In any sector of business, there can be many challenges when faced with the prospect of seeking out new talent. Within Accountancy and Finance, it is no different.
Companies looking to secure the very best candidates may find themselves looking a little harder or needing to re-think their offer package.
The ever-changing workforce, the focus on company culture and flexible working, and the stereotype surrounding the Millennial can present challenges to employers looking to secure the very best candidates on the market.
Here are five of the biggest challenges that firms are facing when it comes to hiring staff.
The counter offer
Even if you think you have found the ideal candidate to fill a role, there is always the chance that their current employers may make them a counter offer. Whilst we explain to candidates that more money won’t solve any issues that led them to look for work elsewhere, many people can be tempted by the thought of boosting their finances.
Companies need to be more aware of their employer brand – how they present themselves to prospective staff members. Does their culture look appealing? What benefits do they offer? Do they have a good reputation in the industry? If your workplace is seen as a bit of a revolving door, you must address this in order to secure good candidates.
Lack of candidates
Right now, the market is facing a shortage of good, quality candidates. In years previously, we could easily send six or seven CVs over to a client – now we are lucky to find one or two. Every industry has its ups and down, though, so I’m sure this will even itself out in the long term.
When it comes to engaging staff, flexibility is a big part of that. Previously, I have filled several roles with part-time candidates – even though the roles were advertised as full-time. More than ever, people are looking for four day weeks or flexible working arrangements in order to secure a better work/life balance. This is something companies will seriously need to consider to attract the right talent.
As well as full time workers, there is also a shortage in temporary employees. No one is sitting at home with a Masters degree, twiddling their thumbs, ready to work at a moment’s notice. There is also the issue of retaining temps. Sometimes, candidates can be just weeks in to a temp post and are offered a full-time position elsewhere. Naturally, they take up the offer.
If you are looking to recruit skilled Accountancy and Finance employees, or make your move within the market, click here to have a confidential discussion with me.