Today’s job market is more competitive than ever. With a growing economy, there is a shrinking candidate pool from which employers can choose
employees. As a result, employers are
offering benefits and incentives to make
their company more appealing than their
competitors’. Specialized staffing firm
Robert Half International polled chief
financial officers throughout the country to
see what employees considered the most
important factors when choosing a company for which to work. The survey concluded that salary and company stability were
the top two factors.
“Currently, there is a strong demand for
accounting and finance professionals in
the Chicago area,” says Dan Eick, vice
president of the Chicago Region of Robert
Half International. “CFOs are not only
working hard to attract new employees,
but also to retain current employees.”
Smart Business spoke with Eick about
current recruiting challenges, approaches
used to overcome such challenges, and
retention practices.
What recruiting challenges are companies
facing?
Companies are having difficulty finding
skilled candidates to fill positions, especially in the finance and accounting industry. There are shortages for in-demand
positions such as staff accountants and
internal auditors.
Economic factors such as higher gas
prices are also influencing employment
decisions because candidates are more
reluctant to accept positions that call for
a lengthier commute. If there is a long
commute, candidates are more likely to
negotiate a higher salary or incentives to
compensate.
For accounting and finance positions,
there is a correlation between the lower
number of students enrolled in such majors
in universities and the low number of candidates. These majors were once overflowing
with students but now are lacking.
Combined with the mass exodus of baby
boomers from the job market, this has intensified the need for strong candidates.
How can companies overcome these challenges?
Recruitment and retention should be a
year-round focus so companies are not left
with insufficient staffing levels. Strategic
staffing is key. Employers need to develop
a plan for their staffing needs so they are
not scrambling when an employee leaves
the company, retires or gets promoted.
Companies may want to consider working
with a staffing firm to overcome recruiting
challenges.
Strategically, recruiters can help employers find the best talent for their needs. It is
beneficial to work with a specialized
staffing firm that is an expert in your industry. It is also good to look for a national or
international recruiting firm. Not only does
this give employers a larger pool to choose
from, but it also helps a company looking
to expand to new markets.
What are some incentives that employers are
using to retain their top people?
While compensation is key, it is also
important to develop programs and incentives that give employees the recognition
they deserve. Offering flexible schedules,
raises and performance-based bonuses are other common retention strategies. Few
employees are apt to leave a work environment of supportive colleagues for higher
compensation alone.
Simple things such as an employee’s relationship with his or her manager are often
overlooked. It is important for managers to
take a sincere interest in the people who
work for them and the events taking place
in their lives. If a manager is working to
help an employee reach long-term career
goals, employees are more likely to feel
appreciated and stay loyal to a company.
Employers can check out the Robert Half
International 2007 Salary Guide for recommended salary ranges for all levels of
finance and accounting professionals.
These types of resources can be used to
compensate employees accordingly. This
makes employees feel valued and decreases the chance they will leave a company for
the competition.
What are key practices for a successful
recruiting process?
Recruiting and retention should be a
year-round focus. Strategic staffing is key
to a successful business so that a company
is never scrambling if an employee leaves
the business or is promoted to a different
position. A staffing plan should be developed and modified by business owners as
they monitor company performance and
set future goals.
Seasonal workloads should be tracked
and monitored by employers to help project when new employees will be needed. If
a company is planning to start new projects, staffing should be reviewed to determine what additional resources will be
needed to staff new ventures successfully.
Planning is crucial when staffing. If a
workload becomes too much for current
employees, it can increase employee
stress, decrease productivity and increase
employee turnover, which in turn affects
the overall productivity of a business.
DAN EICK is vice president of the Chicago Region of Robert Half
International. Reach him at [email protected] or (847) 882-7866.