How to Adapt Your Recruiting Strategy For 2024

In the fast-paced world of finance, the demand for top-tier talent in accounting and finance roles has never been higher. However, financial industry leaders are grappling with a decline in both traditional and specialized skills, along with the increasing scarcity of candidates qualified for essential roles.

However, there are innovative solutions that can help you not only find the right talent but also effectively manage a new generation of finance professionals. To address these challenges, it’s crucial to adapt your recruitment strategy and explore potential solutions.

Market Trends

Employers added 4,400 accounting jobs in December in the United States¹,highlighting the importance of a robust recruiting strategy.

Trending Roles²

• Accountants
• Controllers
• FP&A Roles
• Tax Managers
• Tax Analysts
• Financial Analysts
• Auditors
• Bookkeepers

In Demand Skills³

• AI and Digital Technology Proficiency
• Cybersecurity and Risk Management
• Sustainability and ESG Reporting
• FP&A
• Taxation and Compliance
• Regulatory Compliance and Reporting
• Cloud Enterprise Resource Planning (ERP)

The Decline in Skills and Hard-to-Find Roles

As the financial industry evolves, so do the skills required to excel in accounting and finance roles. New regulations, technological advancements, and shifting market dynamics are constantly reshaping the industry’s landscape, underscoring the need for a proactive recruiting strategy.

Here are some key issues you may be facing:

1. Shortage of Specialized Skills: Finding candidates with the right mix of skills and expertise has become increasingly challenging. Skills like data analysis, cybersecurity, and financial modeling are in high demand, but there’s a limited pool of qualified professionals.
2. The Skills Gap: In recent years, the finance and accounting landscape has seen a significant shift in the skills required to thrive in the industry. With advancements in technology and automation, the demand for traditional skills like manual data entry and basic bookkeeping has decreased⁶. Instead, there is a growing need for professionals who possess a blend of technical expertise and strategic thinking.
3. Difficulty Filling Roles: Some specialized roles within accounting and finance, such as tax experts with deep knowledge of international tax laws or forensic accountants skilled in fraud detection, are increasingly difficult to fill. Student’s completing accounting bachelor’s degree dropped 7.8% between 2021 and 2022⁵. The scarcity of candidates with the required expertise can lead to significant recruitment challenges.
4. Generation Gap: 75% of CPA certified professionals are getting ready to retire- meaning a new generation of talent is entering the workforce⁶. Bridging the gap between seasoned professionals and emerging talent is essential for maintaining the industry’s competitiveness.

Effectively Attracting and Retaining Talent

1. Sign-On Bonuses: Attracting top talent often requires competitive compensation packages, making it a key component of your recruiting strategy. Offering sign-on bonuses can entice candidates and make your organization stand out. For example, providing a significant sign-on bonus for tax specialists can help secure the expertise needed.
2. Collaboration with Colleges and Universities: Establish partnerships with colleges and universities that offer accounting and finance programs. You can work closely with these institutions to identify and groom promising talent. Offering internships and co-op programs can provide students with real-world experience and create a pipeline of potential hires.
3. Upskilling and Training Programs: Recognize the potential of current employees and invest in their development. Offer ongoing training and upskilling programs to ensure your workforce remains competitive. This approach not only addresses the skills gap but also fosters loyalty among your team.
4. Foster a Culture of Mentorship: Young finance professionals are eager to learn and grow. They value mentorship and opportunities for career advancement, making mentorship programs a valuable addition to your recruiting strategy within your organization.
5. Utilize Professional Recruitment Services: Recruitment firms specializing in accounting and finance, like ours, can provide a streamlined solution to your talent acquisition needs. They offer a vast network of candidates with the skills and expertise you require, saving you time and effort in the hiring process.

Our Solution: JFSPartners

As a leading search firm specializing in accounting and finance, JFSPartners is uniquely positioned to assist you in navigating these recruitment challenges with a tailored recruiting strategy. We have a proven track record of successfully connecting financial industry leaders with top-tier talent.

Our tailored approach to recruitment includes:

1. Comprehensive Candidate Search: We utilize a robust network and cutting-edge technology to identify candidates with the precise skills and experience you need on a permanent and temporary basis.
2. Customized Assessment: We evaluate candidates not only based on their qualifications but also on their cultural fit with your organization to ensure a seamless integration.
3. Post-Hire Support: Our commitment doesn’t end with the placement. We provide ongoing support to help you manage and retain your new hires effectively.

Ready to elevate your recruiting strategy? Schedule a call with a JFS Partner today to explore tailored solutions.

Conclusion

The changing landscape of the financial industry demands innovative approaches to recruitment and talent management, emphasizing the importance of a forward-thinking recruiting strategy. With the right strategies, financial industry leaders can overcome the challenges of declining skills and hard-to-find roles.

JFS Partners is ready to partner with you to address your specific recruitment needs and help you secure the best talent in the accounting and finance sector. Contact us today to discuss how we can assist you in building a strong and competitive financial team for the future. Together, we can ensure your organization remains at the forefront of the industry.

Sources:

1. https://www.linkedin.com/pulse/irs-plans-start-tax-season-jan-29-accounting-today-49fgc/?trk=article-ssr-frontend-pulse_more-articles_related-content-card
2. JFSPartners results are based on internal hiring data
3. https://www.journalofaccountancy.com/issues/2023/dec/trends-for-growth-in-2024.html
4. https://www.inaa.org/accounting-trends-2024-our-predictions/
5. https://www.bestcolleges.com/news/accounting-degree-graduates-decline/#:~:text=Fewer%20people%20are%20graduating%20with,years%20of%202021%20and%202022.
6. https://www.thetaxadviser.com/issues/2023/mar/from-boomers-to-zoomers-transitioning-clients-for-retirement.html#:~:text=Almost%2075%25%20of%20the%20CPA,changing%20technology%20and%20tax%20legislation.