The UK’s top accounting and finance firms say it is difficult to find professionals with the necessary skills.
In the accounting and finance industry, there is a shortage of skilled professionals due to high demand. Today’s competitive hiring market makes it more critical than ever for financial recruiters to find and hire talent in the finance industry. Jobs are expected to grow by 10% in the next three years.
Is there ashortage?
Immensely! Our guide aims to help you tackle the key recruiting challenges and find the right candidates. Let’s start by looking at the main issues accounting and financial CEOs face.
Which challenges do you face?
The accounting and financial services industries encounter their fair share of challenges when hiringemployees.
Technology is constantly evolving, business needs are constantly changing, and recruiters face intense competition both from fintech companies and from other industries. It’s no wonder recruiters have trouble recruiting for financial services.
Accounting and financial professionals are currently facing several challenges when it comes to hiring:
An insufficient number of qualified candidates
There is a shortage of suitable candidates for 76% of employers in the accountancy and finance industry. Skills remain in short supply, as they have for some time now. Therefore, it is increasingly difficult to find and retain standout accounting and finance candidates.
Having the wrong accounting and finance specialties
To meet their needs, companies searching for accounting and finance staff require individuals with expert skills, rather than just number crunchers. A scarcity of candidates makes it difficult to find individuals in this niche.
A fierce competition for talent in accountancy and finance
The fact that so many young workers want to work in tech over finance makes it possible for your business to compete for highly skilled people with other sectors. In the past, hiring in financial services has been more challenging due to competition across several industries.
Financial services are undergoing rapid digital transformation
A quick change in technology can transform the accounting and financial services industries in a matter of weeks. Therefore, when searching for candidates for vacancies, it is crucial to ensure they have not just the necessary skills, but also the mindset and ability to roll with the winds of change in an industry that faces continuous challenges.
Financial services recruitment is very specific. It has its own set of unique challenges and specific needs, which makes finding the right people (with the appropriate skills) challenging. Therefore, you must have effective recruitment techniques when recruiting in the accounting and financial services market. The KC Group will explain to you what steps need to be taken as we understand the process.
Our top ten accounting and financial recruitment tips
1. Brand your company better
When it comes to competing for skilled candidates and standing out in the finance field, investing in your brand name is crucial. Find out exactly how prospective clients perceive your brand and what they want to know. Observe just how different it is from what you’re showing them. Changing their assumptions will lead to more candidates being attracted to your job openings.
It’s wise to keep in mind that you are competing with young fintech companies that likely have an engaging employer brand. Having a marketing strategy that reaches your ideal prospects is crucial to being competitive. Aside from that, advertising and marketing are integral parts of employment.
2. Invest in recruitment and marketing strategies
Employer branding is only one part of recruitment. To develop an extensive pool of qualified candidates for current and future employment opportunities, you should focus on targeted techniques.
In order to effectively reach prospects with recruitment marketing strategies, you must be creative and think outside the box in order to succeed. Employers can obtain and maintain their attention by providing relevant electronic material and engaging employment campaigns.
Choosing prospects who have the appropriate skills for the job will help you target them more effectively.
3. Diversify your sources
Thefinancial services specialists can be found in all the appropriate places. That’s why expanding your sourcing methods is a place to start. However, it’s not as simple as it seems.
Advertising your openings on social media websites and online job boards is one of theways to reach the right audience. LinkedIn also allows you to upload roles and source individuals.
Search for candidates from a variety of sources. Meeting entry-level candidates at college graduation fairs and other recruiting events is away to get out into the community. The following hiring software options can streamline your efforts and make your work easier if you’re struggling.
4. Plan for graduate employment
Among the top employers of entry-levelcompanies. For this reason, most financial employers have some sort of graduate recruitment program to identify new graduates.
Although that alone is a great start, it’s not enough to keep momentum once you’ve brought them on board, let alone compete in such a competitive market. Make sure you have a hiring procedure in place, but don’t just hire graduates. Develop them into future leaders by continually refining their skills.
5. Ensure that inclusive recruitment principles are applied
Diversity isa challenge in the finance industry. Fewer than a quarter of individuals are aware that their employers actively recruit women and minority candidates. Despite progress in recruiting a wider range of candidates, many finance companies are still failing- so more needs to be done.
A number of methods can be used to improve inclusive employment practices. Use blind hiring concepts to remove unconscious bias, such as writing comprehensive job advertisements. Hire employees based on their skills and qualifications to ensure they’re closely aligned with your goals.
When you expand your workforce, it is essential that you share your diversity and inclusion policies with existing and prospective employees. Although finance organisations are working todiversity within their workforces, a long way remains to be done.
6. Create a corporate alumni network
There should be just as much focus on hiring mid-career professionals as on hiring young employees. The economic downturn caused a number of former workers to leave the industry and never return due to the fear that history would repeat itself.
A corporate alumni network that allows you to reach former employees who left under favourable circumstances is an excellent idea to maintain contact with talented professionals. Create a LinkedIn or Facebook networking group to communicate with former staff that may become rehired.
7: Job development
When you hire the right people, what do you do with them once they begin working? To ensure that you, your existing staff, and your new employees all receive continuous professional development, you need to put in place a proper program.
You can demonstrate your commitment to assisting staff members in expanding their roles and growing their careers with a well-functioning development programme that is the foundation of your employee value proposition (EVP).
Make sure your team is equipped to succeed by providing the appropriate tools, resources, and opportunities to drive their professional development in addition to a comprehensive recruitment strategy. Your company’s commitment to an inclusive workplace must be ingrained in its culture.
8. Build relationships that will benefit you
We have a wide range of electronic tools available to us, so it only makes sense to use them to recruit qualified staff. The use of email and social media platforms to reach job prospects, especially the younger generation, can be very effective.
LinkedIn, Facebook, Instagram, and Twitter are some of the most popular social networking platforms for interacting with prospects.
What better way to reach them than where they are actively searching?
9. Establish an employee referral scheme
Employee referrals can be used to attracthires. The less time you spend sourcing candidates, the faster you can fill a vacancy.
10. Finance hiring is no doubt a challenging process
The talent pool is limited and competition is fierce. To attract thecandidates for finance your recruitment methods must be positive. You need to let them know what your organization means when it comes to hiring graduates as well as seasoned professionals.
If you do not feel that you have the skills for this or simply do not have the time for it, or you juggle too many tasks, then it is time to let professionals handle it for you. When you do that, everything will fall seamlessly into place and you will be hiring brilliant employees in no time at all.
Contact The KC Group Recruitment Agency today.
Your specialist finance, payroll, HR and business support recruitment partner.
Tel: 0121 705 0077