The competition for accounting and finance talent is the most competitive it has been in over a decade.
With the unemployment rate so low, job seekers have the luxury of being selective when seeking out their next role. However, many accounting and finance departments remain stuck in their “business as usual” approach to recruitment. As a result, companies are making internal missteps that hurt their ability to make critical hires.
Let’s take a look at three of these common mistakes that hurt your ability to hire top accounting and finance performers.
Taking Too Long to Decide
The most common mistake companies make when hiring is taking too long to decide whether or not they want to hire someone. This can be especially true when dealing with top-tier candidates who have multiple offers from other employers.
Companies need to move quickly when recruiting such candidates because if they don’t, those candidates will move on to another offer before the company can make its decision.
Additionally, companies should strive for consistency when making decisions about which candidate they want to hire; otherwise, top candidates may become frustrated by the process and end up seeking an offer elsewhere.
Not Selling Candidates on Your Company
Another common mistake companies make during the recruitment process is not selling candidates on why they should work for them versus another company.
Companies need to be able to articulate why their organization stands out from others in order to attract the best talent available. This means having a strong employer brand that emphasizes what makes your company unique and desirable compared with other employers in the industry.
Not Being Willing To Pay The Price
Finally, some companies simply aren’t willing or able to pay top dollar for experienced accounting and finance professionals—which can be a major problem in today’s tight labor market where qualified candidates often have multiple offers from different employers.
It’s important for companies to understand that if they want access to top-tier talent, then they need to be willing and able to pay the price for it—otherwise, those same talented individuals will go elsewhere and your company will miss out on hiring them altogether!
In today’s competitive job market, it is more important than ever for accounting and finance departments to recognize how internal missteps are negatively impacting their ability to hire top-tier talent. By avoiding these three common mistakes—taking too long to decide, not selling candidates on your company, and not being willing or able pay the price—companies can ensure that they are successfully recruiting and retaining high-level accountants and financial analysts who will help drive success within their organization.
Every company needs accounting skills and is directly impacted by the work of accountants. If you are interested in making a career in accounting or looking to add the right candidates to your accounting team, recruiters can guide you in the right direction. They can also give you more information about open positions and available candidates.