In the wake of the recent Wells Fargo phony accounts scandal, major financial institutions and corporations are facing increased regulatory scrutiny. Businesses are moving fast to shore up their compliance and internal audit functions, but many are running into one major roadblock: a lack of available talent.
As a Managing Partner focused on Accounting and Finance recruitment, I routinely work with companies that are struggling to gain an edge in today’s competitive hiring market. With specialized talent in high demand, companies are finding that the hiring game has changed dramatically. Five years ago, companies could take their time interviewing several different candidates and hone in on the perfect hire. Today, companies that allow too much time to lapse between interview rounds are finding their top hires have already been taken.
Increasingly, companies fear they must settle for a less-than-perfect hire or let a critical position remain vacant. This doesn’t have to be the case. A few adjustments to the recruitment and hiring process could help your business land the perfect hire– even if he or she is currently employed elsewhere.
Keep these best practices in mind for sourcing top audit and compliance talent:
- Expand your search radius.
Most companies are looking to hire accountants with at least three years of specialized experience, including certifications like Certified Internal Auditor (CIA) and proficiency in Service Organization Controls (SOCs). I’m based in Las Vegas, where on any given day multiple companies may all be trying to interview the same candidate. That’s because nearly all the top accounting talent in Las Vegas is already employed and very few people are looking to switch jobs.If your business is constantly coming up short in the talent search, consider expanding your search nationally to tap into less competitive markets. Add in a relocation package and you may find your dream candidate is willing to make the move to your company.
- Craft the perfect offer for your dream hire.
In today’s competitive job market, it’s no longer enough to offer a strong salary and signing bonus. Companies are upping the ante with everything from extra benefits like a complimentary gym membership to the promise of better work-life balance. Don’t guess at which benefits your hires will want. Use the interview process to get to know their needs and then use this information in your favor.For example, a candidate who is concerned about work-life balance may respond favorably to an offer package that includes telecommuting or flextime options. If you’re asking a candidate with a family to relocate, what assistance can your business provide that will make it easier for the candidate’s children to change schools or for the spouse to find a new position? While financial compensation is important, it’s these extras that can seal the deal.
- Be ready to make an immediate offer.
Finding that perfect candidate with the auditing experience and skill sets your business needs can be a huge challenge. So when you do find that ideal hire, don’t let another business nab him first! I’ve worked with companies who lost out on great hires because simply because they moved too slowly through interview rounds. By the time they invited the candidates back for a second round, their top picks had already be hired the competition.In our current market, finding a great hire is like finding a needle in the haystack. Remember, the people you interview are all likely to receive multiple offers. Some companies are even skipping interview rounds in favor of making an immediate offer for their favorite candidate. Don’t get out-played by the competition: when you find someone you like, be ready to move fast with an offer they can’t resist.
Is your business having a tough time finding the right accounting hire? Email me at LLayton@lucasgroup.com to learn more about how I can help.