Tips for Effective Hiring in a Competitive market
Hiring talent into accounting and finance jobs in Denver is becoming increasingly challenging. There are many pieces of the puzzle to consider. The skills shortage in the industry is biting hard:
- More than 300,000 U.S. accountants and auditors have left their jobs in the past two years
- The number of accounting and finance jobs is expected to grow by more than 700,000 by 2031
- The number of U.S. students graduating with accounting degrees is falling
- The baby boomer generation is starting to retire
In a thriving economy like Denver’s, the competition for talented candidates has never been stronger. The competitive job market means that streamlining your hiring process is crucial. The best talent does not stay available long.
Understanding Accounting and Finance Positions ─ More Than Just Crunching Numbers
Accounting and finance roles don’t begin and end at number crunching. The market is highly complex, requiring many skills. You’ll need to identify which are the key skills for your hires:
- Do you need strategic planning, risk management, or regulatory compliance talent?
- What are the important soft skills that will make a candidate stand out? Communication and leadership, for example?
- And what cultural qualities are you seeking? What will make a new hire fit in with their new colleagues seamlessly?
Identifying and qualifying such nuances can significantly improve your recruitment strategy.
Overcoming the Challenges of Finance Recruitment ─ Is Your Company Ready?
Hiring finance professionals effectively is uniquely challenging. It’s not only the skills shortage that you must overcome.
From sourcing talent to evaluating candidates and negotiating compensation, the hiring process can be like crossing a minefield. Understanding these challenges and adopting suitable strategies will help you increase your successful hire rate.
(Remember, a successful hire is not simply filling a vacant job – it’s recruiting talent that will remain with you and contribute to your success in the long term.)
The Magic of Job Descriptions ─ Your First Step to Attracting Top Talent
The crafting of a compelling job description can be a game changer. You’ll need to outline the role and responsibilities that come with it, and describe the required skills and experience that will make a candidate a good fit.
An effective job description should attract the talent you require. It should also serve to allow unsuitable candidates to disqualify themselves. It’s a balance that can be difficult to achieve. Get it wrong, and your recruitment drive could flop – either because you receive no applications or because you receive too many.
Streamlining the Interview Process ─ Ensuring a Smooth Experience for Everyone
Advertising a job, sifting through applications, vetting potential candidates, and interviewing the best can be time-consuming and inconsistent.
Many companies are refining their hiring processes to make them more efficient and effective. This includes the use of systems like ATS, video interviews, and AI-led assessments. You should also keep candidates informed of next steps and how they are progressing.
A smooth and satisfying candidate experience, one in which the candidate is fully informed and that moves rapidly from application to offer, will help you keep candidates engaged in the process.
The Role of Staffing Agencies in Hiring ─ Your Secret Weapon
A trusted staffing agency could be your secret weapon in today’s challenging recruitment market.
Here at Lakeshore, we have access to a broad and deep pool of accounting and finance talent. With our experience and contacts in the industry, you could say that we know the market like the back of our hand. There are many ways in which we streamline the hiring process for our clients, including:
- Taking care of initial screening and interviews
- Ensuring we match candidate and client appropriately
- Accessing the passive candidate pool
- Providing up-to-date information about market salaries and compensation packages
Our services don’t only make your hiring cycle faster and more efficient. We deliver high-quality candidates and free you to focus on the final hiring decision.
Next Steps ─ Implementing Streamlined Hiring Practices in Your Company
Using a blend of traditional and modern hiring techniques and tools will help you to streamline your hiring process. This will enhance your company’s reputation as an employer of choice in Denver.
If you’re at a crossroads with hiring for accounting and finance jobs, or your recent hires haven’t worked out as you expected, maybe your hiring strategy needs an overhaul. We also work with clients to develop unique and personalized approaches to the recruitment conundrum, helping to structure innovative and effective hiring campaigns.
Elevate Your Hiring Game With the Power of Efficient Recruitment
Streamlining your hiring process will impact many aspects of your business. It will help to enhance your employer brand and save time and money on ineffective recruitment. Efficient hiring is crucial to drive future growth, too.
In Denver’s highly competitive market, a streamlined hiring process could be the difference between hiring to fill seats and securing the talent that will transport your business to the next level.
To discuss your recruiting needs and learn about our specific experience and expertise in hiring for accounting and finance jobs in Denver, contact Lakeshore Talent today.