Most organisations are struggling to attract new professionals, which is unsurprising considering unemployment is at its lowest rate for many years.
This will become even more of a challenge in 2023 as professionals will think twice before leaving the security of their roles during economic instability. However, the cost-of-living crisis is leading people to seek out opportunities with higher earning potential. So, businesses that are looking to recruit – as well as retain their existing employees – need to consider their offering and ensure it is competitive enough to entice candidates to move.
Here are five ways you can attract and retain top accountancy and finance talent this year:
1. Be open-minded with requirements
Businesses struggling to recruit in this market need to be open-minded – there are some excellent QBE professionals who had their studies disrupted during the pandemic and who are now struggling to continue due to their high workloads. These candidates would be a sound investment. They have the skills and experience necessary to do the role, and by providing them with the flexibility to finish their qualifications, you will fill your vacancies with experienced, talented professionals, and be more likely to retain them.
2. Upskill existing employees
The skills shortage is making it difficult for employers to find professionals with the skills they need to grow their business. So, consider how you can invest in your existing employees. Offer them development and training opportunities and give them the support and time to complete relevant qualifications. Remember, it’s far less costly to invest in your existing workforce than to recruit and train new members of staff.
3. Keep up to date with technology
Cloud accounting and automation is driving real change for the sector. It is estimated that between 45-58% of businesses have already moved to cloud accounting and it’s expected to become a £9.1 billion industry by 2026. Some companies are also adopting automation which removes the need for accountants to complete time-consuming manual tasks. Professionals will want to work for organisations that are innovative, progressive, and enable them to really make an impact, so make sure you invest in tech.
4. Streamline your recruitment process
There are more open vacancies than there are professionals seeking new employment opportunities, which means that the best candidates often get snapped up quickly. Gone are the days of three-stage interview processes, with multiple hoops for the potential employee to jump through before they finally receive an offer. Ensure that your interview stage is efficient, concise, and communicate regularly throughout the process to keep them engaged. They are most likely going to receive multiple offers, so the recruitment experience needs to be smooth and leave a positive impression on the potential employee.
5. Assess your full salary and benefits offering
Salaries have become less of a priority for accountancy and finance professionals over the past few years, with hybrid/remote working becoming the key motivator for moving jobs. However, it is not likely to stay this way. The current recession and rising cost of living means professionals may be looking to increase their earnings, so businesses that are not paying at least the market rate may find themselves losing their existing talent and struggling to recruit.
However, talent attraction and retention are not just about money. Think about what else you can offer in terms of training and development, generous pension contributions, extra holiday allowances, bonuses, and additional benefits that can support employees with the cost-of-living crisis.
For more information on salaries and benefits in the accountancy and finance sector, download our free salary guide.