How to Address Strong Demand in Accounting and Finance
There continues to be a strong demand for accounting and finance talent, even while the economic crisis has hit other industries hard. This trend will continue due to increased corporate scrutiny and regulations, increasingly complex accounting issues, globalization and a waning interest by undergraduates to choose an accounting or finance career. These factors mean that companies need to consider how best to compete to keep their own talent and attract the best talent for their accounting and finance jobs.
Companies who wish to compete need to assess their current retention and recruiting efforts and adapt to the market. Employees should do their homework on the competitiveness of their overall package. Be proactive and ask yourself these key questions:
• How competitive is our compensation plan?
• How do we use titles?
• What training do we offer?
• How do we approach work/life balance issues, like vacation time?
• What additional perks do we offer?
• Is our company open to exploring alternative working situations such as working from home?
Work hard to see if you are competitive in the market. Don’t know? The easiest way to do this is to speak with a recruiting firm you trust, as we are in a good position to provide up-to-date market knowledge. Next, define what it is, if anything, you want to change.
Firms that close their eyes to making changes in their current offerings risk losing key personnel. Too often companies ask themselves hard questions and make changes only after an employee has given notice, and we all know that the success of retaining an asset with one foot out the door is low. Prevent an exodus of top talent and attract the best and brightest in accounting and finance by reevaluating your competitiveness.