3 Ways To Hire Accounting & Finance Professionals In Minnesota
Unemployment across Minnesota remains low with employers continuing to compete to attract talent. The US Bureau of Labor Statistics reported a 4% unemployment rate at the end of August, with the unemployment rate for accounting and finance staff significantly lower.
Employers must pull out all the stops to attract qualified candidates into their talent pool. The problem is that expectations are often unrealistic. Hiring managers are looking for more than competent or ‘good accountants’ to meet the needs of their businesses. In addition to technical skills, they want to hire candidates with the potential to become tomorrow’s leaders.
The problem is that these expectations are unrealistic. A survey carried out by Competency Crisis recently ranked 25 skill areas for accounting and finance professionals. Two out of three of the biggest skills gaps for accountancy and finance staff were identified in leadership and strategic thinking/execution. Additional skills gaps were found in change management, process improvement and business acumen.
The results of the survey suggest that it is proving harder for employers to find the right fit for their vacancies.
In order to attract the best available talent, your business must offer a flawless candidate experience, a positive culture that offers ongoing career development and the right compensation. It’s a combination that employers in all sectors find a challenge.
Here’s our advice to attract more accounting and finance candidates:
Tighten up your employee referral program: Your employees are the best ambassadors your business can have. An effective employee referral program will provide your organization with a quality source of successful hires. Tap into their social and professional networks to promote your vacancies. Candidates want to work for a company where employees are engaged and inspired and your employees are best placed to communicate that message.
Streamline your hiring process: Respond quickly to inquiries from candidates, update them on vacancy progress regularly and avoid ‘death by interview’ by limiting the number of interviews for each vacancy to a maximum of three. When an offer is accepted, stay in touch with the successful candidate through to on-boarding. Until they start work with your business, the chances of a counter offer are still very real.
Hire a specialist recruiter: A specialist recruiter will provide you with insight into what it takes to attract and hire passive accounting and finance candidates and will typically be able to gain access to talented individuals who won’t respond to your job adverts. If you choose to work with a recruiter our advice is as follows:
- Be clear on expectations – don’t change your mind on the job spec half way through the recruiting cycle. A lack of decision making ability suggests your company has no clear vision.
- Be decisive – a prolonged hiring process means that talent will drop out of your pipeline before you reach the interview stage. Your recruiter will present you with pre-qualified candidates capable of doing a great job for your company. Move quickly through the interview stage to avoid losing their interest.
- Get your job offer right the first time – Passive talent won’t hang around or waste time in a back and forth negotiation process. In today’s employment market you need to make your first offer your best and final offer. Allow your recruiter to handle the delicate negotiation stage to increase your chances of an acceptance and avoid the specter of the counter offer.