The art of hiring employees in every market is changing, and the finance and accounting industry is no exception. If you hope to attract qualified employees in this vertical, it’s necessary to learn the changing workforce trends and know what these potential employees are searching for when looking for a change in employer. Developing your hiring plan to accommodate these changes can make all the difference in attracting qualified employees to join your company.
A Changing Industry
Employers are facing bigger changes in the finance and accounting industry than ever before. Technology continues to evolve and workers are expected to be flexible in their duties. At the same time, employees are looking for a higher quality work experience. Salary is no longer the only factor determining the quality of employment. Today, employees are seeking a career that will coexist with the lifestyle they already enjoy. Some specific factors directly facing the finance and accounting professions in 2019 include:
A small number of accounting & finance candidates
According to the Bureau of Labor Statistics, the national unemployment remains at 3.7%. However, the unemployment rate in the finance and accounting industry is below 2% and dropping. This results in fierce competition for the employers hoping to attract new qualified employees.
Technological advances
As digital banking and technology advances continue, it’s necessary for employers to keep up with these advances and implement training and procedures that will ensure employees are getting the right tools to succeed in their jobs.
Difficulty attracting millennials
In a survey conducted by the Institute of Management Accountants, 62% of employers listed attracting millennials as a challenge. With this generation expected to make up more than 50% of the workforce within the next 10 years, this will become problematic for companies that don’t find a way to attract and retain this generation of professionals.
How to Keep Up with Accounting & Finance Trends
Keeping up with the major changes in the industry brings many challenges, but the ability to hire and retain quality employees is a necessity for any business. As expectations of workers in the financial profession change, prospective employees are looking for increased benefits as well. This, combined with the changes the millennial generation has brought to the workplace, requires employers to change the strategy of attracting and hiring qualified workers. Some helpful ways to attract employees in the financial and accounting sector in 2019 include:
Writing precise job descriptions
Prospective employees shouldn’t have to do research to discover what you’re looking for. Instead, your job description should explain the necessary requirements, offer insight into what daily work will entail, and show them why your company is a great place to work.
Offering employee referral rewards
An Institute of Management Accountants survey reported that employee referrals were credited for 51% of millennial hires. Rewarding these employees offers the incentive to search for more qualified new hires. Not only does this method decrease the cost of attracting new employees, but it also brings job satisfaction to valuable long-term employees.
Creating flexible work schedules
It’s no secret that flexible schedules are a big draw to millennials. However, companies nationwide are embracing the idea that a better work/life balance brings better health, lower stress levels, and higher job satisfaction to the job site. Making these changes in your company can attract new employees and increase overall morale within the company.
Partner with a recruiting agency
Managing a company is a full-time job. Adding the burdens of creating extensive job descriptions and researching the changing climate of employment can be overwhelming. A skilled accounting recruiting agency knows where to find the most qualified candidates and message their client’s story properly, which helps alleviate the time burden of the hiring process.
Atlantic Group is a staffing agency with locations in New York City, Philadelphia, Boston, Stamford CT, Blue Bell PA, Chicago, Melville NY and Morristown NJ. If you need recruitment assistance in any area of your business operations, please don’t hesitate to contact us to see how we can assist.