“Great vision without great people is irrelevant.” Jim Collins
Now that we’re settling in to the New Year, and everyone is back into productive mode, it’s important for businesses to refocus their hiring strategy for the quarter and the year ahead.
According to the Brilliant™ Q1 2017 Accounting, Finance and Information Technology Hiring Forecast, nearly 30 percent of hiring companies have unfilled accounting and finance positions, and 17 percent of those open positions are in corporate accounting roles such as financial analysis, tax, general accounting, internal audit and others.
For information technology, 35 percent of companies are reporting open positions, with 11 percent of those roles falling into the software and database administration category.
With these statistics and other documented market trends, it’s clear that the tightening labor market is putting a strain on businesses—who are being forced to offer higher wages and competitive benefits more so than ever before—in order to win over these in-demand professionals.
So, how does a hiring manager effectively source, interview, select and hire a new Staff Accountant, Internal Audit Manager or Software Developer for their team?
There are various ways to effectively hire for your accounting, finance and information technology teams starting with a clear strategic vision followed by a clear grasp on the state of the labor market overall.
Below are 4 Ways to Hire More Effectively in 2017.
1. Stay on top of compensation trends.
Since there is more of a competition to attract the high quality professionals you need for your teams, it’s only appropriate to have a good handle on the average salaries for those roles and adjust as needed. Of course other factors such as experience, culture fit and additional certifications must be considered, but staying on top of the current compensation will keep you in a good place to effectively hire.
2. Explain benefits and work-life balance.
In today’s modern society, compensation includes much more than your base salary. Professionals are looking for flexible schedules, all-encompassing medical benefits and a healthy work-life balance. Be sure that you highlight all of these “perks” when making a job offer so that if the base salary alone isn’t attractive enough, these other factors may win over the person you are trying to hire.
3. Allow for career development and training.
With millennials being the largest growing generation to enter the workforce in decades, it’s imperative that hiring managers adhere to the wants and likes of the generation. Many millennials take education and training very seriously. So, including these areas in your budget in order to further their education while working for your team—often times for certifications or higher education like a CPA or MBA—can seem very appealing for the candidate weighing your job offer.
4. Consider using a staffing firm to make your hire.
If you want help implementing some of these tips, a search or staffing firm can be your partner throughout this process. Without having all of this knowledge at your fingertips at all times, it could be difficult to navigate the hiring process on top of your regular managing duties. A staffing firm can do the work for you with no risk. Generally, staffing firms offer a money-back guarantee if you are not satisfied with the person they have hired for you. Therefore, enlisting a staffing firm is worth considering.
Do you have other suggestions for effective hiring in 2017? Comment below and let us know.