You want to recruit the top accounting and finance professionals for your team; they want to find you! The Bureau of Labor Statistics has projected that between 2016–2026, the employment rate for accountants and auditors is expected to increase 10%, faster than the average projected employment growth in all occupations (7%). What do you need to know to make sure that you add first-rate talent?
Businesses need to adapt within seconds and contract employees can fill short and long term business gaps. SelectOne provides the resources needed to support our clients with contract-based talent. From sourcing and hiring to management and dedicated pay rolling services, we help our partners seamlessly meet their demands so they don’t lose momentum.
A survey conducted by the Boston Consulting Group of new recruits found that 80% would check out the social media channels of a financial institution to look for a job, but only 2% said that that’s how they found their most recent job. Make sure that your business has a social media presence, and keep it current!
The number of women and minorities who work in finance has been and remains low. The number of Hispanic managers of U.S. commercial banks rose only 1% (from 4.7% to 5.7%) between 2003 and 2014. During that same period, the number of Caucasian women employed by banks dropped from 39% to 25%, and the number of African American men dropped from an already-low 2.5% to 2.3%. Companies can make an effort to hire a diverse workforce that reflects the diverse communities that they serve.
AI can be used to overcome unconscious human biases to help highlight the most qualified candidates during the application process. You can also think about how your professional development programs can better take into account minorities and women, and make sure that potential candidates know about these opportunities.
Because most of us are used to having the information we need and want at our fingertips, companies can recruit the best talent by ensuring that potential employees quickly know what differentiates a company from its competitors.
The Royal Bank of Canada (RBC) discovered that its recruiting efforts weren’t highlighting the aspects of its culture that potential employees were interested in: a company environment that is innovative, creative, and that offers professional development. Within a year of embarking on a new marketing strategy emphasizing these attractive attributes, RBC’s ranking as an employer of tech talent jumped up 25 spots.
Generation Z (those born after 1997) is another group of potential employees that you should be paying attention to. By 2020, they will make up 20% of a multigenerational workforce. The omnipresence of technology means that people with tech skills have their pick of industries and employers to work with. You’re now competing not only with other companies in your industry, but with other industries like fintech, startups, and insurtech, to name a few.
One way to recruit talent? Focus on the development of soft skills. 52% of Generation Z are more confident that they have the tech skills you’ll want than non-tech skills you’ll be interested in. As you think about revamping your professional development program, make sure to take into account ways to help recruits hone their non-technical knowledge--and make sure you mention it on social media.
President, Counsel Financial Services
92% of Millennials own a smartphone, according to Pew research. Around 88% use social media. They also currently comprise the largest portion of the workforce in the United States (35%).
Behavioral science can be used to overcome unconscious human biases to help highlight the most qualified candidates during the application process.
The Bureau of Labor Statistics has projected that between 2016–2026, the employment rate for accountants and auditors is expected to increase 10%, faster than the average projected employment growth in all occupations (7%).
Principal, Lorraine Capital