If you are in the market for financial staff this year there are a few things you might want to consider. What trends are informing the hiring landscape right now? As a hiring manager, what resources do you have available and what pitfalls do you need to avoid? Here are the four major trends that are influencing financial staffing today.
- Increased competition. Hiring has improved and while it was easy to find candidates when the job market was saturated with out of work financial employees a couple of years ago there is much more competition today. It is very important to keep in mind that when you wait too long to make a hiring decision your top candidates will likely access other positions and you will need to start the process over again. Streamline your process to make better and faster hiring choices. You may want to work with a local staffing service that can help you prescreen candidates.
- Hiring to promote growth. Today, many companies are concentrating on the core positions to enhance the growth potential of their organizations. Financial analysts, accounting managers, and auditors are in high demand. Many companies are looking for CPA candidates with previous corporate experience. However, this means that many entry level candidates are being overlooked but could grow to be excellent investments for your company.
- Diversified skills. Financial experience and education is important for candidates, but many companies are seeking employees who are competent in several areas. Software skills, especially the latest Microsoft Office programs, are important as are more specialized products like QuickBooks and ERPs. Soft skills are also important to companies as they want to hire individuals who get along with the team and have excellent communications skills.
- Increased salaries. Compensation for financial positions is on the rise, expected to be at 3.3% more this year than last. For example, internal auditors are expected to make somewhere in the $74,000 range and senior tax professionals can expect to make $122,000 or more. It is always a good idea to research the market before making an offer so you understand if you’re position is competitive. Staffing providers who specialize in financial placements can help you determine the best salary for new hires.
Are you looking for more industry information before you make your next hiring decision? Contact NRI staffing to see how we can help you today!