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by Nancy Molloy
President, Legend Global Search, Inc.
Knowing why employees consider
leaving can help you to retain valued professionals. According to a recent
online survey, 15% of employees say they are actively seeking another job.
However, a full 50% admit being open to leaving their current employer if a
new opportunity came their way. Legend's legal and compliance recruiters
speak to more than 5,000 job seekers a year and have a strong sense of what
motivates candidates to move on. It may surprise you to learn that money is
not the top motivator.
Top Six Reasons for Seeking a New Position:
1.
Desire
to advance their career or move into a more challenging
position.
2.
A
sense of instability in the firm or lack of job security.
3.
More money. While you are already well aware that this is a major
motivator, it's not the only one.
4.
Lack of communication with and respect from their immediate supervisor.
5.
Incompatibility with co-workers or the corporate culture of the firm.
6.
Feeling undervalued - contributing more than is recognized by management,
passed over for promotions or not feeling appreciated.
Curbing turnover impacts the bottom line, is good for
morale and ensures productivity. By focusing on the factors that cause
employees to change jobs, hiring managers can build a corporate culture
that fosters employee commitment and continuity.
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The Sarbanes-Oxley Act, also
known as SOX, has had far-reaching effects across public companies, however
private companies are also adopting many of its best practices.
Implementing such changes may provide a more attractive company to
customers and stakeholders and better protection from risks caused by
inadequate recordkeeping, reporting and controls. There is discussion that
private companies, specifically hedge funds and private equity firms, may
also be facing additional regulatory issues in the future.
The cost and headcount required for SOX compliance can be hefty. Compliance
costs can be 3% of revenue for a company with revenue of $50 million.
However, privately held companies that are hoping to go public or be bought
by a public company have to think ahead and get internal controls in place.
According to some estimates, getting SOX regulations in place can take two
years.
Even for private companies that have no intention of a “public” future, SOX
has created harsh penalties for accounting fraud, retaliation against
whistleblowers, improper document retention and destruction, ERISA
notification failures and mail and wire fraud.
There are myriad reasons for a private company to ensure the accuracy of
its financial statements and the security of its accounting systems. For
example, in the event a company seeks financing, it must be able to prove
the validity of its accounting controls. Here are some ways that privately
held companies can step up accounting controls:
- Implement a system where employees
can file complaints anonymously.
- Consider software or other
electronic solutions for help tracking and investing financial records
and internal documentation.
- Work with two accounting firms or
hire an independent firm to do yearly audits.
Though
ensuring that a company’s accounting practices are operating properly and
efficiently can be costly, the risk of not having suitable controls in
place is even more costly. As companies continue to realize the risks
associated with lagging accounting controls, the need for auditors,
accountants and compliance professionals will continue to grow.
The Compliance Division at Legend continues to contact a wide range of
highly qualified audit and compliance professionals and conducts intensive
one-on-one interviews with the best on the Street in preparation for your
staffing needs. Please visit www.complianceHQ.com
to see details of Legend’s compliance services and how we screen candidates
to get the best match for our valued clients.
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Sometimes, great news comes along with great challenges.
Winning large projects, new clients, or increased assignments from current
clients grow your business, and that's great news. But ramping up
with personnel who can capably and professionally handle this influx can be
problematic on either a short or long-term basis.
Legend has the answer. Our proprietary database of industry-related talent
has more than 25,000 pre-qualified candidates, and our dedicated team is
available 24/7. Contact Tom Heisler, Director, Business Development, at
(201) 214-0101 with any questions or challenges and we'll bring our
experience and resources to bear on your behalf.
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