How To Attract Finance Talent In Today’s High Demand Market

Every organisation is feeling it, finding talented finance professionals in Ireland, such as Financial Accountants, Financial Analysts, Management Accountants and Tax Accountants has never been more difficult. During the pandemic it was expected we would be entering into a recession, luckily this hasn’t been the case. 

At this moment in time finance jobs in Ireland are plentiful however finding finance professionals for these roles is proving to be difficult.  The market for talent hasn’t been this strong for talented accountants in many years.

Employers are struggling to find experienced talent for open positions. However, we are off to a positive start to 2022 according to Chartered Accountants Ireland. In Q3 of 2021 job vacancies were up 42% than in the same period as 2019.  At Martina Quinn Finance Recruitment we see evidence of this continued growth in 2022 with many organisations looking to fill vacant positions.

Below we have some tips on how to attract the best accountants in this competitive marketplace.

1. Highlight Your Career Development Programme

Attract ambitious accounting and finance talent by highlighting your development opportunities. Showcase how you can help potential new hires make the next step in their career.

2. Get a Referral Programme.

Companies with a referral programme find candidates who’ve been referred are more likely to accept a job offer. This can be from 2.6% to 6.6% according to Glassdoor.  Also, employee referrals account for 10% or reported job interviews. Finance professionals hired from referral programmes tend to stay longer as they know what to expect from the organisation in terms of culture.

3. Bulk Up Your Benefits

If your company are on a pay rise ban, it can be difficult to attract top talent. This is where you will have to think outside the box. Post pandemic we know that demand for remote or hybrid working models are six times higher according to the Irish Examiner. 

Remote or hybrid working options is now a ‘’must’’ to include your benefits package. Pension schemes, performance bonuses are standard. Utilizing a ‘’promise to stay bonus’’ Travel or leisure benefits or guaranteed career progression scheme could be a way to attract top performing talent.

4. Asking What Do Finance Professionals Want?

Increased salary and bonuses might not always be a huge influencing factor in getting the finance professional you deserve. Simply asking potential hires what would it take to move to your company could be enough to getting that new hire.

5.Your Company Is a Wise Move

You need to sell your company as wise career move for potential hires. Your company is a place where accountants can grow and develop their career, skillset and experience. If potential hires see this it can build your company’s brand as a place to grow and develop and in time make the recruitment process easier over time.

Attracting new talent comes down to having a specific plan in place, being genuine, honest, authentic, and respecting the role of the accounting and finance professional. Hiring managers need to respect the abilities, skillset, problem solving nature and dedication the finance processionals have. 

For more information on how Martina Quinn can help you find top talent click here.

2022 is shaping out to be a tremendous year in terms of job opportunities for qualified accountants and senior finance professionals.  Remote working, pent up hiring demand with employers and major new multinational investments are providing the perfect environment for career advancement.  However, you got the get through interview processes first, to land that dream job.  

Here are our top interviewing tips to guarantee the best outcome possible

1. Know your CV = Practice a 5-minute summary

Know your CV inside out, be able to talk an interviewer through your experience from education to current role (practice doing this in under 5 minutes, this will ensure your summary is concise)

2. Know the employer

Spend 30 minutes on the employer’s website, look at glass door reviews, look at their social media presence, check employee profiles on LinkedIn to see where they come from and how they explain their roles in the organisation.  The more research the better prepared you will be for the ‘what do you know about us’ question and the more informed you will be on whether this company is right for you or not. 

3. Know the job spec

Get a full job description and if using a recruiter (which we highly recommend) get them to summarise what the hiring manager wants in a nutshell.  Match your experience by being able to provide examples that reflect the job spec requirements

4. Prepare 5 scenario-based question response

List your top 5 selling points (hardworking, great leader etc) and have 5 examples to illustrate these points.  Make these interesting ‘short stories; that engage the interviewer.  I consider myself a great leader and here is an example of how I turned around a non performing team with low moral in my time in COMPANY X …. Etc.  

Make sure to give a positive outcome (use stats and growth figures where possible)

5. Arrive 5 minutes early & Dress smart

Always put your best foot forward and don’t be late.  If interviewing by video, have a professional background, clutter free and dress well.  You get 1 chance to impress 

6. Demonstrate your value

Make sure you sell your sell yourself by demonstrating your relevant experience and why you believe you are a great match to the role and organisation. Ask your recruiter for more support around this

7. Ask questions (Prepare the 3 most important to you)

Interviews are a 2-way street and you need to know if this is the right role and company for you. Ask about career paths, technology, team plans etc.  

8. Engage with a Finance Recruitment Agency (specialist)

A great recruiter, free of charge will do the heavy lifting.  They should come to you with options, know the employer, give inside tips, know what the hiring manager is looking for, advise on salary and so on.

Good recruiters prep. Candidates in advance of interviews ensuring the best possible outcome.  Remember it’s a competition to secure your dream roles, a competent finance recruitment specialist can make the difference.

We just happen to know one ???? Reach out to Martina Quinn for expert advice

Candidate-focused in her approach, Martina is passionate about supporting people with their overall job-search strategy.

www.mqrecruitment.ie 

The financial industry can provide a lot of career opportunities, if you are a recently qualified accountant or a seasoned finance professional considering the best career move, research and career planning is a must. Don’t run the risk of taking the next job that comes along because it ticks some boxes right now.  Plan, think about where you want to be now, in 3 years and in 10 years and how you will get there.  2022 is a candidate market, there are huge opportunities for accountants in Ireland with employers nationwide offering remote working and hybrids, so career choices have never been this vast.  

