Companies face a growing challenge: securing the best talent in today’s finance industry. A recent survey from the Corporate Finance Institute reveals that 65% of companies experience difficulty in hiring skilled finance professionals. Suddenly, this makes partnering with the right finance and accounting recruiters more essential than ever.
Here’s a guide to help you steer through the intricacies of finance hiring and achieve the best results.
Understanding the Current Hiring Climate
The finance industry and finance departments face a unique set of hiring challenges. Rapidly changing regulatory frameworks, technological advances, and the ever-growing importance of data analytics mean that finance professionals need a versatile set of skills. And it’s not just about finding someone who ticks all the boxes on paper; companies need individuals who fit seamlessly into their culture.
- Tight Labor Market: The unemployment rate for finance professionals remains significantly below the national average. This indicates a tight labor market where top talent gets snatched up quickly. It underscores the value of having proficient finance and accounting recruiters in your corner.
- Rising Salaries: With demand outpacing supply, finance professionals often command higher salaries. Accordingly, businesses need to offer competitive compensation packages or risk losing out on the best talent.
Key Considerations to Succeed in Finance and Accounting Hiring
Importance of Culture Fit
While skills and experience remain paramount, the significance of cultural fit in finance hiring doesn’t have to be understated. A mismatch in values or work style leads to decreased productivity, conflicts, and high turnover rates. Here’s how accounting and finance recruiting firms emphasize this:
- Deep-Dive Interviews: Instead of relying solely on resumes, recruiting firms conduct in-depth interviews to gauge a candidate’s values, motivations, and interpersonal skills.
- Client-Candidate Alignment: Finance and accounting recruiters spend time understanding the client’s company culture. They then match candidates who align with these values, ensuring a harmonious fit.
Embracing Technological Changes
The digital era brings revolutionary changes to the finance sector. Artificial Intelligence, data analytics, and blockchain technologies now play vital roles in the industry. Therefore, companies need professionals who understand and leverage these tools effectively.
- Advanced Skill Sets: Finance professionals need to possess more than just traditional accounting skills. Certainly, familiarity with digital tools and a mindset for continuous learning become essential.
- Training and Development: Instead of searching endlessly for the perfect candidate, some companies choose to hire promising talent and invest in their training. Partnering with a competent accounting and finance recruiting and consulting firm helps identify such potential stars.
Flexibility in Hiring Models
In response to the evolving needs of businesses, flexible hiring models have emerged. Contract-to-hire, temporary placements, and consultant roles offer solutions that cater to various company requirements.
- Try Before You Buy: Contract-to-hire positions allow companies to assess a candidate’s performance and fit before committing to a permanent position.
- Project-Based Roles: For short-term projects or busy seasons, temporary placements or consultants offer expertise without long-term commitments.
The Power of Referrals
Never underestimate the value of a good referral. Finance professionals often have expansive networks and tapping into these yields excellent results.
Accounting and finance recruiting firms maintain vast networks of candidates, offering an added advantage in the hunt for the best talent.
The complexities of finance hiring needs a strategic approach. By understanding the current landscape, emphasizing culture fit, embracing technology, considering flexible hiring models, and leveraging the power of referrals, companies position themselves for success. Partnering with expert finance and accounting recruiters provides a competitive edge, ensuring that businesses secure the talent they need to thrive in this dynamic industry.
Are you looking for the right partner? Schedule a call with us!
About Phaxis
Founded in 2002, Phaxis is now one of the country’s leading recruitment firms. Specializing in
healthcare, information technology, accounting, financial services recruitment, office support, legal, HR, and marketing, Phaxis partners with highly qualified talent and top employers to create rewarding
career opportunities that result in long-term success for candidates and employers. Visit us at
www.phaxis.com.
