Businesses should be investing in their value proposition and nurturing the employee's aspirations to ensure they don't lose strong talent to competitors and face expensive recruitment drives
Businesses are currently locked in a ‘war for talent’, according to James Taylor, managing director of recruitment consultancy Macildowie. Here, James explains how a different outlook on retention can help firms gain the upper hand, particularly by understanding that even the strongest employers will be forced to fight it out for the best candidates.
A recent report from the Open University revealed that 90 percent of employers have struggled to recruit workers with the right skills in the last year. Clearly, with such a skills shortage, the market is candidate-led, meaning those with the right skills, attributes and experience are likely to be highly sought-after with numerous job offers.
The strong demand for accountants is demonstrated by survey data from the Association of Professional Staffing Companies (APSCo), which showed that the number of finance professionals securing permanent roles increased by 19% in the year to April 2018.
This presents a challenge to businesses investing heavily in the recruitment process. Advertising a role, shortlisting and interviewing candidates before finally appointing the right individual, is a time-consuming and costly process, so there is little more frustrating than losing a strong candidate to another firm.
To counteract this, we always encourage businesses to think outside the box. Too many firms in the finance sector lack the flexibility required to be truly successful when it comes to recruitment, development and progression.
Now, more than ever, companies should be investing in their employee value proposition, showcasing what the business stands for and its unique offering to employees. This will ensure that, instead of the employee just serving the needs of the company, the candidate’s aspirations are nurtured and recognised at every opportunity, ensuring they feel appreciated and valued.
Not every business can capitalise on being a household name that everyone dreams of working for. Despite this, companies can still develop a reputation as a great place to work by packaging together its expertise and benefits and then marketing them to attract the types of people it wants to employ.
For example, younger entrants to the workplace are more likely to require transparency about how their career path could progress, how to get where they want to be and what support will be available, when compared with their predecessors. If these ambitious workers, who are often much more likely to move jobs, are only offered a single path of progression, it should be no surprise to see them leave if there is a lack of opportunities.
Accountancy is a rapidly changing profession, so employers must be more flexible with their approach to recruitment, as well as consistently improving what they can offer candidates to help them to progress.
In a talent-short market, investing in effective graduate and training programmes can enable employers to take on those candidates with the most suitable ‘soft skills’. Psychometric assessments can show, for example, whether someone will be receptive to training or coaching, meaning that employers can plan how to fill the gaps in their knowledge.
Particularly when recruiting for junior or graduate roles, the candidate’s level of industry-specific knowledge is less important than their self-motivation, desire for self-learning, integrity and business acumen. Not every candidate will have the skills immediately, but most managers will agree that it’s easier to train specific skills rather than to change deep-rooted personality traits.
With the rise of automation in reporting and regulatory side of the profession, the most in demand skills are related to analysing and using data. This is just one example of where progressive firms can take the lead in recruiting effectively based on transferable skills rather than industry experience.
Once you have found the best candidate and they have officially joined your team, the next challenge is to make sure that that they don’t want to leave. It was once thought that onboarding was little more than a tour of the office and showing the new hires where the tea bags are kept. However, a considered approach to the process can go a long way to ensure that you aren’t forced to recruit again mere months down the line.
For employers in a job interview, first impressions matter and it is important to remember this ahead of your new employee’s first day. Being fully prepared so they can begin working as soon as possible, not only increases productivity, but also helps a new starter feel more relaxed and settled.
Asking effective questions during the interview process should bring confidence that your new employee is a strong cultural fit, but this still does not always guarantee success. Businesses are becoming far more sociable and an out-of-office event to welcome a new starter to the team, can go a long way to making them feel at home, offering the opportunity to get to know their peers and manager in a less formal environment.
Once an employee is on board with company values and culture, forward-thinking businesses must provide opportunities for professional development. Accountancy, like many sectors, is seeing a shortage of great talent for management roles. Therefore, upskilling junior or entry-level employees, who are already performing well, can go a long way to fill gaps further up the ladder, removing the need to engage in an arduous, costly and unnecessary recruitment process.
While we remain in a talent and skills short market, employers will continue to scrap it out over the few outstanding candidates and a high turnover of staff can financially handicap businesses and stunt any possible growth.
However, by embracing a new approach to recruitment, including upskilling talented candidates with the raw attributes they need to progress, and developing a unique offering and workplace culture to prospective employees, firms can get back on the front foot and ensure that they bring in and retain the best talent.
