The Hiring Timeline: How to Speed Up the
Search for Top Talent
By Anne Stuart
Executives are as diverse as the companies and industries they represent. But virtually all struggle with the same challenge: how to locate and attract top talent.
“I get that question more than any other,” says Ken Heisler, former CPA, Director of SALO Search, the direct hire search division of SALO, LLC, the Minneapolis-based financial staffing firm. “There is no magic answer.”
Further, there's no one-size-fits-all answer to the second most common query:
How long will it take to locate and successfully hire top talent?
The answer differs from company to company depending on many variables, including the type and level of expertise needed, compensation range, the reputation of the company and location.
Complicating matters is the skyrocketing demand for a limited supply of highly qualified finance and accounting professionals. That's due partly to the overall economic recovery, low unemployment rates and the drop in graduates with accounting and finance degrees over the past decade. “We're certainly experiencing that shortage of talent right now,” Heisler says.
Overall, employers can expect to continue feeling the pinch for at least the next decade as the first wave of Baby Boomers--the 77 million Americans born between 1946 and 1964--reach retirement age starting in about 2010. At the same time, the recovering economy will generate about 19 million new jobs by 2014, according to the Bureau of Labor Statistics at the U.S. Department of Labor (BLS).
Meanwhile, the need for financial/accounting expertise is already skyrocketing, thanks in part to the Sarbanes-Oxley Act of 2002 and its rigorous requirements regarding accuracy, accountability and transparency in corporate finance. Specialists in accounting and finance information-technology systems are also in high demand, as are executives who are qualified to step into strategic leadership roles.
In fact, in an industry survey of nearly 33,000 employers worldwide earlier this year, accounting was among the top 10 industries experiencing the greatest talent shortages.
Given the talent crunch and the increased demand, it's now taking companies much longer to fill accounting and finance vacancies. “Many hiring managers underestimate the time required to locate and attract a suitable candidate,” Heisler says. In reality, finding the right direct hire for almost any such position can take at least two to three months--from starting the search to the successful candidate's first day on the job--and it could take several times that long. Says Heisler: “It's not uncommon for clients to come to us after they've been searching on their own for six months or even a year.”
But employers have plenty of reasons for optimism as well. Even in today's challenging employment marketplace, it's possible to hire top finance and accounting talent within a reasonable time frame, given the right combination of strategy and expert assistance.
Where to Start
When you're suddenly facing a vacancy in a key finance or accounting position, what should you do first?
- Exhaust your own candidate pool. “Consider promotable in-house talent first,” Heisler advises.
- Enlist your other employees. Offer referral bonuses to employees who refer qualified candidates.
- Move fast. Once you've identified a strong candidate whose experience and personality is a match, move forward with your best offer before one of your competitors does.
Call in the Pros
Consider bringing in staffing professionals who can suggest both short- and long-term solutions. But choose your staffing partners wisely.
“Make sure they're reputable and well-connected,” Heisler advises. “You want professional recruiters who are experienced and know where to find quality candidates, not just the ones who match your profile.”
SALO maintains two large networks of screened and highly qualified finance and accounting professionals:
- Associates--professionals who prefer working in contract jobs
- Candidates for direct hire employment
Both can help companies deal with vacancies in critical areas. A consultant with the right skill set can often step right into a job to keep things moving while you seek a long-term hire. SALO Project, the firm's consulting division, can often provide such consultants within a couple of weeks. In some cases, the firm has placed skilled contractors with client companies in a matter of days. “Using a consultant gives you the time you need to make a smart hiring decision,” Heisler says. “You eliminate the pressure to hire the first available candidate versus the best candidate.”
While that consultant is holding down the fort, your staffing partner can conduct an intensive search campaign. “Recruiters keep tabs on the best in their business,” Heisler says. “They know where the great candidates are and can reach them quickly.
“Often, these are professionals who are currently employed and haven't launched a formal job search, but might be lured away by a better opportunity.”
Whether your staffing partner recommends the market's leading active candidate or a passive candidate coaxed away from another company, you'll almost certainly fill that vacancy with the top talent available, and chances are that you'll do so in record time. Meanwhile, your consultant will make sure that your business never misses a beat.
About the Author
UpSide contributor Anne Stuart writes frequently about business, workplace and career issues. A former writer and editor for Inc. and CIO magazines and The Associated Press, she is now a freelance writer based in Boston. You can reach her at Anne.S@BeTuitive.com.
Copyright © 2006 BeTuitive Publishing
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