• Recruiting solutions: How EY is helping prepare students for a future workforce [video]

    June 12, 2017 by

     

    The skills gap has been well researched, particularly surrounding tech skills. Most employers, however, don’t need researchers to tell them that their recruiting strategies still aren’t attracting the skills they need for their future workforce. As the gap threatens to get wider, employers must consider big recruiting solutions. EY decided to face this challenge head on.

    College Recruiter recently spoke with Natasha Stough, Americas Director of Campus Recruiting at EY. EY was facing this very challenge, and they wanted to help prepare entry-level hires right out of college so that they would be able to succeed in a fast-changing industry. Employers with a need to increase the skills of their new hires entering the workforce can learn from EY’s solution.

    Through the Ernst & Young Foundation, EY created an Academic Resource Center (ARC), which now serves as their one-stop shop for college faculty in accounting and related disciplines across the country. With collaboration of university faculty, it provides access to relevant and timely curricula materials on cutting edge topics that are developed specifically for use in university classrooms, helping to prepare students in skills like analytics.

    Watch the video of our discussion with Natasha Stough and hear her account of EY’s success in creating the Academic Resource Center, or read the takeaways in the blog post below.

     

    EY developed the ARC when the organization was advocating the adoption of a single global set of accounting standards, the International Financial Reporting Standards (IFRS). According to Natasha Stough, EY “immediately started hearing directly from faculty around their concerns that there weren’t a lot of textbooks and information around IFRS to help prepare their students for when they join the workforce.” The Foundation created the EY ARC as a one-stop-shop to offer free curriculua materials in response to faculty’s needs, particularly given the highly regulated public accounting environment in which EY operates, allowing them to “upskill their students and help better prepare them for the fast pace of change in the global marketplace.”

    Colleges and universities may not know what skills are required in practice, until employers help them. Schools want to advance their programs but as the cost of college goes up, they must evolve and stay relevant, or their program will just die off.

    The ARC relies on relationships. EY’s approach is to share timely information about what is happening in practice with EY leaders, who often sit on advisory boards of business schools. It’s important for faculty to approve the curriculum, and in turn, information comes back to EY about the needs of the schools. EY gathers these insights and develops materials on topics where there is the most need.

    “For the good of the profession”–demonstrating the ROI of a faculty resource center

    Invest to grow the talent in the workforceBuilding a center like EY’s ARC is a significant investment, especially when you consider the collaboration needed—with faculty and with the experienced professionals—that requires an enormous amount of time and financial support.

    First, Stough says that EY can track who uses the ARC and how much. It is only open to faculty from non-profit, higher education institutions. In addition to being able to the number of users, EY can also measure which materials are used the most, and from which schools across the country.

    In addition, however, EY gets direct feedback that supports the ROI. Stough says, “We hear constantly from faculty about the value the materials bring to them to help enrich the experience they’re providing to their students in the classroom to ensure they are learning the most current and relevant knowledge. We also hear how helpful it is for students to be able to gain insights into the pace of change in the accounting profession.”

    The obvious benefit is that faculty improve their understanding of where employers hold the bar in their field. Ultimately, says Stough, “We want to help them develop future employees. It’s for the good of the profession.” The brand building is not insignificant either. By providing meaningful resources, EY knows they are positioning themselves to faculty as a thought leader.

    Given how technology like AI and robotics changes the workforce and education, “we have to help,” says Stough. The technology skills that students learn in year one of college will change in four years; employers need students who will be life-long learners.


    TIP: College Recruiter’s LinkedIn group “Talent Acquisition for Entry Level Jobs” will keep you informed of recruitment technology trends, tools for employer branding, engaging millennials and tons more. Would it make sense for you to join the conversation?


    A good resource center has a variety of materials

    EY provides a lot of different content in the ARC. There are user guides, lecture notes, presentations, data sets, analytic workbooks, webcasts, how-to videos, cases, and homework assignments for students. EY even offers to bring their own professionals into their classroom.

