Upcoming Change to Payroll Rule Increases Pay Threshold for Overtime

By Torrey and Gray | September 27, 2019

In 2016, the Obama administration proposed a change to the threshold for requiring overtime pay.  It was met with fierce opposition form most states and later shelved.  Now a new rule is set to go into effect in 2020 boosting the minimum pay threshold to require overtime from $23,660 to $35,568.  This is a more moderate change compared to the 2016 proposal of over $47,000. For the WSJ article Click here https://www.wsj.com/articles/more-workers-to-qualify-for-overtime-pay-11569330000 Torrey & Gray recruits and staffs accounting and finance professionals that help your company navigate the ever changing business climate.  We place Chief Financial Officers, Controllers and other…

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Is Your Payroll Provider Actually Forwarding Withheld Taxes?

By Torrey and Gray | September 20, 2019

You have a payroll provider.  They withdraw money from your bank account.  They pay your employees and withhold taxes, but are they actually forwarding the money?  This story is a reminder that you should periodically audit your provider. For the story click here: https://www.bizjournals.com/albany/news/2019/09/16/mypayrollhr-shutdown-clifton-park-albany-banks.html Torrey & Gray finds professionals who can help prevent these types of situations.  We place Chief Financial Officers, Controllers and other accounting and finance professionals.  Perhaps you have projects that never got started or finished – we have interim professionals to supplement your staff on an as needed basis.        

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Unemployment Rate Steady at 3.7% in July

By Torrey and Gray | August 2, 2019

According to a recent publication by Trading Economics, the U.S. unemployment rate held steady in July at 3.7%.  The 70 year average is 5.75%.  Unemployment for accounting related positions is typically about half of the general unemployment rates.  Smaller college entrance demographics are restricting the number of accounting grads going forward for the next 15-20 years. Torrey & Gray can help you find qualified candidates in a competitive marketplace.  We specialize in recruiting accounting and finance professionals such as CFOs, Controllers, Analysts and other related positions in the Chicago area.

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Manufacturing Activity Slowed in July to Three Year Low

By Torrey and Gray | August 1, 2019

According to this report from Reuters, U.S. manufacturing activity slowed to a three year low.  New orders are up slightly.  In speaking to one of our manufacturing clients, they cite the lack of supply of qualified and reliable production workers as an obstacle to producing and shipping all of their orders on time.  We wonder whether extreme low unemployment negatively impacts manufacturing production over time.  For the full reuters article, click here. Torrey & Gray helps companies find qualified employees such as CFOs, Controllers and other accounting and finance staff in times of low unemployment.  Contact us today to discuss…

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Clicks on Job Ads Can Measure Wage and Worker Demand

By Torrey and Gray | July 31, 2019

According to a study by the Central Bank of Ireland, which measured clicks on job board indeed found strong inverse correlation to the scarcity of job seekers and upward pressure on wages.  Fewer clicks meant worker scarcity and therefore increased wage demand for many job categories.  If you are relying on ad clicks for your recruiting strategy, you are not finding the best candidates.  For access to top talent for accounting and finance professionals such as Controllers and CFOs, contact Torrey & Gray.  Torrey & Gray is a best practice Chicago area recruiting and staffing firm for Accounting and Finance…

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Bitcoin Mentioned for Possible Inclusion in Bank Stress Test Criteria

By Torrey and Gray | March 5, 2019

Bitcoin may become a risk requirement for future bank stress testing.

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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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