Browsing Posts in Insurance and accounting job market

Have you got your cover letters covered?

By Liza | No Comments

We want to clear up a few common misconceptions about cover letters.

 

Yes we do read them.

 

A cover letter is your introduction to your experience and to you personally. In it you should tell us why you want the job, why you are suitable for that role plus highlight any achievements that are relevant to the role.

 

You may roll your eyes with what we are about to tell you and say “yes I do that already.” However so many people do not get the basics right, so covering these off may just get you across the line when we may have overlooked your resume.

 

Here are a few things that will impress us in your cover letter.

 

1) You tell us why you want the role we have advertised.

 

This tells us you have given some thought to your application and why you are suitable. It does show us that you are sincere in your approach.

 

2) You are brief.

 

We are not saying this because we are not interested in you. We are. But being realistic, if we receive hundreds of applications, we appreciate brevity and a layout that is easy to read.

 

Please limit your cover letters to one page, and use short paragraphs. That way we are not working late into the night to get through applications and can actually action yours quickly.

 

3) You address some of the key skills we have requested in the advertisement.

 

This tells us you have read the advertisement and are not just sending your resume off to everyone.  You can use the scatter gun approach, but you may only succeed if your resume “hits the mark” in terms of the exact skills we require.

 

If you do send your resume everywhere without much contemplation, you can risk sounding vague when we call you. From our perspective there is nothing more disconcerting than a candidate having no idea about the role when we call them.

 

4) You have proof read your letter.

 

Now we know people are not perfect. We’re not perfect. Sometimes typos slip past even the most careful of eyes. What we would say however is that if you claim to have advanced word processing skills and strong attention to detail, and have a cover letter with three different fonts, we will not take that any further.

 

 

 

 

 

Browsing Posts in Insurance and accounting job market

Are Skype job interviews different from other interviews?

By Liza | No Comments

As we enter a truly global age in communication, chances are you may face an interview over Skype.

 

Skype interviews are a little weird. Yes you can see the person, and we all know communication is about the visual, but are these interviews the same as a face to face interview? And what should you do to prepare?

 

Be a little bit patient.

 

No matter how good the communication, you will find that sometimes it’s a lot slower. You will also find that it is interrupted. Try not to pull faces when this happens. It’s a good idea to wait until the other party stops speaking before you launch into your answer. In fact, that’s good advice for any interview come to think about it.

 

Dress professionally.

 

It’s probably tempting to wear your newsreader outfit – with your pyjama bottoms hidden under the desk. Please don’t do this. It’s simple really. If you dress professionally you will believe you are professional. That, we think, is an important confidence boost.

 

Meet people face to face.

 

Yes in a Skype interview you can see the other person, but you do want to see where your desk will be, who you will be working with, and who you will be reporting to. You want to be able to see that this will be a place in which you perceive that you are secure. You won’t have that sense if you cannot see the workplace.

 

Turn off all distractions.

 

You may be having this interview at home, which means other phones may ring, or your spouse, parent or child may call out and offer you a cup of tea. Shut the door. Turn off the phone. You want to appear completely professional.

 

Browsing Posts in Insurance and accounting job market

How we think the insurance industry should tackle skills shortages

By Liza | No Comments

Here at Enigma HR we want to contribute to the broader discussion around skills shortages. Coming from a hiring perspective we see a lot of things that occur that actually make everyone’s life difficult. We also see a lot of innovative ideas. This piece is a summarised version of an article we wrote for Riskebusiness. This is the newsletter of Australian Life Underwriters and Claims Association.

 

We wrote about the skills shortages in the life insurance industry, but some of the messages apply to other areas of the insurance industry.  Here are a few things we think the industry needs to consider when it comes to tackling skills shortages.

 

Firstly, when you’re hiring challenge your ideas of “years of experience.”

 

To us it’s a lazy way of expressing what’s required in a role. Some people are brilliant after two year’s experience. Some people have 5 year’s experience and still do not achieve a high level of competency.

