Global Remittance Cost averages 7.1% – World Bank

By Torrey and Gray | February 26, 2019

Coinciding with the recent 10 year anniversary of the Bitcoin whitepaper, Global Remittances (small individual payments to another person, such as a family member in another country) hover around 7%, according to this recent World Bank report. In our opinion, cryptocurrency remittances (with costs usually less than 1%) will present the greatest disruption to the payments industry yet. Fees are already in a long term downtrend. Instant and near free payments are around the corner. Of course, there is a great deal of personal responsibility in making peer to peer payments, but in time as the ease of user experience…

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Biggest Hiring Mistakes Companies Make

By Torrey and Gray | February 25, 2019

As reported in today’s Wall Street Journal, even though the common measurement of “time to hire” is among the most closely monitored by companies, that time has been steadily increasing for nearly 10 years. Another metric often tracked is “cost of hire.” Often, less consideration is given to measuring recruiting strategy overall success in terms of quality of hire, longevity of hire, or other long term measurements. In our opinion, an objective observation of technical skills is a must, but a greater factor in measuring long term hiring success lies in an evaluation of a fit for “subjective criteria,” such…

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Benefit costs increase faster than compensation in 2018

By Torrey and Gray | January 31, 2019

According to today’s BLS Employment Cost Index report, benefit costs for employers increased at 3.1% and compensation costs increased by 3%, The report breaks down government and private industry groups. in 2017, compensation increaed faster than benefit costs. For the full report, click here : https://www.bls.gov/news.release/eci.nr0.htm

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Wage Growth and Job Switch Compensation Increases

By Torrey and Gray | January 24, 2019

A recent report by ADP indicates job holders in the finance industry enjoy around 4% wage increases, and for the roughly 20% of workers who switched jobs they realized 6% to 8% income growth or a 50% to 100% premium in income growth over those who stayed put. For more information on this report click https://www2.staffingindustry.com/Editorial/Daily-News/Wages-rise-at-annual-rate-of-3.4-job-switching-slows-ADP-48760 Torrey & Gray can help you find accounting and finance professionals for both temporary projects and permanent hire recruiting. We are one of the top recruiting firms in the Chicago area for controllers and finance professionals.

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Job Ads Decline some, still exceed unemployment numbers

By Torrey and Gray | January 8, 2019

According to Staffing Industry Analysts, the number of jobs advertised online has declined some, down 3% from October, but still up over 16% from this time last year. Job postings have also declined in come cases from employer exhaustion over being unable to fill openings. There is still a high sentiment that they would hire more people – it they could fine qualified staff. For the SIA article Click Here.

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Hertz Effectively Fined $695,000/ Month for Accounting Errors

By Torrey and Gray | January 4, 2019

Car Rental company Hertz is fined $16 Million for accounting errors that resulted in material misstatements on their fiancials. This is essentially a $695,000 per month surcharge. That’s a lot of car rentals… Torrey & Gray can help your organization find people that can avoid these situations. For the full article, click here. https://www.accountingtoday.com/news/sec-penalizes-hertz-16m-for-accounting-violationsh

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Bank Officers Prefer to Keep About Half of Current Reserve Requirement

By Torrey and Gray | December 4, 2018

The FED recently polled 51 senior bank officers, whose assets represent 2/3 of all reserve deposits in the US.   When asked, they said they would prefer to have the option to keep only half of their current reserve requirements – which in August stood at about $1.2 Trillion.  Some suggested they would be willing to go as low as 25% of current reserve requirements. What amount of economic activity could be generated if $600 billion were freed up to make capital investments or other allocations into the markets?  Would it really benefit the economy or primarily the banks themselves? For…

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Manufacturing Expanded in November, 115th Consecutive Month of Overall Economy Growth

By Torrey and Gray | December 3, 2018

The Institute for Supply Management issued their monthly report today outlining expansion in the U.S. manufacturing sector for November.   The ISM covers 18 manufacturing sectors – 13 of which grew in November.  For the full article click here.  Employment indicators report the 26th consecutive month of growth.  Survey respondents report labor related issues (mainly labor supply shortages) as a key constraint to production capability. Raw Materials prices increased for the 33rd consecutive month, but the rate of price growth has slowed for the first time on over a year. Torrey & Gray provides temporary staffing and permanent recruiting for accounting…

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More Illinois Pension Shenanigans

By Torrey and Gray | November 29, 2018

In yet another blow to common sense, Illinois legislature overrode Gov. Rauner’s veto 44-1 to enact a pension code change to benefit one current Chicago Alderman.  For the story from illinoispolicy.org click here.

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Quarterly GDP Slowed, Still on Track for Annual Target

By Torrey and Gray | November 28, 2018

Although quarterly GDP slowed slightly from Q2, it is still on pace to hit 3% annualized growth for the year.  Also, GM announced job cuts – it remains to be seen how the market will react to that news.  Overall hiring is still strong. For the full Reuters Article, Click Here.  CAPEX is down, along with oil prices. Torrey & Gray places accounting and finance professionals that drive your company’s goals forward. Contact us if you need permanent employees or temporary staff. We place CFO’s, Controllers, Treasury Professionals, Accounting Managers, Finance Leaders, etc. Based in Hoffman Estates, IL, we serve…

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