Strategies for hiring managers in Finance & Accounting
As we are now in the midst of financial year-end reporting, now is a great time to look at strategies for hiring for the financial year ahead. With most companies having finished with budget 2025 planning, paired with employees waiting on bonus payouts post-year end to make their move, we anticipate an increase in roles on the market in Q3 of 2024.
So far this year we have seen an increase in the amount of candidates seeking new opportunities, despite fewer new roles on the market than in previous years. The current job market is highly competitive for candidates and is an opportune time for employers to consider strategic hiring objectives before tapping into the active candidate pool.
Key strategies for hiring:
Succession planning
Succession planning is crucial for ensuring continuity and stability within an organisation. It involves identifying and developing potential future leaders within the company to fill key roles when current leaders retire, resign, move up or move on. An effective succession plan not only minimises disruptions but also fosters a smooth transition of leadership, preventing the loss of momentum and strategic direction. Your plan would typically include assessing current talent, providing necessary training and development opportunities, and creating a structured plan for the transfer of responsibilities. When you prioritise effective succession planning, you can safeguard your business's long-term sustainability and adaptability in a competitive market.
Where to start:
Evaluate the current skill sets on your team and identify who will be progressing to different roles in the medium term. Consider potential gaps that may occur from these promotions and what kind of profiles, internally or externally, would be best to replace them.
Company/team goals and strategy
When you can articulate clear, compelling goals during the hiring process, you will attract candidates who resonate with the company's mission and vision. Aligning individual goals with team and organisational objectives creates a sense of purpose and fosters a team environment where employees are motivated to contribute meaningfully. Looking within your own team you can identify how each employee's skill set contributes to these larger goals, and if there are any gaps.
Where to start:
Define what your team objectives are and work backwards to how these can be achieved. Are you lacking an extra analytical mind, a technical accounting genius, a process improvement specialist or a strong 'doer' to help your team reach their objectives? If so, now is a great time to snap up some of the talented individuals on the market at the moment!
Technology
It’s essential for businesses to adapt to the evolving technological landscape and ensure they include the skill sets needed in their hiring criteria. This approach ensures that employees can effectively manage financial data, analyse trends, and interpret complex regulations using advanced software and platforms. Candidates with skills in areas such as data analytics, cloud computing, and automated accounting systems are particularly valuable as they can streamline processes, enhance accuracy, and provide real-time insights crucial for decision-making.
Where to start:
Given the emphasis within the industry now on data automation, process improvements, driving efficiencies and new cloud accounting systems, now is an ideal time to recruit talent that can bring these skill sets and their traditional accounting expertise to your team.
In summary
Evaluate your team and goals and have a deep understanding of what skill sets you need to fill any gaps or propel your team/business forward to reach these goals. In a candidate-rich market, having a clear picture of what you’re looking for will allow you to get your breaks back.
The best way to keep informed on what skill sets your competitors are hiring, what type of profiles are available on the market and benchmarking this against your team (and budget!) is to partner with a specialist recruitment consultant.
After all, we spend our 9-5 with our ear to ground within your market to proactively provide market insights, hiring trends and hot candidates to you, putting you in the best position to maintain and build your successful team!