    One key in creating good content is to keep the dialogue open. Faculty should provide feedback about the materials available, and what might be missing, considering leading-edge topics and technology. Stough says, “Our goal is to make it real. We want to give good examples and bring this content to life through these different formats.”

    That’s key too: bringing it to life. Without making the content easy to find and navigate, users will likely disengage. EY decided to even color-code some of its content and provide competency frameworks as well. That way, says Stough, “faculty can use chunks of content, or the entire thing, and understand how the material correlates to competencies they want to focus on.”

    It’s no secret that employers demand soft skills, and public accounting firms are no different, so EY has made sure to include non-accounting skill sets in the ARC. “We consider leading-edge topics to enhance life skills, of soft skills, for the future of the profession. We recently built materials around an Analytics Mindset, that is critical for frankly anyone,” says Stough.

    EY’s Academic Resource Center is an overall recruiting solution

    Invest and grow your next generation of employeesWhile an employer can track employee performance, “at the end of the day,”Stough says, you may not be able to draw a direct correlation between one individual’s performance and their association with the resource center. Students take so many classes, and building a resource center must stay focused on engaging faculty to understand the future skills needed. However, Stough does say that she’s seeing a change in the students she meets. Two major areas of EY’s focus have been soft skills and the importance of analyzing and interpreting data. “We’re now seeing more students come in knowing the difference between communicating via email or text.” Additionally, her team is “starting to see a diversification in the skills that students are bringing to the world of where we’re at, like concepts like an analytics mindset and the importance of data.

    Addressing the challenges of a resource center

    Developing a resource center full of relevant materials won’t stay relevant for long. The biggest challenge for EY, says Stough, is remaining current. She says they must ensure that they continue to integrate new content. “We want to make sure we’re meeting the needs of faculty. We are not going to tell them what they need to teach but we will provide resource that we believe to be valuable.”

    To achieve this, Stough stresses the need to maintain strong relationships with faculty, because they provide critical feedback. They want to know how useful their center is, and other topics where “faculty may be looking to gain more information.”

    They also keep doing outreach to build and maintain relationships. They engage with the American Accounting Association and many of their sub groups. As people like Stough travel to college campuses, they make sure to spend time with faculty, deans and department chairs, highlighting the ARC as a resource for them.

    “We want to be at the forefront,” says Stough. “Because it is our job to partner and support the universities to help them drive the curriculum so that their students are ready to join the workforce.”

  • 10 Time Management Skills Every New Manager Needs to Master

    January 31, 2017 by

     

    Becoming a first-time manager can be tough. New managers are often pulled in many directions, and it can seem like the to-do list never ends. But if you ask any successful manager how they manage it all, it’s likely they will say the key is this:

    Successful time-management.

    Poor time management skills can result in missed deadlines, dissatisfied clients, and even increased overtime costs.  Not only do today’s managers today need to focus on ensuring they are managing their time well, but they should also help their employees do the same.

    To help improve performance, Chris Rush, Division Vice President of Strategy, ADP® Small Business Services offer these top 10 time-management techniques new managers can share with employees:

