The thought of a nice stable team is music to the ears of a hiring manager. However there are inevitably times when someone will leave and you’ll have to go through the arduous task of finding a replacement. This task can become less traumatic if you, the hiring manager, understands the market and knows what you need to consider when recruiting..

There is no doubt that there is a skills shortage in the marketplace and in turn, we are experiencing high demand for experienced candidates in finance functions, across many different sectors and industries. Whilst that’s good news for candidates, it can be painstaking for you, the hiring manager. In this candidate driven market, talented individuals have the upper hand. They might receive multiple job offers and be in a strong position to negotiate.

You will need to factor this in when recruiting and will have to adopt strategies to attract the best talent. Please see below some suggestions it's worth following when going through your recruitment processes.

Salary / Benefits / Hours / Hybrid working

Money is the main motivation for most people to go to work. If you are not offering a competitive salary, good candidates will go elsewhere. This may happen, even if your opportunity is the best option for them long term. If you can’t go to a specific level salary wise because it would upset other members of the team, why not offer an increased salary after the probation period or a performance related bonus?

A good benefits package is also important to prospective candidates. Examples of this are private healthcare, gym membership, pension and life assurance. Other businesses may offer these if you don’t, it could tip the balance in favour of them.

Offering a good work life balance can give you the edge over other businesses. Don’t contract them to unnecessarily long hours. Conscientious candidates will often stay later when necessary to get the job done, whatever time they’re supposed to finish. Also, offer some flexible working like an early start and early finish. If they need to pick the kids up from school on a Wednesday, before returning to their desk, let them. Other businesses may not so you will have the upper hand. Judge employees on their performance, not on how late they stay.

Since the covid pandemic, hybrid working has come into play. You will need to offer some hybrid working to attract the best talent. Businesses who insist on five days in the office are simply getting left behind. Most companies operate on three days in the office and two at home. This model should be enough to secure the best available talent.

Don’t hang around

The biggest challenge companies have in a candidate led market is speed. If you find the right candidate you need to get them through your recruitment process as quickly as possible, otherwise they might get snapped up by another employer before you have a chance to make an offer. If you like what you see at the first interview, make sure you give feedback to the agency as soon as possible and secure the diary of the person who will see them at the second stage. If you both still really like them, don’t wait around for comparisons before making an offer. Your first choice candidate may well then go to a competitor who acts more quickly and decisively than you do.

Sell your opportunity

Make sure you put together a detailed and concise job spec which explains the company and the role to any prospective candidate. Also, ensure you have highlighted salary and benefits. In a candidate led market, there are jobs waiting to be filled  and you’ve really got to sell your opportunity and ensure the right candidates are attracted to the role. As you go through the interview process, you will need to carry on this “sales pitch” while you are challenging candidates in their suitability for the role of course.

Cultural Fit

Accounting roles can be quite similar and there may not be a huge difference between the responsibilities and opportunities each role presents. In this situation company culture becomes a significant factor, because candidates will base their decisions on whether they feel the company has the best cultural fit. Make sure you reflect company culture and values across the recruitment process to engage the right candidates for your role.

Career Progression

Sometimes it’s not so much about the current job offer as what the future holds. A lot of candidates are not just looking at the short term but want to know what the future holds for them in the position. If your company can offer career progression and study support, this can be a very attractive factor for talented candidates.

Working with a specialist finance recruitment agency like Savant Recruitment,  is a really good way of sourcing the best talent and getting the relevant advice that help you if you get into a “bidding war” for your preferred candidate.

At Savant Recruitment, our team of Accountancy specialists possess extensive knowledge and expertise in talent solutions, supported by comprehensive market research. Whether you want to establish a team from the ground up or augment your current team, we are equipped to offer skilled support and guidance, as well as access to the best talent in the industry. If you require further information on how we can assist you, please don't hesitate to contact us.

I am an experienced Accounts and Finance Recruitment Consultant with many years working in the London market. I am here to talk if you need help with anything.

Please call me at Savant Recruitment on 07946 496 675. Alternatively, you can email me at brett.lewis@savantrecruitment.com