The Right People on the Bus? It’s Not That Simple.
As a Business Owner, you’ve likely heard that having the right talent on your team, is key to success in business. While there is truth in this analogy, it isn’t as simple as showing the traveler to their seats and buckling them in.
Seating the right people in your company requires a lot more strategy. Not only in your recruiting and placement process, but for your screening, interviewing, and training programs. And, let’s not forget the benefits, perks, and flextime the Millennials have helped us realize the importance of. Attracting and retaining the best workforce is harder now than ever. The competitive landscape and demand for top-tier resources are getting tighter across markets and most specifically in the financial and accounting disciplines. With a stronger economy and improved unemployment rates, today’s qualified candidates have options.
After an informal survey of over 283 local business owners, the following themes emerged as the most prevalent barriers to success in the hiring process:
Time Commitment from Sr. Management
The time vetting candidates by the owner and/or the organization’s management team can be a huge time sink, putting another productive tasking at risk.
Screening for Technical Knowledge
Accounting can be a complex and multi-layered discipline. Understanding a candidates’ aptitude in this area can be a challenge without the technical expertise to speak to the job functions. Understanding the workload demands can also be tricky. Knowing whether your business needs a Controller or a Staff Accountant can mean a big difference in your labor costs.
Effective Training Programs
Accounting practices and methodologies can vary greatly depending on the business’ seasonality, month-end close process, or reporting needs, for example. In addition, this department, unlike others, cannot tolerate gaps in support. For example, payroll and A/R functions come with critical deadlines and without ongoing execution of the right processes, the books can quickly become a mess. Lack of effective training and oversight in accounting is too big of a risk to leave to chance.
Mis-hires are Costly
Earlier this year Forbes published an article citing that replacing an employee costs on average, approximately 20% of that employee’s annual pay. The article goes on to illustrate how this cost is directly related to a bad hire and the overarching problems with company’s recruiting and hiring function.
After over 17 years in business, our firm understands the full spectrum of challenges that business owners face with their accounting needs. By coupling industry experts with today’s technology and tools, CFO Strategic Partners has created an incredibly effective talent placement solution to meet the evolving demands of our clients. Understanding the accounting job seekers’ behavior and integrating cross-platform hiring practices, our firm has an integrated talent acquisition suite, which places the right talent on the right bus.Tags: hiring, people, talent
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