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Sep 26,2018

5 Hiring Trends in The Accounting and Finance Profession

In a candidate-driven market like that of today’s, hiring is typically hard. However, the overall national employment rates tend to remain low, the rates of availability of specialized positions such as auditors and accountants, compliance officers, financial analysts are even lower. The evolving skill, as well as the dearth of available candidates, make the recruiting process especially difficult.

There is a diversity of challenges posed by the talent shortages that are confronting the quick books accounting services NC. Here is a list of the five most prominent hiring trends in the accounting and finance field, being influenced by the shortagesstated above.

Sweetened Compensation Packages by the Employers

The firms are competing intensely against each other to hire the top performers, and the trend is expected to increase with time. The salaries are upped by the employers to stand out from their competitors. However, this just marks the beginning of an era. The firms depending solely on the salary raises to attract potential candidates tend to lose to the companies that are going one step further offering robust perks and benefits.

The job-seekers have particularly two points of emphasis: career paths and work-life balance. Professional looks towards their employers for their demands not only inside the office but outside the office as well. This can be understood by an example of arrangements that include flexible scheduling as well as telecommunicating. An organization is usually preferred by candidates when it sees a defined path for them and enables them the resources they need to reach their goals.

Acceleration of the Hiring Process

There is a demand for skilled financial professionals which translates to the fact that highly-trained candidates are frequently subjected to multiple job offers. The need for acceleration of hiring process stems from the fact that they want to avoid losing their ideal candidates to their competitor firms.

Moving fast has additional benefits: Moving quickly enables employers to avoid alienating their applicants. Dragging out the process, conversely, conveys a reputation that the organization is difficult to work with and a professional’s time and career needs are not appropriately valued.

Change in Hiring Expectations

In a market that is already experiencing talent shortages, waiting for a candidate that checks-off every possible hiring criterion, seems like a losing strategy. The managers that recognize this need tend to focus on the must-haves which gives them the edge while training the nice-to-haves. This can be understood by the fact that certain companies prioritize certain areas of expertise trying to align with the corporate culture and then help their newly hired candidates to develop software skills.

Professional Development Moving to the Forefront

Professionals who are highly-skilled want to be assured from their book keeping & accountancy firm that the company intends to invest in their careers and assist them in keeping their skills current. According to the survey of Robert Half Management Resources, the professional development is three times likely to increase than decrease this year. Training is offered in terms of compliance and technology by the employers to their financial teams.

However, it takes more than training to construct a robust professional development program. This does not mean you need to break the bank to provide a strong program for your staff. Here is a list of some useful options:

  • Facilitate mentorships, including arrangements where professionals who are at an earlier stage of their career take a lead role sharing visions with more experienced colleagues.
  • Assign projects compelling employees to expand their expertise and skills.
  • Invite guest speakers to present at staff gatherings.
  • Ask individuals returning from a conference to share the keypoints with colleagues.
  • Implementation of role rotation, this allows your team to gain exposure and lend their expertise to different accounting and finance functions.

Meeting a Variety of Needs through Interim Staff

Collaborating with professionals on a project benefit companies in a number of ways.The expertise that is unavailable in-house are provided by the interim staff,and they also take part in supporting priority initiatives such as a system upgrade or merger integration. While covering staffing gaps, they can attain functioning roles while hiring search is being conducted and can be considered for opportunities that are temporary-to-hire.

One Further Trend to Know: Retention Becoming an Even Greater Focus

With the ramping up of the efforts of the firm to attract the skilled candidates, they are increasingly open to the same fact level of effort is required to retain their top performers. Companies that fail to keep talented candidates on board will face the consequences of going though noted hiring challenges when they try to replace them all over again.

Author Bio
Carrie Underwood is a lead financial analyst who typically researches the rising trends of employment in the accounting and financial sector. She has been a keen observer of the quick books accounting services NCand has become a celebrated writer in the field in the past few years.

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