The current accounting and finance talent market is extremely competitive, with many employers struggling to find qualified candidates for open positions.
At the beginning of this year, total employment increased by 517,000 and the unemployment rate dropped to 3.4%, hitting a 54-year low. The unemployment rate is even lower in the accounting and finance world.
This limited supply can make the hiring process particularly challenging, especially for those who are not familiar with the best strategies for attracting top talent. In this particular environment, it is important to adopt a strategic approach to hiring in order to secure the best talent.
Consider these tips to help you get an edge in hiring.
Prioritize Needs Over Wants in Hiring
One of the employers’ biggest mistakes in a tight labor market is being too rigid in their hiring criteria.
While it is important to have a clear understanding of the skills and qualifications that are necessary for a particular position, it is also essential to be open to considering candidates who may not meet every requirement. This might mean looking at candidates who have transferable skills or who are willing to undergo training to develop the necessary skills.
The candidate with everything you’re looking for and more is probably still employed and succeeding. If nothing less will do, you may need to work with a recruiter to find this diamond in the rough.
Offer Competitive Salaries and Benefits
Another important factor in attracting top talent in a tight labor market is offering competitive salaries and benefits. This includes base salaries, bonuses, health insurance, and other perks that can make a job more appealing.
Employers can stand out from their competitors by offering competitive compensation packages and attracting the best candidates. Check out this salary guide to learn more about completive pay in the accounting and finance industry.
Be Proactive in Your Recruitment Efforts.
Finally, it is essential to be proactive in your recruitment efforts.
This means reaching out to potential candidates and networking with industry professionals. It also means utilizing online job boards and social media to advertise open positions and promote your company. By being proactive in your recruitment efforts, you can find the best candidates and secure top talent for your company.
In conclusion, hiring in a tight labor market can be a challenging process, but it is possible to find great employees by being clear on your hiring criteria, offering competitive salaries and benefits, and being proactive (not reactive) in your recruitment efforts. By implementing these strategies, accounting and finance firms can attract the best candidates and secure the talent they need to succeed in today’s competitive job market.
For more information on how to hire in a tight labor market, please click here.