 

When you are hiring ask this instead.  What is the level of competency that someone needs to have, to successfully perform in a role? What would be a demonstration of successful behaviour? For claims roles, for example, is it the case load they finalise and the time that it takes to complete this task? If you are in a large insurer, you’ll probably have a lot of this information scoped out in position descriptions and performance review documents. Use it for recruitment purposes.

 

Secondly, widen your gene pool of available applicants.

 

Think about other insurance sectors as a starting point. There are many examples of people who have successfully transferred from workers compensation and personal injury insurance to life insurance. They already have an understanding of the medical terminology required for life insurance claims.

 

What we have found however, in this example, is that many life insurers do not offer equitable salaries to professionals transferring from workers compensation. All too often we hear, “we like the candidate, but because they do not have life insurance experience we will offer them less than what they are seeking.” From our experience as recruitment consultants, we do not see the skills gap as wide as that salary gap suggests.

 

Thirdly, stop doing the “informal reference check” based on hearsay.

 

Here’s a common scenario. A candidate comes to see us. We interview them at length. We build trust with them. We understand their strengths, weaknesses and reasons for leaving. We talk about where they would like to work next. Then we reference check them. We are not naïve. We know when there is a problem which we need to explore. We cover this in our questions and in our references.

 

Only when we are satisfied that our candidate is suitable, will we present them to a client. However, there have been many times where we have done this, where the prospective employer will get on the phone to someone who has worked with this applicant’s employer for an “informal reference check” – then refused to meet with our candidate.

 

We know we cannot stop this. But if you are tempted to do an “informal reference check,” we suggest that you consider that there are many sides to many issues that happen at work – not just the employer’s version. You are only hearing one perspective. If you choose to recruit like this, you lose the right to complain about skills shortages in your industry.

 

Another big issue in the life insurance industry is poaching. If you are tempted to do this, there are a few things you need to think about if you offer someone with experience, the big dollars to lure them. Yes, money is a short term motivator for a move. In the longer term however, people value such things as autonomy, mastery and purpose in their work.

 

If you cannot offer elements of autonomy, mastery and purpose within your organisation, you will not retain the staff you’ve paid top dollar for. What you have done is contributed to spiralling salaries in your profession, paying people far more money than their skills really justify.

 

We also urge you to take a look at some recruiting practices in the general insurance industry.

 

One of the privileges we have being in consulting is that we see many people. We see many work practices. We see many employers across the insurance industry. This means we have an understanding of best practice. One of the things the general insurance industry does very well is create career pathways for people without insurance experience.

 

Finally, we also suggest also that you think about your internal support processes.

 

What induction, training and mentoring could you provide to up-skill people with limited insurance experience? There are some in the life and general insurance industry who do this very well, but on the whole, we think the industry could do better. A strong support system serves a few purposes. It helps people who have made the move. It positions you as an employer of choice. And you can promote this in your advertisements to entice people cautious about making a move.

 

Browsing Posts in Insurance and accounting job market

Five reasons your staff leave you that you’ve may never even know about

By Liza | No Comments

Why do your best people leave you?

 

The reasons will surprise you – especially if you are a company that does not have any formal feedback mechanisms in place.

 

They say people join companies and leave managers. We talk to a lot of people when they are looking to leave their jobs. While we’ve found this to be generally true, we thought we’d explore some research to dig deeper behind what makes people unhappy at work.

 

Here’s what we found…

 

1) You have ignored their development – paying no attention to your staff is actually worse than negative attention.

 

This is interesting. It seems the impact of paying no attention to your staff is greater than paying negative attention. Read this assertion from Tom Rath and Jim Harter – the authors of “Well Being – The Five Essential Elements.”

 

“The most disengaged group of workers we have ever studied are those who have a manager who is simply not paying attention.

 

If your manager ignores you, there is a 40% chance you will be actively disengaged or filled with hostility about your job. If your manager is at least paying you attention – even if he is focussing on your weaknesses – then the chances of you being actively disengaged go down to 22%

 

If your manager is primarily focussing on your strengths, the chance of your being actively disengaged is just 1%.”

