Published On: Mon, Mar 16th, 2015

Getting the right accounting talent in this talent scarcity

All around the UK today, there is a shortage of accounting talent. Accounting firms are reeling under the effects of their decision to cut back on investment into talent during the economic crunch. It is a situation that has seen many firms experiencing skills shortage in core areas, such as audit, internal audit, tax audit and forensics.

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This reduction in the number of qualified individuals in the market has brought about a mini war for talent. In this war companies are left struggling to impress top candidates. Companies therefore need to act appropriately to make sure they have the right steps in place to not just attract the very best talent, but also structure their staff base for long term success and growth.

So what should the management of accounting firms do in order to find top talent for their open accounting positions? We take a look at them below.

See your present employees as a vital recruitment resource

It is likely that your existing staff have friends and acquaintances that are actively looking for accounting roles. Even if they don’t know anyone personally, they can take your search to their immediate circle. The chain effect could lead potential candidates to you. This is a cost effective way to source talent.

Use a recruitment firm

When looking at recruitment firms to work with, work only with those considered experts in the field of accounting such as Express Staffing. The fact that the firm has been recruiting in the arena you are hiring for puts them in a better position to find the right type of candidate to meet your needs. High street agencies will rarely do. The best financial recruitment firms will not just find people actively looking for jobs, but are also in contact with people who may be working presently but seeking a new challenge; the best people are normally already in jobs.

Be mindful of references

Fake references are a problem today. They are seen mostly in entry level positions, but there have been cases of people seeking management positions presenting fake references. Be ready to carefully scrutinise all references to avoid employing an individual that will prove detrimental to the growth of your organisation.

Be very decisive with your hiring

Slow responses and a needlessly elaborate interview process is a guaranteed way to lose a top accounting talent to another firm. Again, as soon as your offer is accepted, you need to maintain constant communication with the new candidate. An accepted offer isn’t a guarantee that the individual will resume with your company. Keep communications going in a structured way until the individual’s first day of work. This way you can be sure your new hire isn’t considering another offer, and hedging their bets.

With these tips, you can find good accountants even in the current environment.