If you want to keep pace with your competitors, you need to constantly amend your hiring criteria to align with the latest industry trends. Keep these six hiring trends in mind when choosing new accounting and finance professionals to join your team.
Related: Four Tips to Recruit Top Talent for Accounting and Finance
Six Accounting and Finance Hiring Trends
1. CPA Firm Demand for New Graduates is on the Rise
New graduates — both with a bachelor’s degree and a master’s degree — are in high demand among CPA firms, according to the 2015 Edition of Trends in the Supply of Accounting Graduates and the Demand for Public Accounting Recruits, a survey conducted by the American Institute of Certified Public Accountants. The number of master’s degree hires has increased 11 percent since 2012, and the need for those with a bachelor’s degree climbed 5 percent.
2. Top Talent is Getting Harder to Retain
The demand for accountants and auditors is expected to rise 11 percent through 2024 — faster than average for all occupations — according to the Bureau of Labor Statistics. The most talented financial professionals know the market is in their favor and won’t hesitate to explore higher-paying opportunities and more impressive job titles with your competitors if they’re not satisfied, so make sure you’re not taking your team for granted.
Learn More: 5 Tips To Improve Employee Retention Rates
3. Most Recruiters Use Social Media to Find Candidates
Social recruiting is no longer an innovative option — it’s a necessity. An overwhelming 92 percent of recruiters admitted to using social media to find candidates in the 2015 Jobvite Recruiter Nation Survey. In fact, only 4 percent said they definitely don’t use social recruiting, as the remaining 4 percent said they weren’t sure if they if they do or not.
4. Companies Are Expecting More From Financial Professionals
Accounting and finance professionals used to focus solely on crunching numbers, which mainly required them to work independently, but things have changed. Employers are now expecting them to play a larger role in the company.
In addition to having flawless financial skills, new hires must be excellent communicators who work well with others and have the ability to explain complex fiscal terms in a manner that’s easy for all audiences to understand.
5. New Hires Are More Interested in Benefits Than Perks
If you’re trying to save money by offering employees free snacks in the break room instead of healthcare as employee benefits, you’re probably not going to attract the best candidates. According to the Jobvite survey, 63 percent of new hires seek medical and dental insurance as a top priority, followed by a 401(k), which garnered 44 percent of the vote.
6. Temporary Staffing Is at an All-Time High
In May 2015, the number of temp jobs in the U.S. reached 2.9 million — the highest level it’s ever been — according to the U.S. Department of Commerce. This hiring trend doesn’t appear to be losing any traction, as the American Staffing Association noted a 0.75 percent increase in staffing jobs for the week ending June 26, 2016, compared with the same time period in 2015.
There’s no need to keep accounting and finance talent on your payroll when they’re not needed, so increase your bottom line by working with finance recruiting firms, like Sparks Group to find top talent when you need them, without the obligation to keep anyone on staff longer than necessary.
Searching for leading accounting and finance professionals in DC, MD, VA or NC? Work with leading accounting recruitment agency like Sparks Group to streamline talent acquisition.
Contact Sparks Group for staffing and recruiting assistance, direct placement and payroll services, and a workforce solutions program for large users of contract staffing.