According to the Bureau of Labor Statistics, the employment of accountants and auditors is projected to grow 11% from 2014 to 2024, faster than the average for all occupations. So, it’s no surprise that your firm may be considering the expansion of its team.
Finding the right people for accounting and finance industry jobs can be a challenging task. Here are some valuable reminders to keep in mind to effectively recruit and hire:
Do research and set goals. With the money and resources at its disposal, how much new staff if your firm capable of accommodating? What can it reasonably accomplish? Are your goals specific and measureable? Analyze the stats and data you have available to make projections on how your business will fare in the future — and if more staff can better support its goals.
Do write precise job descriptions. To fill accounting and finances positions, a specific skillset, education and personality is often desired. Be sure to write detailed descriptions with pinpointing the job requirements and responsibilities. Highlight the niche experience and proficiencies that are required, so you attract the right candidates from jump.
Do leverage employee referrals. Within the next two years, 50% of the U.S. workforce is expected to be made up of millennials. Did you know that employee referrals are the most successful recruiting tactic for this demographic? By establishing an employee referral program, you can incentivize your employees to recommend suitable professionals, while helping your firm save time and money spent on recruiting.
Don’t forget the job boards. Seventy-one percent of finance and accounting professionals use online job boards like Indeed and Monster to search for open positions. Take advantage of both free and paid job options to get your firm’s available positions out there.
Don’t make these key interview mistakes. In today’s age, there are more than a few fair hiring laws to remember, from the Equal Pay Act to the Americans with Disabilities Act. One small misstep toward noncompliance and your firm could be liable for a costly settlement. During the interview, keep these subjects off the table:
- A candidate’s age, except for proof that they’re at least 18 years of age
- Affiliations, union membership or social clubs they may belong to
- Marital or family status
- Ethnic background or citizenship, except for proof that they can legally work in the U.S.
- Criminal record, other than if they’ve been convicted of a crime
- Personal aspects, e.g. home ownership or finances
- Gender, race or religion
Don’t rush the process. When you’re battling the clock, you’re more likely to hire the wrong people, and a bad hiring decision can set you back. Focus on interviewing qualified candidates and hold out on an offer until you find the right one. Don’t waste time on someone who doesn’t win over your confidence.
Do stay consistent — and stay fair. Protect yourself and your firm by keeping interviews equal and unbiased. Adhere to a hiring process that asks all candidates the exact same questions.
A recent survey by Accounting Today revealed that accounting talent is increasingly hard to find. Robert Half research reports that 65% of CFOs say it’s challenging for them to find candidates. At Magone and Company, we know that hiring the right team is critical to your success. And finding the right candidate is worth the wait.