How to Win the Hiring Race in a Tight Labor Market

August 27, 2019by Michael Kelfer0

Companies looking to expand their accounting and finance teams are running into a problem. In the current economy, there just aren’t enough accounting and finance professionals to go around. While total U.S. employment is at just 3.8 percent as of June 2018, the unemployment rate for accounting and finance professionals is even lower than that. This means more employers are having trouble filling job openings. There is also more competition to hold on to the talent they already have. So how can HR leaders respond to a climate in which accounting and finance talent is increasingly scarce? Here are three suggestions for how to win the hiring game in a tight labor market. Inspire your existing talent In public accounting, the war for talent has become a genuine crisis, with one in five firms experiencing turnover rates above 20 percent. This has led to an increased focus on keeping existing talent happy that all employers can learn from. You can expect that the competition is aggressively pursuing your accounting and finance talent. To combat that, make your organization a place they don’t want to leave. Millennials are the largest generation in the U.S. labor force, and they tend to judge the performance of a businesses on what it does and how it treats people. It’s crucial to show these employees how their job impacts both the organization and the world around them. Your company should be part of a bigger cultural story, and your employees should feel like part of it. This will inspire and engage them, and keep on board for the long run. Promote what makes you unique Getting employee buy-in for your organization’s mission and vision is no small feat, but it can have big rewards. When your existing employees believe in your brand and make it their own, they’ll become evangelists for your company, promoting your brand on social media, recruiting on your behalf, and pushing your company at events and in the community. Besides building employee brand ambassadors, publicize what makes working for your organization special and unique. Include employee benefits as part of your corporate brand. Read More »

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