In Finance and Accounting, attracting and retaining top talent has been a struggle for years, but the hybrid workplace has forever changed the talent landscape. With organizations, agencies, and firms competing for the same talent, it is more difficult than ever to find and keep top-quality professionals.
Here are three tips to keep your pipeline primed during the 2021 talent war.
- Develop a Hiring and Retention Strategy
In a candidate-driven job market you are going to have turnover, so be prepared. With the skills shortage in Accounting and Finance there are more jobs than employees. Highly skilled candidates are being ultra-selective, and they’re getting multiple offers, as well as counter offers from their current employer.
To remain competitive you need more than a pulse on the current job market; you need a hiring and retention strategy.
- Adopt technologies that help you understand employee happiness and success
- Invest in your brand to attract top talent
- Focus on internal mobility
- Simplify the application process
- Build a talent acquisition strategy
- Modernize incentives and benefit packages
- Research competitors
- Work with the right recruiter who will support your organization’s long-term goals and overall business strategy.
- Keep Top Talent
Your #1 priority should be retaining the top talent already on your team. It’s time to retire your one-size-fits-all approach to retention and focus on listening. In the COVID era, employee needs, desires and expectations have changed. Offering modern benefit packages, incentives and workplace practices help maintain employee satisfaction and productivity.
- Flex work has become common place and expected, for at least part of the week. Provide options that blend time in the office and remote work.
- Enhanced or additional wellness programs including physical and mental health plans.
- Professional development isn’t just for new hires; it also drives retention. Employees want clear communication about their opportunities for growth and need to see a clear path for advancement.
- Company culture is crucial to employee satisfaction and longevity. Employees need to reconnect with your core values and mission, and they need to feel valued and appreciated. How do you create opportunities for shared vision, while ensuring transparency and open communication?
- Ensure Your Pipeline is Up to Date
You need a strong pipeline to act quickly when space opens up. Keeping a pulse on the right people should be a routine part of your recruitment practices. Carve out time each week to:
- Ask for Referrals: Whether connecting with people on LinkedIn or asking around the office, leverage your existing networks. Word of mouth is one of the best ways to find top-quality talent.
- Reach Out to Past Interviewees: Look back to your last hire. You undoubtedly interviewed more than one candidate and probably kept the resumes of other top contenders. Follow up and see if they are still available.
- Revisit Those First Impressions: Think about people who have impressed you in the past. Who made a good first impression, or wowed you with soft or hard skills? Great first impressions are worth a follow up.
- Make the Most of Events: While in-person events are slowly coming back, there are also a lot of digital events that provide ample opportunity to connect with candidates in your industry.
Never Stop Looking
Perhaps most important is to remain vigilant. Always be on the lookout for new talent. Ask for referrals, monitor the job market, research your competition, take every opportunity to network, be mindful of your company culture and brand, and partner with a strong industry recruiter with a good reputation.
