Financial Executives Focus on Recruitment and Retention
It appears that in today’s media we have to dig deep to find good news in the business world, on the economy, and, specifically, the employment market. On the surface, we are hit with a barrage of negative messages from media outlets on workforce shortages and stagnation in the job market.
But if we dig a little deeper, we find that there is still incredible demand for well-educated, highly skilled professionals with a proven track record. The business world is about as tough as gets right now making it important to have the right professionals in place to protect as well as secure new business.
67% of Financial Executives Focus on Recruitment
In a worldwide survey of 6,000 financial executives conducted by the Global Financial Employment Monitor it was reported that 67% expressed concern about their ability to recruit skilled accounting and finance professionals to their organizations. The areas that are reported as being the hardest to recruit in addition to finance and accounting were operational support positions such as accounts payable, payroll, and cost accounting.
The survey also reported that 56% of financial executives are concerned about their ability to retain top calibre accounting professionals within their organization. The Canadian portion of the survey reported that 41% of financial executives were concerned about the effectiveness of their retention strategies.
So, while it appears that the job opportunities for college graduates and other entry-level positions are in a slow-growth mode, opportunity for top financial performers continues to expand.
Finance & Accounting Recruitment in the 21st Century
It wasn’t that long ago, perhaps a decade, that recruitment for finance and accounting professionals was a rather simple affair. It involved placing a few ads and deciding on a qualified candidate from a collection of resumes. That is no longer the case today.
An advertisement for an accounting position may results in hundreds or even thousands of resumes due to the state of the job market. The vetting of these resumes is just too much to bear for companies that are ‘running lean’ on personnel due to economic reality.
This is one of the major reasons that business leaders are outsourcing this responsibility to firms who specialize in accounting and finance recruitment…and that have a database of exceptional candidates that are currently seeking growth opportunities.
In addition, many high-level finance professionals are keeping a low profile in their job search. They want to be introduced to prospective employers in a confidential manner so as not to create any issues with their current employer.
In the current economy it is necessary to invest our resources wisely. To get the best-bang-for-our-buck, so to speak. Hiring an employee that doesn’t work out is an inefficient use of a company’s resources and can even lead to legal issues down the road.
In light of these circumstances, for employers as well as candidates, the recruitment process is operating under the radar. Professional recruitment firms specializing in their areas of expertise are fast becoming the ‘go-to’ resource for companies looking to attract quality employees.
Author Bio
Russell Richer has 15 years experience as a B2B copywriter. A former 17-year corporate accountant, he specializes in promoting B2B products, software, SaaS, and services related to sustainable manufacturing, industrial contracting, supply chain, environmental health & safety, and business process automation. Contact Russ @ richer-communications.com.
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