    1. Plan and set goals: Work with employees to set daily, weekly, and monthly goals. For each goal, agree to a timeline for completion and break the goal down into small, manageable assignments. Consider providing employees with task management tools, such as online calendars, project management programs, or a simple to-do list.
    2. Prioritize: Help employees prioritize their responsibilities based on customer benefit and urgency and encourage them to complete tasks starting with those with the highest priority This process requires effective communication to ensure that priorities are properly aligned with company goals.
    3. Organize: Every minute lost because of a misplaced tool, or document is a minute that could have been spent completing a task. Emphasize the importance of an organized work space to help maximize efficiency.
    4. Streamline: Evaluate processes and procedures regularly to ensure efficiency. Managers should have regular discussions with employees to get their insight on more efficient methods for completing their job responsibilities.
    5. Delegate: Proper delegation can ensure the right tasks are assigned to the right people. But, there is more to delegating than simply assigning a task. Explain job duties thoroughly, work with employees to develop a plan for completing the task, monitor progress, and provide the resources and support necessary to reach assigned goals. Most important, share your own knowledge if you, yourself, have done the job before. They will appreciate that personal “shared learning.”
    6. Dedicate time for less pleasant work: It’s human nature to sometimes procrastinate, especially when a difficult or undesirable assignment presents itself. To help employees stay focused, break large projects into smaller parts and schedule specific time (such as the beginning of the workday) for the larger or more unpleasant projects.
    7. Manage communications: For employees on a tight deadline, answering phone calls and emails can be distracting. Consider establishing guidelines for responding to these types of communications. For example, when employees are on a tight deadline, ask them to check voicemail and email at set intervals and respond to urgent communications first. All other communications can be put on hold until after important projects have been completed.
    8. Avoid interruptions: Whenever possible, schedule important job duties for a part of the day when there are fewer disruptions. For example, if an employee is the first one in the office in the morning, this may be a good time to work on assignments that require more concentration. Also, remind employees that interruptions are inevitable, and for planning purposes, they should allow a little extra time for unexpected interruptions.
    9. Schedule tasks for peak performance: If possible, physically or mentally demanding work should be scheduled for when workers are at peak performance. This may vary depending on each employee. Encourage employees to consider when they have the most energy and suggest that, if possible, they to focus on bigger or more important projects during those times.
    10. Help ensure proper balance: No matter how well employees manage their time at work, they are unlikely to perform at their best if they return to work each day stressed or lacking energy. Provide employees with regular rest breaks throughout the day and be aware of applicable state meal and rest break requirements. Consider a wellness program that encourages healthy habits and encourage employees to use their vacation time.

    “Effective time management is important for any business and can be especially important for new managers working with employees that often have multiple responsibilities,” says Rush. “As a manager, it is your responsibility to provide your employees with the training and tools they need to optimize their performance.”

    Use these ten tips to do just that.

    Want more time management tips and other career advice? Stay connected to College Recruiter by visiting our blog, and connect with us on LinkedInTwitterFacebook, and YouTube.

  • Disciplining and terminating employees: A guide for first-time managers

    January 26, 2017 by

     

    For many managers, especially first-time managers, giving candid, constructive feedback is the toughest part of their jobs.

    And that’s why disciplining and/or terminating employees is so difficult for recent college grads and entry-level managers, says Don Maruska, founder and CEO of three Silicon Valley companies author of How Great Decisions Get Made and Take Charge of Your Talent.

    “Many supervisors shy away from giving effective feedback because they fear how employees will react,” says Maruska, who earned his BA magna cum laude from Harvard and his MBA and JD from Stanford, and also previously led projects for McKinsey & Company, a trusted advisor and counselor to many of the world’s most influential businesses and institutions. “When they finally give the feedback, they often have built up such frustration that the feedback becomes an unproductive battle rather than a positive step forward.”

    Because many managers lack the proper training, preparation, or confidence disciplining or terminating an employee, they may ignore the situation. That’s the wrong approach.

    “Don’t let the sun set without giving feedback on any performance that isn’t on target,” says Maruska. “That may sound like a tough standard, but every day that goes by only makes the situation more difficult.”

    Tips for disciplining an employee

    Lois Barth, a human development expert, career/life coach, motivational speaker and author of the new book, Courage to Sparkle, says managers should look to educate and create consensus versus simply just disciplining an employee, or scolding them for poor performance or breaking company rules or policies that don’t quite warrant termination. When there is a situation when you have to discipline someone, focus on their behavior versus them as a person, says Barth.

    “As a manager, when you can call out their behavior versus their value as a human being, people will feel less defensive,” says Barth. “Instead of punishing the employee, use your authority as a leader to educate them on why that policy is in place. When people can wrap their mind around the why they are usually pretty good with the what.”

    Maruska provides this highly effective formula for providing feedback when disciplining employees that yields constructive results:

    Intention: State your intention clearly in terms that show what’s in it for the employee and the firm. For example, “Sam, I want you to be a productive and successful contributor to our team’s growth.”

