The strengths of most business leaders, specifically, finance leaders, usually lie within the ability to make decisions, lead teams and improve the organization’s bottom line.
As more and more talk of a looming recession and economic shift comes about, not to mention the war on talent, the roles and responsibilities of the CFO have evolved just like their environment. And often, prioritizing the hiring and retaining of high-quality professionals is at the forefront of this change.
With the unemployment rate at 3.5% and falling, and reportedly even lower for accounting and finance professionals, it is apparent top talent is hard to find.
Should companies ease their hiring? Prepare for the worst? Consider layoffs?
While no one can predict the future, recent research and data indicate that hiring new talent should continue.
As a result, finance leaders need to not only be strategic in their future planning but be prepared to pivot their plans when necessary. It’s their ability to adapt to the rapid-changing corporate landscape that will lead to success To help, below are 3 Reasons CFOs Need to Be Agile in Their Hiring Strategy.
1. The data tells you to move fast.
A recent study by Brilliant® reveals that more than half (51%) of the finance leaders in the Midwest and Southeast U.S. markets who were surveyed indicated plans to hire more direct-hire accounting and finance professionals in the coming 12 months. Further, the majority of survey respondents were looking to fill roles in operational support and corporate accounting/finance, 46% and 29%, respectively. While these positions continue to be in high demand as the unemployment numbers continue to drop, time is of the essence. Leaders need to be ready for to act when quality professionals become available and move quickly in the hiring and decision processes.
2. The market is commanding you to be flexible in your offerings.
When demand is high and supply is low we see wages and perks increase, along with the expectations of the job seekers. Further, the Staffing Industry Analysts reports 70% of working professionals do not want to work inside an office building every day. They’re content working remotely from home. And if the pandemic taught us anything, it’s that most people are capable of doing so. Therefore, businesses requiring employees to report into the office five days a week need to be prepared to pay a premium on top of the already hefty salaries and benefits. In addition, if you are asking your team to come into the office 5 days a week, you are significantly reducing the talent pool you are pulling from.
3. The future is talking, and it’s not slowing down.
A recent study on CFO.com indicates that more than half of businesses surveyed are preparing for a recession or economic slowdown. However, nearly 80% of respondents said they do not foresee implementing any layoffs, and 60% said hiring would continue. Most businesses know that finding quality talent is a challenge right now. So, the last thing they want is to remove the talent they do have—they will be left with smaller teams and even greater demand. Finance leaders should adjust their long-term strategy to allow for ups and downs as the economy ebbs and flows. Halting hiring or ignoring ways to retain the talent they do have is not an option.
What are your long-term hiring plans? Let us know in the comments.
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