 

2) You didn’t have them at hello – you neglected them during the critical first 120 days of their employment

 

According to employee attachment expert, Anthony Sork – the first 120 days of your new employee’s employment are critical to whether they bond with you as a manager, and your organisation. By this we mean whether they feel security, trust and value, acceptance and belonging. There are 20 different drivers to your employees’ attachment that you’ll need to consider. These include the professionalism of the recruitment process, the time of the recruitment process, right through to communication around your company’s values. Read this piece for what you might inadvertently be doing wrong to breach your employee’s trust from day one:  and this  on how you can tell if your employees are secure.

 

3) They are happy with their salary, then they find out what other people are earning.

 

People are weird when it comes to money. You may have made them an offer. They accepted, and in your mind the deal is done.

 

Not so fast…

 

If that person thinks they’re earning less than their peers (not necessarily their workplace peers), then that seems to present a problem.

 

Again, the authors of the Well Being book have some interesting observations:

 

“Consider the following two scenarios, and assuming the same purchasing power in both, which one would you choose?

 

A: An annual income of $50,000, while people around you earn $25,000 a year
B: An annual income of $100,000 while people around you earn $200,000 a year

 

Using a classic economic model, everyone should choose an income over $100,000 over $50,000. Instead nearly half the people presented with these options pick the lower salary of $50,000 a year.

 

They chose to make half the income as long as it is double the income of their peers.”

 

4) You ignored their request for change, until it was too late

 

Counter offers do not work.

 

In our experience by the time an unhappy employee marches into your office and hands over the resignation letter, it’s already too late. You will have had plenty of chances to rectify the situation. Ignore them at your peril. Read this earlier post on why this is so.

 

5) You’ve neglected to think about the impact of your employee’s friends and family

 

While you may know that people’s happiness depends on the happiness of others with whom they are connected, you may not know by just how much.

 

According to this research by James H Fowler and Nicholas A Christakis, the chances of you being happy increase by 15% if a direct connection in your social network is happy.

 

What’s interesting about this study is that your friends’ friends can actually influence your happiness. If a friend of your direct connection is happy, then the odds of you being happy increase as well. You don’t even need to know that person or have contact with that person to be influenced.

 

While mindful of employee’s privacy, from a management point of view a good question to ask is “is everything all right with you outside of work?”

 

So what do we make of all of this?

 

You need to be proactive in managing your teams’ employment experience. As we said earlier, the impact of paying no attention is profound.

 

Are you confident about your retention strategies?

 

For a comprehensive assessment, call our Workforce Management Solutions team now on (02) 8221 0553. Read more ⇒

Browsing Posts in Insurance and accounting job market

What do your accounting clients really want?

By Liza | 1 Comment

They want you to be bolder when it comes to business development.

 

Does this surprise you?

 

This comes from James Evangelidis’s new book – what do accounting clients really want? He interviewed CFOs of 18 private companies and two not for profits.

 

One CFO he interviewed with more than 25 years’ experience said he used three separate accounting firms, one for audit, one for tax and one for consulting.

 

This CFO said that in the 10 years he had been using these firms, never once had his accountants asked him for an introduction or referral. He would have happily provided it, however. He was satisfied with the services they offered.

 

This CFO suggested that two things get in the way of accountants developing more business – insecurity and how they see their role as technicians.

 

Here’s what he said:

 

“Most accountants are, by nature, not comfortable with moving outside areas they either don’t have much experience in or have not been specifically trained for. The classic example here is business development, sales and marketing. Accountants of course have to do it, but they don’t like doing it, and unfortunately it shows.”

 

“The majority of accountants in public practice see themselves as technical and subject matter experts, as highly trained professionals who are paid for their expertise and advice. A lot of them see “selling” as being too crass and beneath them. Such an attitude can sometimes be clothed in arrogance and an inability to reach out to clients.”

