What challenges will recruiters in the finance sector face in 2019?
Posted at 04/03/2019
The accounting and finance sector has undergone significant changes in recent years. These changes obviously don't arrive on their own. Many challenges also come along for the ride. What are they? Let's take a closer look at the challenges facing financial sector recruiters in 2019.
Financial recruiters are competing for employees
The unemployment rate in Canada stands at just over 5%. However, the unemployment rate in the accounting and financial sector is well below this level. Moreover, approximately 13,000 jobs were created in the financial sector in 2018. As a result, professionals in this sector are highly sought-after.
According to several senior executives, finding and retaining talented accountants and tax professionals is very difficult. Most of them even state that this is their biggest challenge.
Attracting tech-savvy accountants and tax specialists is no easy task
Technological advances are changing jobs in accounting and finance. With the advent of technology, not only do the positions themselves change, but also the job requirements.
Much more is being asked of accountants today. Financial sector recruiters and executives are looking for candidates with a wide range of experience, who know how to use the technological tools at their disposal and also have excellent interpersonal skills. Most managers report difficulty recruiting qualified staff in finance, particularly due to the technical skills required.
Attracting young millennials is quite a challenge!
Recruiting the next generation also presents a challenge. It has been reported that, on average, millennials represent less than 10% of the total workforce of companies operating in the financial sector. This valuable workforce is therefore rather scarce.
Strategies for tackling the challenges faced by finance sector recruiters
To meet these challenges, however, leaders have a few strategies they can count on. First, they can build an engaging brand. This can be done via an interesting and unique site entirely dedicated to the career. Companies with an internal corporate culture based on innovation have an advantage here, since young people are very interested in dynamic environments.
In addition, to meet these challenges, companies that hire accountants and financial professionals need to take advantage of social media for job postings and set up employee referral programs. But there is no substitute for a well-crafted job description. Human resources personnel and managers who make hiring decisions should draft specific job offers that focus on the skills and technical and specialized experience they are looking for.
Fed Finance: strong support for finance recruiters
Success never happens on its own. It is the result of hard work. Financial sector leaders and employees here appear to have wind in their sails. All they have to do now is apply these few tips.
Are you looking for a job in the financial sector or are you an executive looking for the ideal candidate? Fed Finance offers the best solutions for job offers and job searches in the finance sector.