    Observation: Describe what you observe in objective terms. Think through your feedback so that you can deliver it in ways that identify behavior rather than challenge the person’s worth. For example, “When the sales reports arrive after noon on Friday, our team can’t get the results out in time for the sales people to plan next week’s priorities.”

    Request: Make it simple, short, and direct. For example, “Sam, will you give me a plan for how you can reliably deliver the sales reports by noon each Friday?”

    Confirmation: Be clear about your agreement. For example, “I’ll look forward to your plan by the close of the day tomorrow. OK?”

    Tips for terminating an employee

    Terminating an employee can be stressful and nerve-wracking for first-time managers. Managers who have access to HR departments, or legal resources within their company should utilize those resources before terminating an employee. It may even be beneficial to have HR lead the meeting, and/or be present in the room during the meeting. HR can also provide the terminated employee with information on paperwork, issue the final paycheck if applicable, and provide any other legal, contractual information, or papers to sign. If it’s a small company, don’t hesitate to ask the company owner or other leadership to be in the room when terminating an employee. Eric Meyer, a partner in Philadelphia-based Dilworth Paxson LLP’s labor and employment group, recommends at least two people be present during any termination meeting. The reason, says Meyer, is so one person can take notes of what is said. If there is litigation, this will avoid a dispute about what was actually said.

    In some cases, a termination is obvious, and warrants nothing more than a straight-forward statement, simply saying “thank you for your work, but we have decided to terminate your employment.” Be prepared for the employee to be frustrated, especially if they don’t feel it’s warranted.

    If the conversation goes deeper, do not attack the individual.

    “Terminations get messy when the terminated employee feels that his or her self-worth is on the line,” says Maruska. “You need to separate performance from the person.”

    If feedback is given during a termination meeting, especially if an employee is let go through a layoff, or because the company is downsizing, highlight the strengths of the employee, and tell the employee you’d like to support them in their next step or opportunity. “This is not only more humane but also quicker and cheaper than making the termination a contest of wills,” says Maruska.

    And finally, practice before you go live with either a discipline or termination meeting. Being straightforward and clear can be a tough transition for recent college grads, especially new managers who are now managing friends, so find opportunities to practice giving feedback with another manager, colleague, or friend. Focus on your tone, body language, and non-verbal cues to come off polished and professional. Most of all, be confident in your delivery.

    Having difficult conversations is difficult. But it’s part of what it takes for millennials to be a good manager. Follow these tips and prepare now to succeed later when terminating or disciplining and employee.

    Want more management tips and career advice? Stay connected to College Recruiter by visiting our blog, and connect with us on LinkedInTwitterFacebook, and YouTube.

  • It’s hard to be a good manager, but bad management affects the bottom line

    January 09, 2017 by

     

    Contributing writer Ted Bauer

    Here’s a statistic that may blow your hair back a little. Per Gallup, 82 percent of managerial hires end up being the wrong one for the company in question. Why is it so hard to be a good manager, and why do so many companies perpetuate bad management? If this 82% stat is true, but there are still companies making tons of profits each year, does bad management truly affect the bottom line?

    Why is it so hard to be a good manager?

    Laszlo Bock is the VP of People (commonly thought of as Human Resources) at Google. Last year, he gave an interview to UPenn’s Wharton Business School — and within the interview, he hits on a core problem of good management. In his words:

    The reason you get promoted is because you’ve done good work, you’ve hit your goals, you’ve made good decisions. You’re in this job, and of course, you immediately want to make good decisions, hit your goals, move things forward. You forget that when you’re an employee you want your manager helping and giving you advice and then kind of getting out of your way.

    As a manager, your whole mindset shifts. [Y]ou start saying, I gotta make sure everyone delivers. I gotta micromanage. I gotta watch things. It’s not intuitive as a manager to give people more freedom and back off. That’s one of the things we’ve discovered — that you have to limit the power of managers. Then people perform way, way better.

    One of the more popular business books of the past 20 years, Marshall Goldsmith’s What Got You Here Won’t Get You There, refers to this same concept: namely, management isn’t intuitive to most people. Instead of thinking about their new direct reports as people with lives and contexts of their own, many new managers think of employees as productivity targets or KPIs. Limiting the power of managers can actually make organizations more effective, counterintuitive as that might be on face.