 

With economic uncertainty looming, the operating environment will become more competitive. James suggests accountants simply cannot afford to wait for the phone to ring. He says the successful firms of the future will be fuller advisory shops, rather than siloed services.

 

And business development is not necessarily all about knocking down doors – it can be about being a well rounded professional. According to James, your clients will want five key things – that you are proactive, you ask better questions, you listen, you are more human and that you are honest.

 

Here’s our take on what he means.

 

Being proactive – so you take the time to research your clients’ businesses and offer advice that develops systems that can reinvest money back into the business

 

Asking better questions – do not just accept information your clients’ provides or the services they request from you at face-value. As a consultant you need to question why they are asking for that particular service so you can better understand how you can help. That also gives you the opportunity to cross-sell your firms services.

 

Listening more effectively – there’s an art to being a good listener, and that’s listening completely. It’s a cliché to say that we were given two ears and one mouth for a reason, but we mention this as you’d be surprised at how easy it is to let your ego and emotion get in the way of genuinely listening.

 

If you are a good listener, then there is nothing else going on in that meeting room except you understanding the needs of your clients. You’ll often find clues to your client’s bigger picture when you listen for the nuances in their tone, or the language they use to qualify a statement.

 

Being more human – this means you are a whole person, not a technician. Referrals fall out of relationships. People want to work with people they trust and like.

 

Being honest – if you make a mistake tell your client sooner rather than later. Similarly if you are not able to deliver, or do not have the capacity to deliver what you promise, then let your clients know. 

We know business development is not the reason many of you commenced your career in accounting. Typically you may have found a talent for numbers and accounting seemed a stable and lucrative career.

 

However from our perspective people who are easiest to place with our clients, and who enjoy successful careers, are people who can communicate that passion in a way that’s meaningful to the business they serve – right down to the risk that they minimise, the money that they’ll save their client, and the money that they’ll make for their client.

 

Have a read of James’ blog for some insights straight from clients’ mouths about what they really want from their accounting professional  

 

It has some interesting and sometimes painful truths.

 

We’d love your take – please feel free to comment below.

Browsing Posts in Insurance and accounting job market

How are you managing talent shortage 2.0?

By Liza | No Comments

It’s an interesting question, and for forward looking employers, one worth exploring.

 

Many of our professional services clients who are looking to fill their business services and audit teams are now telling us that it’s really hard to find skilled people in this area – particularly at senior to management level. Despite bumps in business confidence, our take on this market is that actual demand for staff in these sectors is almost back to pre-GFC levels.

 

What we haven’t noticed however, is a return to, or an embracing of acquisition and retention strategies to manage talent shortages.

 

Here’s what we would suggest.

 

Firstly review your remuneration and retention strategies.

 

While this may seem like basic advice, with many professional services businesses structured into partner silos – often HR and people development initiatives are ad-hoc.  

 

I am not writing this without empathy. In our business we certainly have an expectation that business development and servicing is a priority for staff at even the most senior level. We do know it can be a struggle to find the right amount of time for people development.

 

However there are still many firms in the professional services space who do not have the basics right, including performance reviews and succession plans. Salaries they offer are based on market surveys. Bonuses are often discretionary.

 

If you are looking to attract quality candidates, you’ll need to invest some thought into quality people systems, including recognition, reward and remuneration. Candidates burnt by the GFC and looking for stability will not move for the same salary. They’ll move for more money, clarity around career paths and an employer who cares about them.

 

So think beyond just supporting study for a CA, to how you may train, rotate and multi-skill your staff.

 

Be more open-minded about cross training and where you draw competencies from. The bonus of a system like this is that you’ll attract candidates who want more than a traditional linear career path. When you are struggling to manage projects in one area, you can more easily transfer people over.

 

If you can only offer the market rate for base salary, why not introduce non-discretionary bonuses – and/or restructure your performance review periods. Yes, we do have examples of candidates who have moved for the same starting salary as they currently earn. However they took the job on offer as their new employer gave an iron-clad guarantee that the initial salary would be reviewed in three months, plus definitive detail on how the bonus would be structured.

