The War for Talent Continues
July 2016 -
Dear Friends and Colleagues,
Recently I have seen several articles about the continuing demand for top talent. The reason for this now is that this is the most opportune time for experienced professionals to consider a move and for firms to hire i.e., between year end and the spring/fall tax season. I have excerpted below some of the more salient points from the articles.
I would encourage both sides of the hiring equation to take due time in getting to know each other because of the many pitfalls of a bad hire by a firm and a bad move by a candidate. I am a firm believer in extra meetings and extra due diligence such as writing samples and mini business or marketing plans. If in doubt, simply do not make the hire or the career move.
Each of the items below require a concentrated effort, strategy and action steps by the firm or the candidate. Otherwise they are just this.... words on a page. I know time is precious but try not to fall prey to saying to yourself "I know, I know" but not really executing.
- Talent can be gleaned through professional networking and internal referrals. Management needs to be good mentors and make recruiting a priority.
- Working with a professional recruiter is another good way to seek and hire experienced candidates.
- Successful interviews will show the candidates ability to problem solve as well as show adaptability and ability to learn.
- Great firms acquire and develop talent from the bottom up, starting with entry-level hires.
- Firms can find new talent by having an active on-campus presence, offer a strong summer internship program and interviewing potential candidates with an open-ended format.
- Emphasize the prestige factor- only the top professionals work here.
- Highlight top performers
- Push out low performers- maintain high expectations. The top performers will continue to perform- the others will leave!
- Reward them more- bonuses, schedule flexibility and first choice on special projects will help keep Millennials around.
- Understand them as individuals- The more unusual the needs and wants of a particular employee, the more valuable it will be
- Lavish time and attention on them- they want managers and mentors who will support and develop them.
- The accounting market has a high demand, both in terms of available positions and what the professional requires from the job.
- Although the number of accounting jobs are predicted to increase, more professionals are specializing in taxation. Firms are in need of candidates that are well-rounded and can extrapolate data, not just filing tax returns.
- Choosing a position must come with great research- networking is a great way to get information outside of the interview process.
- Employee satisfaction and employee retention rely on the professional and the firm sharing a vision.
I am happy to expand on any of this - just email or call.
If you would like to discuss this or any other issues related to your practice or career, please don't hesitate to contact me. My direct line is (212) 490-9700. Or email me at email@example.com. Absolute confidentiality always assured.