With a meager national unemployment rate of 3.7%, it is challenging for businesses to recruit quality talent in today’s market. As a result, it is quite difficult for managers and recruiters looking to fill vacancies in the finance and accounting sectors. According to reports, unemployment in the finance and accounting industry is half of the national average, i.e., 1.8%. So how can companies recruit accounting and finance professionals in such a challenging environment?
Low-quality candidates among the available talent pools expose employers to the dire challenges of recruiting. Also, demand for accountants is expected to grow 10% by 2026 — faster than other industries.
These market trends generated by a strong economy — combined with globalization and an increasingly complex tax and regulatory environment — have created a hyper-competitive environment. Therefore, accounting staffing agencies need to be proactive and diligent to try and establish relationships with quality accounting and finance candidates.
One strategy is to target the next generation of young professionals. No, that doesn’t mean Millennials (between 25 to 40 years old). Instead, the next generation of talent is Gen Z. Gen Zs born between 1997 and 2012 represent a quarter of the US population and are maturing to working age.
Employers’ tips and tricks have been used to woo Millennials over the past decade and need to be calibrated for the next generation now.
6 Tips to Recruit Top Accounting and Finance Talent in 2021
1. Work on Your Employment Brand
The young talent belonging to Generation Z has grown up in the post-social media world. They are active consumers of the Internet and use it as a leading source of information. They’re going to keep a close eye on your employment brand while they’re actively searching for a job.
To attract young talent, you must analyze what and how your employment brand communicates with them. If you’re wondering what primary areas to focus on when building or updating your employment brand, these points will help you.
- Social Channels: Your company’s social channels are the foundational resources to build an attractive employment brand. Create content around the challenges you face and what interests the young audience to build the reputation.
- Website: Does your career section reflect your company culture? Add photos of your offices, employees, and company events to build the brand.
- Glassdoor: By monitoring your Glassdoor reviews, you can assume your employment brand’s presence among the candidates/young audience. The reviews of your former employees directly impact your applicant pool.
2. Engagements & Active Communications
Finance and accounting professionals today are digital natives. With demanding schedules and job responsibilities, accountants have integrated various technology platforms, social media channels, and digital tools into their everyday communication.
Businesses should use these digital avenues to connect and build relationships with potential candidates in meaningful, productive ways.
The speed of technology drives the modern economy, profoundly impacting how and why accounting professionals change jobs. Although most quality accountants are employed because the economy is strong, that doesn’t mean they aren’t open to considering other opportunities that offer more attractive compensation packages or a better lifestyle.
By leveraging social media marketing channels and online job-related platforms as a crucial part of their recruitment strategies, employers can reach and communicate with potential candidates on their terms in their preferred ways.
3. Promote Internal Staff
It is a proven fact that happy employees are more productive. A study by economists at the University of Warwick found that happiness increased productivity by 12%, while unhappy workers were 10% less effective at their jobs.
What is the best way to sow the seeds of happiness? You must offer praise and recognition freely for a job well done. Plus, when you preach from within, you are also promoting joy.
The warmth and fuzzies don’t stop here. Internal employees adapt more quickly to new positions, helping maintain consistency and preserve institutional knowledge. Of course, you’ll have to fill back the vacant position.
4. Recruit Carefully
The unemployment rate for experienced auditors and accountants was 2.5% in 2016, compared to an overall rate of 4.4% for skilled workers. In addition, the accounting and auditing sector is predicted to grow by 11% between 2014 and 2024, with 142,400 new jobs projected in the same period.
The low employment rate automatically makes it harder to fill open positions throughout the company. Therefore, companies must be proactive and aggressive in their recruitment efforts to lure both entry-level and experienced candidates into their organizations.
5. Look for Trustworthiness
Any accountant you hire should be a responsible candidate. An accountant will be assigned confidential financial details of your business, and to avoid accountant fraud, you must find a trustworthy candidate. Hiring an accountant through a firm or referral is an easy way to ensure authentic candidates. Verifying the qualifications and certifications is also an excellent way to scrutinize the job applications your business is receiving.
6. Offer Employee Benefits
Finance and accounting positions often involve long hours, which leads to quick burnout. A recent study found that most professionals leave public accounting searching for better life quality, while the second ones leave due to lower salaries.
Therefore, to acquire and retain top talent, companies must consider offering competitive perks and salaries. It can include allowing employees to work from home, paid parental leave, flexible schedules, and creating a fun work environment by offering ping-pong or foosball tables.
Using these six tips, your company will be in a better position to attract Generation Z’s finance and accounting talent to your organization. Moreover, it’ll be in a better position to attract qualified talent.
If you don’t have the time, network, or capacity to search for finance and accounting talent personally? We can help. Empowers Staffing Inc. is a specialized recruiting and staffing agency that helps employers recruit qualified banking and finance talent in a lesser time. Call us now to know more about our affordable services.