By Megan Martin

With increased job openings, salaries on the rise and college grads receiving more multiple offers than ever before, today's job market is a candidate's dream. But while job-seekers reap the rewards of the competitive climate, employers find it tricky to secure elite candidates before they're hired by the competition.

The accounting and finance industry is no exception. “The finance side is tight, but the accounting side is even more so,” says Ken Heisler, Director of SALO Search. “‘A' candidates are always difficult to find, but now there's a shortage.” Heisler cites increased regulatory pressures brought on by Sarbanes-Oxley legislation and an insufficient number of new accounting graduates as major factors--companies need highly skilled accountants now more than ever.

In a frenzy to attract and secure top talent, employers are offering increasingly attractive salaries and benefits packages, but sometimes even this isn't enough.

While it may not be the ideal time for winning the favored candidate, there are steps you can take to put your company closer to the top of a star candidate's list:

1. TIMING IS EVERYTHING

One faux pas often made by employers is not contacting candidates quickly enough after receiving a resume or after an interview. In a competitive job market, slow and steady isn't always better.

A slow response from an employer can frustrate a candidate and cause them to look elsewhere or accept a lucrative offer from a faster acting competitor. When the best candidates are on the market for a short period of time, you have to move fast.

Heisler warns against the time-consuming mistake of over-interviewing. Plan the process appropriately. Make sure all the key decision makers are present to meet the candidate during the first or second interview. If the consensus is positive, move quickly to extend an offer.

Responding quickly to a strong candidate creates a sense of importance and gives the impression that your organization's leadership is decisive and effective in its decision making process. That positive impression could convince a star candidate to accept a position with you versus a competitor.

2. HIRE A RECRUITER

Work with a recruiter to save time and energy in a competitive marketplace.

“A strong recruiter will identify passive candidates – those who are not actively looking - with skill sets that match your hiring criteria. This is in contrast to candidates who have either been laid off or have already interviewed with 10 other companies unsuccessfully,” says Heisler.

He also notes that recruiters can keep hiring managers aware of valuable candidate feedback and expectations which may give them an advantage.

3. MAKE A GOOD IMPRESSION

Too many organizations forget to focus on the messages they send candidates about their company during the interview process. Not only can poor first impressions drive off strong candidates, but word can spread which can weaken your reputation in the market place. In a tight candidate market, many of your competitors will be devoting significant effort and resources to attract and impress top talent.

Three factors candidates consider in a decision to make a career change are advancement, company culture and compensation. The company that presents the best combination of these typically wins the candidate.

“Applicant happiness should be considered from the initial interaction until the end of the process, whether it leads to employment or not,” writes Julie Gordon in her CareerJournal.com article, “Best Hiring Practices.”

The interview process is key. Keep in mind that while you are interviewing the candidate, the candidate will be interviewing you and your company.

“Hiring managers may fail to create a positive and professional atmosphere during an interview and opt instead for a condescending or unprofessional tone, sometimes without even realizing it,” Gordon writes.

4. HOW TO MAKE THEM AN OFFER THEY CAN'T REFUSE

Before you make an offer and enter into negotiations, do your research. Make sure you know salary trends for the position so you can give the candidate a market offer. Low offers can leave a negative impression.

If you work with a recruiter, they can often do the research for you—and even uncover offers a candidate has received from other companies.

However, salary isn't everything to a candidate. Benefits, stock options and work/life balance are becoming more and more important.

“One of the biggest mistakes we see hiring managers make is not effectively selling the company or position,” says Heisler.

While there is no guarantee, in today's market, taking a few extra considerations might give you the edge to secure top candidates.

Megan Martin is a writer based in Chicago. She can be reached at Megan.M@BeTuitive.com.