If you’re having trouble finding new Finance talent, you aren’t alone: 88% of managers said it’s been challenging to find skilled professionals during the Great Resignation, according to new research from Robert Half.
And the competition’s also never been as fierce: 46% of companies are looking to hire permanent staff between now and the end of 2022.
You already know that the longer a position goes unfilled, the worse it is for your company’s bottom line, especially when considering the costs of recruiting in this competitive hiring landscape.
Struggle to hire, retain skilled professionals
The key reasons why companies are struggling to fill critical roles are:
- A lack of qualified talent (cited by 38% of those surveyed), and
- Candidates with higher salary expectations that what the company’s willing to offer (cited by 22%).
Combine that with a significant increase in voluntary turnover observed by 51% of managers within their departments in the last year, and it’s no wonder hiring skilled professionals is a struggle right now.
It’s especially tough for Finance and Accounting departments – nearly 80% of managers in these areas worry that employees will resign this year.
To stand out from the pack, companies are trying to sweeten the pot for new recruits, offering them:
- Higher starting salaries (46%)
- Signing bonuses (34%), and
- Remote options (33%).
You may want to huddle with HR and see whether the compensation and benefits you’re offering new hires measures up.
Employers are also widening the net in their search for skilled professionals. Nearly a third (31%) of employers are currently evaluating candidates outside their geographic area and allowing potential new hires to live anywhere, while 28% are loosening their requirements for education, skills and experience.
In addition, there’s an increased demand for contract talent. Over half (54%) of managers in Finance or Accounting plan to use contractors to fill skills gaps and help the team.
And there’s a renewed push to hire entry-level professionals in hopes of cultivating and developing their talent. In fact, 72% of employers plan to hire more entry-level or early career professionals this year.
Important considerations with entry-level Gen Zers
Many entry-level employees are blank slates, which can make them easy to train. Hiring them may also be more cost-effective. But you may have to take some different elements into consideration if you want to retain them over the long-term – along with some of the tactics your peers are already taking.
Most employees who are just starting their career are in Generation Z, born in 1997 and beyond. These younger workers don’t have the same priorities as older employees in the workplace, according to research from Deloitte.
In particular, Gen Z places greater importance on workplace flexibility, diversity (including identity and orientation – not just race and gender) and creativity. So, to attract them to entry-level positions, you may need to consider offering flexible work schedules up front, along with meaningful, relevant work that engages them right away. (In other words – don’t restrict them to just clerical duties or data entry.)
You may also want to include your company’s efforts toward diversity and inclusion right within the job description or your mission statement. That can help you stand out among the crowd when recruiting entry-level Zoomers.