Transmenu powered by JoomlArt.com - Mambo Joomla Professional Templates Club

If you are struggling to find top finance and accounting talent, you are in good company. Attracting and retaining talent continues to be a leading management issue facing all forms of entities – from banks to accounting firms, from small private to large public enterprises, from notfor- profits to government organizations. The competition for talent is fiercer than ever before, and there is no end in sight. The question is: How do you position your organization to win this battle?

Uncovering strategies to forge this war on talent must begin by understanding the underlying issues, and there are a number of them. Demand is at an all-time high due to a perfect storm of economic conditions, demographics and increased regulation.

Although the subprime mortgage crisis is calling into question the current economic stability, the unemployment rates are still relatively low and have been for a number of years. In other words, there is an overall shortage of talent in the marketplace, and the shortage of finance and accounting professionals is much more extreme given some additional complicating factors.

The supply of available talent is scarce at all levels of experience. It is the most experienced talent that is most troublesome. More finance and accounting professionals will retire in the next 10 years than in the last three decades combined. We will lose a generation of the workforce that not only has a wealth of knowledge, but also represents a generation of career-minded, loyal employees. This shift occurs at the same time a new generation, generation Y, is entering the workforce. This new generation’s free agent mentality will indubitably complicate the talent issue, as they are much more prone to change employers multiple times over the course of their careers.

It was with this backdrop that the now infamous corporate scandals of Enron and WorldCom shook the financial markets. The regulators answered with the Sarbanes-Oxley Act of 2002, an unprecedented law virtually doubling the need for finance and accounting talent overnight. In addition, the resulting lack of overall investor confidence has created a cascading effect of similar requirements for both private and public sector organizations. As such, the demand for talent is at an alltime high and likely will continue to increase, straining an already depleted supply.

Organizations will need to be creative to win the talent game. Here are a few of the strategies being employed to combat the talent crisis. As with most solutions, the answer doesn’t lie with one big action but a series of small actions.

1. Embrace superior corporate governance practices.

Think about it. More than any other employees, finance and accounting professionals appreciate the value of good corporate governance practices. Given the wealth of employment opportunities awaiting these individuals, why would they settle for an organization that doesn’t embrace these principles? Given the all-too-recent corporate scandals, setting a strong tone at the top for your organization will have the derivative effect of attracting top talent.

2. Revisit your campus recruiting strategy.

To get the best graduates, the best organizations are hiring interns from the junior ranks. To get the best interns, these same organizations are now seeking out sophomores for top intern slots. There is a certain stickiness with interns. They are much more likely to accept full-time offers of employment than non-interns. Moreover, you have a lowrisk opportunity to evaluate their on the job performance before committing to them for the long-term.

Send the heavy hitters to campuses. Don’t just rely on your recruiters to visit campuses and interview. If you want to differentiate your organization, bring members of top management to meet the recruits, and give them firsthand knowledge of your corporate culture and the real opportunities that await them.

3. Accelerate the hiring process.

Recruits are entertaining multiple employment offers, including offers from your competition. Don’t delay in making hiring decisions. According to a recent Hackett Group (a Boston consulting firm) survey, the average Fortune 2000 company spends 52 days selecting a candidate, whereas the best companies make their hiring decisions 31 percent faster. Accelerate interviews, personality tests and background checks. Try to have all interviews take place in one visit.

4. Consider outsourcing opportunities.

The scarcity of talent is so severe that outsourcing may make good sense for some employers. Focus on your business and let professional firms recruit and train top talent so that you can gain access to it when you need it.

5. Employ online recruiting tactics.

Organizations need to look beyond their local markets for top talent. Take advantage of the Internet to broaden your search. Look for opportunities to hire talent relocating into your market.

6. Connect with your existing employees.

As challenging as it is to recruit new employees, organizations should invest an equal amount of time and energy in retaining existing employees. People don’t quit an entity; they quit people. Leaving is easier for them if there is not an emotional connection between them and your people. Create a mentoring program that focuses on building relationships with staff. The stronger the emotional bond with your staff, the more difficult it will be for them to leave.

Create a flexible work environment to attract and retain non-traditional employees, including working mothers. Utilize technology to allow for work outside the office or from home.

Embrace diversity and expand your traditional hiring profile. Not only will you open up a new talent pool; your organization will be stronger in the long run.

7. Create a leadership development program.

Identify your top performers and develop their talent and leadership skills. This investment will not only serve to invest in the future, but also retain this group for longer periods of time. Top management must be actively involved in such a program. Get participants involved in all aspects of the business through special projects and job shadowing opportunities. Involve them in real business problems, not just case studies.

8. Don’t settle for second best.

Although it may be tempting to settle for “B” players in a tight labor market, it will damage your organization in the long run. Don’t be too stringent on the specific qualifications and experience you desire; rather, look for candidates with overall intelligence, a desire to learn and energy. You can teach these candidates what they need to learn.

We are in the midst of a war for finance and accounting talent that will only become more competitive. Given the current economic conditions, demographics and regulatory environment, organizations will need to consider alternative strategies to remain successful. We hope the above ideas give you a fresh perspective on this challenge as well as new insights on how to overcome it.