Who’s Winning the Race to Hire Top Professionals?
You may have noticed that this is one of the tightest markets for top talent we’ve seen in over a decade, maybe two decades, but I don’t want to date myself!
Those professionals who are open to making a change often have 5-10 solid options. Companies lament the fact that they are consistently ending up in second place with their top choice candidate. So, who is winning this race to attract top talent and why?
Well Run Companies:
- This may seem obvious, but candidates are drawn to companies that have efficient operations because it demonstrates a commitment by the executive management to spend the money necessary to have good systems and appropriate staff levels to keep their top performers happy.
- It also means having low bureaucracy, empowering more managers to make decisions that they feel will benefit their team and the ability to quickly implement change where necessary.
Companies With A Good Reputation:
- Long hours, stagnant grow or lack of internal promotion and high turnover are all factors that limit a company’s ability to attract top talent. Even those who are willing to do whatever it takes will shy away from an environment known for burn out. Be in touch with your employees on their concerns in this area and make sure they know what steps you’re taking to combat them.
- Glassdoor is only one way that people find out about toxic cultures. Believe it or not, we most often hear it comes from a candidate’s own professional network by word of mouth. And, these, “I know someone who…” rumors can be difficult to overcome. Rather than being defensive, have an open ear and be willing to acknowledge past wrongs, while having open communication about working toward solutions.
Companies With a Streamlined Hiring Process:
- Speed to offer is something that may scare our clients, as accounting and finance leaders are, by nature, highly analytical. But those companies that know what they want, are flexible in what backgrounds can help them achieve that and have an efficient hiring process are coming out on top.
- An efficient hiring process has:
- Minimal Steps, a phone screen only if not using a specialized recruiter, and one day of interviews with the necessary parties or a panel.
- A short, pre-set list of interviewers who are tasked with specific questions, pre-determined to have the best chance to flush out a candidate’s abilities and fit for the team.
- A consistent “sell” message about company, the department, and both the individual’s and company’s potential for long term growth.
- A decisive manager with the final say, not one who has to go through multiple levels and wait on approvals from other extremely professionals.
- Ability to make quick, competitive offers in line with the market. Our clients that are seeing the most success have been the ones able to react to the market’s upward swing in base salary, bonus potential and equity (even at the staff and senior levels). A company where the internal hiring bands are too rigid will lose out.
About Brooke Fisher: Brooke has worked with candidates ranging from those with just 2-3 years of experience making their first move out of public accounting to Chief Financial Officers with 25+ years of experience Contact her at: firstname.lastname@example.org
Andrews & Cole is a woman-owned boutique executive search and consulting firm with a focus on accounting and finance professionals. Clients range from start ups to Fortune 100 in nearly every industry. www.andrewscole.com