    The other issue with bad management is training. Per research, most people receive their first managerial role at age 30. Their first managerial training, though, isn’t until age 42. Not all managerial trainings are created equal — some might potentially regress a manager — but to go over a decade between “becoming a manager” and “getting trained to be a manager” is a significant issue.

    What’s the tie to the bottom line?

    Tony Robbins makes an excellent point about organizations scaling in this interview with Tim Ferriss. The argument is this: at some point, a company is 2-3 people (the founders). Eventually that becomes 5, then 10, then 20, etc. Every time you add a person and another layer, the communication channels become a little bit more frayed. Managing a three-person company vs. a 3,000-person company is hugely different. Companies are often good at scaling production for their products, but scaling the culture and managerial skill sets often gets left behind.

    This has consequences. According to one set of research (admittedly from a small sample size), poor leadership costs companies $144,541.30 per day. That might be the annual salary of someone in a leadership role, and their poor leadership is costing the company that amount each day. Additional research from Northwestern has shown that poor leadership, often in the form of unclear priorities and wasted time, costs organizations $15.5 million per year. By contrast, organizations with very strong management levels often double their profits.

    There are many metrics people use to attempt measuring “bad management,” and one of the most common is turnover. Bad managers obviously contribute to turnover; most research across the past 30 years has indicated people tend to leave their boss, not their actual job or company. Research from Dale Carnegie Institute at the end of 2016 showed that 41 percent of North American workers planned to try for a new job in 2017. The most-cited reason? Bad management at their current job. That’s nearly half the North American work force entering a new year with one foot out the door. Consistent turnover has many negative repercussions for a company’s bottom line, and losing four of every 10 employees in a calendar year is really bad.

    How can we improve managers?

    There are dozens of ideas here, but Bock’s advice above makes some sense: limit their power, or shift their focus from “managing productivity” to “managing the priorities of their people.” There’s research from MIT showing that 67 percent of senior leaders can’t name the priorities of their CEO. Once you get a few levels below that, priority assignment is a large game of telephone. As a result of these unclear goals in the middle management levels, research has shown that 21.4 million managers are contributing no economic value back to their company. That’s 17 percent of the U.S. full-time work force, and close to 42 percent of all people holding managerial titles. They could be made more effective with a shift in how they’re measured and compensated.

    The other improvement could come from increased training around how to work with different styles of people, how to communicate better, how to align company strategy with daily execution, and the like. One of the most common traits of companies who regularly get on the ‘Best Places To Work’ list, such as Google or Mercedes Benz, is an almost religious commitment to training and developing people. It’s hard to expect managers to improve when they’re waiting 12 years between initial promotion and initial training.

    Want more advice related to talent acquisition, retention and other HR challenges? Stay connected to College Recruiter on LinkedInTwitterFacebook, and YouTube.

  • How coding bootcamps benefit both recent college grads and employers

    November 22, 2016 by
    College students using laptop computers in class

    College students using laptop computers in class. Photo courtesy of Shutterstock.

    With technology careers in high demand, coding bootcamps have become a popular method for recent college grads to gain the additional skills needed to jump start, advance, and succeed in a career in technology. Coding bootcamps are short – but intense – training opportunities focusing on teaching students the latest, in-demand technical skills.

    Revature is a technology talent development company providing a turn-key talent acquisition solution for corporate and government partners and no-cost coding bootcamps for university graduates. Revature recently announced several strategic partnerships to provide free on-campus coding bootcamps with the City University of New York (CUNY)Arizona State University, Davidson College and the University of Missouri – with more partnership announcements planned into 2017. A college degree is required at the time of attendance for the on-site bootcamps. Students are typically graduates or even graduating seniors who are ready to deepen their skills and have a job when they graduate. The coding bootcamp is typically 12 weeks, full-time.

