Like many industries, the finance sector is experiencing a skills shortage that has led to many vacant jobs. Closing the Finance Skills Gap stated,
“Accounting and finance staff consistently rank in the top ten for the hardest positions to fill. There simply aren’t enough talented employees to fill every position — and that problem is only going to get worse as baby boomers retire and the strong economy continues to create a tighter labor market.”
Does your finance company have unfilled positions? If so, there is plenty you can do to secure competent employees.
How to Fill Finance Job Vacancies with the Talent Your Company Needs
Despite the fact that there is a shortage of qualified talent in the finance industry, you can fill many finance job vacancies with individuals who will add value to your team. Here’s how:
1. Seek employee referrals — Are you getting referrals for potential hires from current staff? If not, you are missing out on one of the best ways to find new employees. A contributor to Glassdoor wrote,
“Employee referrals are typically higher quality, close quicker (they’re number one in time-to-fill, coming in at 29 days on average) and tend to stick around at your organization longer.”
To get referrals from current employees, build an employee referral program. The program should explain job requirements and make it easy for workers to refer candidates; keep employees updated (let them know when a position has been filled, etc.); and reward staff whose referrals join your team.
2. Offer internships — Many accountants and other finance professionals end up onboarding with the finance company they intern with. This makes sense when you consider that they already feel comfortable with the company, their supervisors, and the firm’s policies and procedures.
“Internship programs offer tremendous benefits to businesses in terms of increasing productivity and recruiting well-suited staff members—especially in small- to medium-sized organizations,” wrote a contributor to Internships.com.
If your company isn’t already offering internships, it may be time to start. The first step to developing an internship program is creating a team of individuals who will head up the program. The team should decide how long each internship will last, what interns will be paid (if anything), and at what point career pathing within the company will be discussed with interns.
3. Upskill new hires — If you are having trouble finding qualified talent for an open position, consider hiring a promising individual, then upskilling or reskilling him or her with the capabilities needed to perform the job effectively.
Every new hire should be offered new employee training. Personalize employees’ experiences by strengthening their current skill set while equipping them with relevant skills they are deficient in. By doing this, you are creating qualified talent for your company.
What Skills Do You Think Finance Professionals are Missing?
What skills are finance professionals clearly missing based on the interviews you’ve conducted and the resumes you’ve seen? What can they do to gain these skills and become more competitive? More importantly, what strategy will you implement to fill your company’s open positions?