New Challenges for Finance and Accounting Recruiters
Posted at 27/10/2021
The job market has changed drastically in the past few years. The year 2020, with all of its surprises and challenges, has particularly hastened this rapid evolution. Recruiters and human resource professionals had to adapt their practices to these societal shifts.
But even HR specialists couldn’t have predicted the lasting impact these upheavals would have on the recruitment process.
In this article, we’ll take a closer look at the challenges facing today’s financial sector recruiters.
Finance recruiters are competing for employees
The unemployment rate in Canada is slowly returning to normal, hovering at about 5.8% in Quebec as of August 2021. However, the unemployment rate for the accounting and finance sector is well below this number. Professionals in this field are highly sought-after.
According to a number of senior executives, it is very difficult to retain qualified accountants and financial specialists. So much so that most execs say their biggest challenge is meeting their large recruitment needs.
Attracting the next generation of finance and accounting professionals
Technological advances have transformed the accounting and finance professions. With the advent of these new technologies, it’s not only the positions themselves that have changed, but also the job requirements.
Much more is being asked of today’s accountants. Managers are looking for candidates with a wide range of experiences, who are tech-savvy and have excellent interpersonal skills. Most managers report that it’s difficult to recruit qualified financial experts, in part due to the technical skills required.
The pandemic has also led to new working conditions for employees across all sectors. As a result, new and more experienced recruits alike have gotten used to a certain quality of life that they expect their next job to meet. Because the market is currently working in favour of employees, recruiters are incentivized to adapt their offer to attract and—above all—retain high-quality personnel.
The technological recruitment revolution
It’s not just the finance and accounting sector that has been impacted by these technological advances. The pandemic prompted many companies to also digitize their human resources services—a change that looks like it’s here to stay.
Current and future recruiters can therefore expect to have to learn these new HR management tools.
Strategies for tackling financial HR challenges
Nevertheless, managers can employ a number of strategies to overcome these market challenges.
First, they can build an engaging brand. One way to achieve this is by creating an inviting and unique website dedicated entirely to careers. Companies with an innovative internal culture are at an advantage here, because young recruits are actively seeking dynamic work environments.
Social media is another great way for companies that hire accountants and financial professionals to meet these challenges head-on. Companies should leverage their networks to post job announcements and set up employee referral programs.
However, nothing replaces a well-crafted job description. HR personnel and managers who make hiring decisions should draft detailed descriptions that highlight exactly what skills, (including soft skills), qualities and technical and specialized experience they are looking for.
Fed Finance: Go-to support for financial recruiters
Rome wasn’t built in a day—and neither was your company’s success. It involves a lot of hard work. Employees and leaders in the financial sector can seize this momentum. To attract talent and grow their business, all recruiters need to do now is apply these tips. Are you looking for a job in the financial sector? Or perhaps you’re a finance executive searching for the perfect candidate? Contact Fed Finance today for expert advice on job offers and job searches in the financial sector!