3 Key Strategies for Hiring Financial Positions in a Tight Talent Market
Today’s Schaumburg employers face unique challenges in hiring, from rapid-fire technological advances to evolving government regulations and increased global competition. At the same time, they’re experiencing a record-low unemployment rate and a tight talent pool across skillsets.
The finance and accounting industry is no exception. The Bureau of Labor Statistics reports that the national unemployment rate is 4.1 percent, but it’s much lower in a number of financial positions:
Accountants/Auditors: 2 percent
Accounts Payable/Receivable Clerks: 3 percent
Financial Analysts: 2 percent
Demographics are making hiring even more difficult in the Chicago metro area, as 20 percent of accountants/auditors are 55 or older, close to retirement.
However, there are some key strategies employers can take to win the war for talent, even in these extreme circumstances.
Avoid credential creep
In a recent trend that’s been called “credential creep,” some employers have begun raising their minimum job requirements to higher levels than in the past. They’re requiring college degrees for positions formerly held by high school graduates and demanding experience for positions that once welcomed entry-level employees. Or they’re insisting that candidates have years of work history doing the same job in the same field to be considered.
Given today’s tight talent pool, it’s a good idea to take a fresh look at where you draw the line between your “must-haves” and your “nice-to-haves” when you’re screening applicants for a new job. The distinction could be costing you valuable candidates.
Recruit passive candidates
According to a 2017 ADP Research Institute survey, 42 percent of currently employed workers who said they were not actively looking for a new job were nonetheless “open to the idea.” Their receptiveness to relevant openings creates a vast opportunity for companies seeking top talent. Beyond traditional job boards and other active talent strategies, employers need to look toward proactive candidate sourcing instead.
Use employee referrals: Your current employees can be your best source of word-of-mouth referrals.
Make your pitch outstanding: One of the most important steps in attracting top talent is having a clear pitch, or employee value proposition (EVP), explaining the benefits of your position to passive candidates.
Promote your EVP: Recruiting passive candidates means that you need to create an environment where they’ll be more receptive to hearing about an open position or having a conversation with you. Ask open-ended questions about what a candidate would look for in a new job — it’s rare that even the happiest employees can’t name one or two things that could be improved.
Be efficient: Avoid lengthy or repetitive steps in your recruitment process to ensure that the process isn’t discouraging to potential candidates.
Know market-rate wages
Employers need to quantify the return on investment for increasing wages, even in a competitive hiring market. Because of this, Aerotek compiles and provides third-party data such as local market analyses, per capita density reports, market-rate wage data and regional competitors’ pay scales, to ensure that our client companies can make an informed decision. By helping clients judge the true cost of low wages, we also provide support to human resources managers who need to make the case to their C-suite executives.
Today’s talent-driven job market means that having a strategy is more valuable than ever. If you’d like to learn more, please contact me at [email protected] or 630-645-3578.
Our people are everything. For more than 30 years, Aerotek® Inc. has distinguished itself as a leader in recruiting, staffing and strategic outsourced solutions by having a deep understanding of the intersection of talent and business. As a strategic partner to more than 18,000 clients and 300,000 contract employees every year, Aerotek’s people-focused approach yields competitive advantage for its clients and rewarding careers for its contract employees. Headquartered in Hanover, Md., Aerotek operates a network of over 250 non-franchised offices with more than 6,000 internal employees dedicated to serving our customers. Aerotek is an Allegis Group company, the global leader in talent solutions. To learn more, visit Aerotek.com.
About Aston Carter
Aston Carter is a distinguished global provider of recruitment and staffing services to companies requiring highly specialized business professionals. We have an unrivaled commitment to delivering first class service to clients and business professionals across a variety of disciplines, including Accounting and Finance as well as Governance, Risk and Compliance. With more than 60 offices across Europe, Asia Pacific and North America, Aston Carter provides local, regional and global expertise to drive value and meet our customers’ unique needs. Aston Carter is a division of Aerotek. Aerotek is an Allegis Group company, a global leader in talent solutions.