    “Revature is training the next generation of software engineers, a profession that continuously needs people current – and even ahead – of the technology curve,” says Joe Vacca, CMO at Revature.We started these university partnerships to create a pathway to high-paying coding careers for graduates across the country.”

    According to a recent report, 73% of coding bootcamp graduates surveyed report being employed in a full-time job requiring the skills learned at bootcamp, with an average salary increase of 64%. Roughly half of the jobs in the top income quartile — defined as those paying $57,000 or more per year — are in occupations that commonly require applicants to have at least some computer coding knowledge or skill. According to the Bureau of Labor Statistics, software development careers are projected to grow 17% through 2024.

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  • Oven-ready hires: The problem of matching available skills to our demands

    October 28, 2016 by

    Oven ready dishGuest writer Martin Edmondson, CEO and founder of Gradcore

    It feels like there is an ever-growing consensus among employers that university graduates should emerge fully formed, perfectly skilled and immediately work ready. The phrase ‘oven ready’ graduates appears far too often for my liking. It oversimplifies what is ultimately a very complicated issue: How do you match the supply of skills and people with the demands of the economy, when both are moving targets? In other words, how much should employers compromise when searching for the ideal candidate? How much should they training should they assume?

     

    This is such a significant issue in the UK that the government has created a ‘Teaching Excellence Framework’ for universities. One of its goals is to tackle “skill mismatches” in the economy. (Go figure that the same government is now limiting their own access to skilled talent via immigration clampdowns.)

    Every employer presents unique circumstances. So it’s critical for employers to examine their fundamental approach to hiring with a few questions such as:

    • What characterizes the hires you make that are successful, and those that are not?
    • What is the most critical factor for fit with your organization – skills, values, attitude etc?
    • How recently did you evaluate what is really important in the people you hire?
    • If all the evidence says that those people are not available for that price in this place, which one of those variables are you prepared to change?

    Here is the challenge: So many employers are seeking candidates with the skills that are in shortage areas. This is typically around digital and software roles where there is a major disconnect between employer requirements and the quality and quantity of graduates available. Employers (and policy makers who are trying to solve these problems) should try one of the following:

    1. Grow your own

    This is the long game, but often one of the most successful approaches if you have the time. Recruit graduates who have the core attributes or values that suit your organisation, but need to develop their skills further. Then put in place the structured training that will develop them. This could be in house training, or delivered under emerging models such as degree-apprenticeships.

    2. Think differently

    Stop looking at the really obvious candidates. This could be described as the Blue Ocean approach, getting away from where everyone else is fishing. Recently I saw a very interesting post from a company called Talla about mapping resumes using neural networks. This visual approach helps you to appreciate that people who superficially have seemingly different backgrounds are actually remarkably similar. Each of the dots below is a resume. This shows how different titles share characteristics:Point graph of title descriptions on resumes

     

     

     

     

     

    3. Up the budget

    Sometimes you simply need to either increase the budget in order to reach a wider audience, or increase salary to attract the necessary skills. While it’s never ideal, there are clearly certain economic realities that are hard to escape.

    Underlying all of this is a bigger societal question, which will be answered differently in different countries:

    Whose job is it to make a person employable?

    Is it the role of the education system and teachers? Employers? Parents or the state? Or are we all solely responsible for our own development? All play a part, but the prevailing national answer to this question goes a long way to deciding the expectations employers have of graduates and vice versa.

     

    Look forward to discussing this and lots of other topics around college recruiting at the College Recruiter Bootcamp in Washington DC on December 8.

    martin-edmondsonMartin is the CEO and founder of Gradcore, a social enterprise focused on graduate employment and employability. Martin has more than 15 years of experience in graduate recruitment and Higher Education. He founded Gradcore, and over the last decade has led a wide range of graduate recruitment and employability projects. These include running global graduate schemes for a range of large employers, delivering employability performance improvement in universities, and chairing the UK and European Graduate Employment Conferences. Martin was a member of the steering group for the ‘graduate recruitment in SMEs’ report for the UK government and has written for a wide range of newspapers and websites. Connect with Martin on LinkedIn.