to take away from it. That doesn’t have to stop with movie trailers and Youtube premieres. We can learn from the regular habits of our peers. So, what does a day in the life of a female entrepreneur look like?
Great Resignation advice to reduce new hire turnover and refresh your employee retention strategy: Optimize your candidate experience and onboarding process
As we enter a recession, it’s critical you keep your top talent within your company. People on Point shared 5 ways to increase new hire retention with @Field of Talent.
Bootcamp Leadership
Briefings Magazine (Korn Ferry Journal)
Arianne Cohen
February/March 2022
“Veterans can find themselves particularly lost in ‘flat’ corporate hierarchies and start-up-type environments where people wear many hats, says Erika Duncan, cofounder of HR advisory firm People on Point. Weakly defined tasks and roles can be disorienting, especially for veterans accustomed to fully understanding the jobs of those ‘two up and two down’ from them. ‘What the business world calls cross-training is more about who’s going to cover you for the week you’re on vacation,’ says Duncan.”