 

We also think it’s time to review attitudes to the 457 visas. The government is planning increases to the number of visas it grants.  But we’ve noticed employers now have a reluctance to embrace these visas. This is strange to us as pre-GFC employers had less concern.

 

If you are reluctant to return to looking overseas for skilled staff, we can work with you here.

 

We have supported many employers in the past in managing immigration concerns, including how to determine a candidate’s level of motivation to the move, how to effectively manage the interview process using video technology and skype, the skills-based questions to ask of overseas candidates and how to best structure relocation costs to manage candidate’s commitment.

 

If you’re worried about the cost and commitment levels of bringing someone in from overseas, then why not think about sponsoring one of the pool of people already here on working-holiday visas? We’ve noticed plenty of travelling GFC refugees who have discovered a love forAustralia, who are already working temporarily and are wanting to stay. With this you’ve covered the motivation and move aspect of the equation.

 

And lastly, yes, think about your recruitment partner.

 

Our insiders tip on this is to team up with one recruitment team you can trust. It seems common sense to us. If we as a consultancy know that you have farmed out that hard to fill role to seven other agencies, we can’t give you priority. We can priortitize clients who have given us exclusivity and then work as hard as we can to find people solutions that fit.

 

Browsing Posts in Insurance and accounting job market

Reality check….where is the market for insurance and accounting jobs headed?

By Karalyn | No Comments

By all accounts, if you’ll pardon the pun – jobs in accounting appear to be off to a big start in 2011 – according to the Advantage Job Index at least.

 

In February they say advertisements for accounting rose by 9.89% compared to the overall market which rose by 6.8%. On an annualised basis, accounting jobs are now 35.37% higher than this time last February. According to Advantage, that is good news in particular for professionals in payroll, payable, commercial and company accounting.

 

The ANZ job survey showed a similar trend for jobs overall. According to them, total job advertisements grew 1.2% in February. This is 19.3% higher than at the same time last year – and the 10th straight monthly increase.  Behind this boom are jobs in Queensland, where advertising has surged by 30.5% suggesting the floods have created clean-up jobs.

 

Is this all that it seems? Here’s what we’ve noticed at the career coal face.

 

We’ve certainly seen a hike in demand in insurance roles, in NSW – where companies have been deploying staff up north to help with assessing claims. We’ve also noticed that the big freeze on permanent staff, a hangover from the GFC, is over.

 

For accounting roles in February we’ve noticed a big pick up in permanent jobs, compared to this time last year. Our clients are all telling us that they have plans to expand even further and wanting to take on more permanent staff in the sectors of business services, taxation and accounting.

 

Is it sustainable? That’s the global multi-billion dollar question. We hope so! In this article the Australian’s Economics Editor, Mike Stutchbury suggests that if we in Australia manage our luck well, we will continue to prosper from a bigger mining sector. Jobs for city based professional services will grow as ancillary services such as accountants, lawyers, engineers, project managers are required.

 

But there are clouds on the economic horizon with the fall out from floods in Queensland, the earthquake in Japan and the impact of Cyclone Yasi. The Treasurer Wayne Swan has been priming us to not expect too many presents in the up coming budget suggesting that the disaster in Japan, Australia’s second biggest trading partner, could wound our exports such as coal and iron ore.

 

Politcal spin….possibly?

 

For the medium term at least, if you’re looking for a job, the market is healthy. In boom times when you have skills in demand, it’s easy to get greedy around money. We saw that a lot in the past, prior GFC.  So we’d like to remind people that while financial security is important, there are bigger things than money to consider when you’re looking for a job.

 

For our employers wanting to retain staff, the same caveat applies. It’s been our experience that throwing money at people to keep them, may work in the short term. But if you’re not fixing the underlying issue that prompts your team to leave, you’re creating an expensive and bigger problem.

 

We’ll cover more of this in posts coming up.