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In Pursuit of Profit

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3/3/2021

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What is Contingent Recruitment?

 
what is contingent recruitment
​According to recent data, 76% of companies report that attracting well-qualified candidates is their biggest hiring challenge, making recruitment a serious concern for most businesses.

Hiring a recruiting firm is the best way to find top-notch candidates for your open positions. While some recruiting agencies use a retainer model, others use a contingency agreement. How do you decide which approach is best for your needs?

With contingent recruitment, the recruiting agency only gets paid when they find and place a qualified candidate into the role they are hiring for on behalf of their client. Contingency recruiting fees are typically structured as a percentage of the candidate’s first-year base salary and can vary widely from one recruiting company to another based on geography, industry, and position level.

Why Use Contingency Recruiting?
Unlike retained search, where recruiting fees are typically paid in installments at the beginning and throughout the process, contingent recruiting is based on the idea of only paying once results have been achieved. Many companies prefer to work with a recruiting agency that uses a contingency model because it is often much less expensive, and the fees are easier to understand. It is reassuring to hiring companies, especially smaller businesses, to know that they will not be paying a recruiting fee until after a qualified candidate has been hired. 

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10/13/2020

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How to Approach Cost Cutting with Long-Term Value in Mind

 
cutting costs with long term value in mind
A guest post from our colleagues at CFO Selections:

When adversity hits, the knee jerk reaction is to swiftly cut spending across the entire organization, but that response is a mistake.

Strategic cost cutting can keep a business going through tough times, but it must be approached with long-term value in mind. Reducing costs should abide by three essential principals:
  1. Do not cut anything that is required to sustain daily business operations
  2. Do not cut costs anywhere where the long-term effects will outweigh the short-term benefits
  3. Do not cut anything that will cost more to replace later

​Evaluate your spending and determine where you can cut costs to weather tough times while still protecting critical functions, minimizing long-term expenses, spending where it could end up costing more not to do so, and looking for opportunities to reduce waste. 


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10/28/2019

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Corporate Philanthropy: What is in Your Budget?

 
Corporate Philanthropy: What is in Your Budget?
As head of CFO Selections corporate philanthropy initiatives, the question I get most often, especially now at budget time, from other company executives is, “What is the right amount of money to budget for donations?”

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10/24/2018

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6 Essential Steps to Create a Company Budget

 
company budget
Budgeting is considered a necessary evil in many organizations.

​Business owners and executive leadership understand the value of establishing and maintaining a financial plan to guide business operations.

However, they often feel constricted by these plans as well. Finding the balance between protecting funds earmarked for key functions and restricting opportunistic purchases is always a challenge.

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9/26/2018

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Overcoming Budgeting Problems to Improve Strategic Budget Management

 
OVERCOMING BUDGETING PROBLEMS
In most organizations budgeting is an exhausting process. Ensuring the right people are included, timely and thorough budget requests are submitted, and strategic planning drives the entire process is time-consuming and expensive. In fact, the Ford Motor Company estimated that budgeting and planning costs about $1.2 million annually.

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5/17/2018

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Salary or Draw? How to Pay Yourself as a Business Owner

 
Picture
As a business owner, tough decisions abound at every turn, including the question of how (and how much) to get paid. While there are numerous compensation options available, business owners typically choose to either pay themselves a salary or draw money out of the business as compensation.

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6/26/2017

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My Bookkeeper is Too Expensive

 
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​My bookkeeper charges too much - can you recommend a cheaper one?
​
​The answer is probably ‘yes’, there is always someone cheaper. On any given weekend you can spot a hand-written postcard on a notice board in the local supermarket, or an ad on Craigslist where someone is offering bookkeeping, including for what seems to be an impossible fee.

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