Here are our recommendations:

1. Network

• LinkedIn is the ultimate networking tool, you can connect with finance leaders across companies that peak your interest, putting your profile in front of them and engaging where appropriate
• Now that the world is opening again you should build and leverage personal connections by going to conferences, job fairs and other events that bring finance professionals together are a must.  Reach out talk to colleagues, industry leaders and build that all important networks.  Professional networks often lead to job offers
• Talk to the best finance recruiters free of charge and ask them to research and find suitable employers and roles based on your unique needs.  

2. Know your market

• Build a pool of top employers that are growing, offering career advancement, paying well, offering flexibility, building a great culture and so on.
• Talk to Finance Recruitment Specialists to get the inside track on top employers in your filed

3. Improve your skills

• Identify courses & further education that can help build your career. It’s important to know what employers are looking for and how you can upskill throughout your career to give you the best career options. 
• Most employers will support your learning and development journey, so ask about this at interviewing stages to ensure your requirements will be met. 

4. Ask for new tasks

• Asking to work on new projects, mentor team members, join committees and in general come out of your comfort zone, will serve you well.  The more experience you gain and then bring to the table the bigger your career prospects. 

5. Talk to a Finance Recruitment Specialists

• Avoid generalists and speak with recruiters (free of charge) that specialise in finance bringing real expertise and advice on how to form an effective career plan.

Here at Martina Quinn, we strongly believe in transforming lives through the world of work every day to help you achieve your career goals. We offer great advice every day and in short build careers   www.mqrecruitment.ie 

I believe it is, and it’s not just Generation Z that see things differently, the pandemic has turned the world of work on its head and in 2022 most of the job seeking accountants and finance professionals we speak to are looking for a dynamic, flexible work environment.  Offering complete flexibility does not come without risks so employers need to plan what roles can be done remotely, hybrid, on a part time and with flexible start finish basis.

In 2022, there is fierce competition to both attract and retain finance professionals and those that adapt flexibility (with thorough planning) are already winning the war on talent. 

What should employers do?

Business leaders should embrace remote working and flexible hours. Give your employees a little leeway, and they’ll give you a lot of loyalty. Here are my top recommendations on what’s required to offer an effective flexible work environment

Remote workers environment

• Ask for a speed test screenshot showing wi-fi speeds are adequate (If not source alternative Wi-Fi providers)
• Is the mobile phone reception adequate (again look at alternative providers)
• Check that the home office space is free of distraction/noise?  i.e., a professional environment
• Ensure all equipment, laptops, printers, headsets, desk and seats are just as good as what you have on site in work environment.

Software Management tools

• Review your CRM and software tools for remote management.  There are endless solutions out there to track login times, KPIs and overall performance.  With the right technology providing you with regular reports, managing performance remotely is not a difficult task
• For teams collaborating remotely, the most important piece of software I’d recommend is project management system allowing real time collaboration, team tracking, and results oriented reporting

Connecting the team / Team Culture

The biggest issue with remote working can be connecting teams and building an inclusive connected culture 

• Where possible get the team together weekly or fortnightly to work together, socialise, collaborate and have those ‘water cooler’ conversations with colleagues / managers
• Have a weekly virtual get together (30 mins – not work related) for teams to chat and ‘shoot the breeze’
• Ensure continuous training can be done online and via video calls.  Ensuring one to one time and communication via video calls forms part of the day to day where appropriate.  Think of it this way Facebook, twitter and so on is how the world is communicating effectively, why should it be any different in the workplace.  

It’s much less expensive to retain a productive employee than it is to recruit one. For more advice (free consultation) talk to the experts at Martina Quinn. At Martina Quinn, we are highly specialised finance and accounting recruitment consultancy. We find the best people and place them into cultures where they will thrive.

See www.mqrecruitment.ie Finance Recruitment Specialists. 

Context 2022

With hopefully the worst of the pandemic behind us and a move to ‘live’ with Covid and avoid further lockdowns, the market for senior finance professionals in 2022 is fiercer than ever before. The balance of power between workers and employers has shifted. Job openings are at an all-time high. People are choosing companies that match their personal goals, and wages are rising faster than at any time since 1980. 

I do not exaggerate, when we say Irish businesses across all sectors of the economy are in a war for talent.  Recently Qualified Accountants up to CFO level jobseekers have more career choices than ever, particularly with Hybrid and work from home options, which has translated to accountants in Kerry working for employers in Dublin.  This is potentially the busiest market I have experienced in my 20 years placing senior finance professionals here in Ireland. It’s hard to believe that Brexit is comparatively speaking no longer a big threat to growth and that after 2 years of lockdowns and work from home guidance that 2022 could be a record year for hiring! 

Implications

The implications for employers, finance leaders and hiring managers are multifaceted. Qualified accountants with a social media presence are being contacted sometimes weekly by a growing pool of recruiters here in Ireland and even overseas, mostly from our UK neighbours. Given the volume of recruiting activity, much of it becomes white noise.  Automated technology is getting better and faster at reaching finance professionals, with better engagement and improving marketing strategies, if you are a hiring manager and your team are on recruiters’ radar (with both inhouse recruitment teams and agency) To put this into context, if an accountant on your team has a bad Monday that could easily translate to agreeing to a call with a competitor / recruiter.

Hard to prevent a bad Monday but hiring managers can not ignore the threat nor can managers sit back and expect candidates to apply for roles on job boards.  A retention strategy and hiring strategy to cope with an evolving market in 2022, is more important than ever. 

Here is my advice on how to ensure that your business isn’t left behind in the war for financial talent

1. Flexible work offerings

Most finance staff have adapted very well to working from home during the past 2 years and some have really flourished and do not want to return to the office. Others miss office interaction and based on extensive feedback I get from my finance professionals, hybrid job offers are coming up as a vital requirement in their job search.  Flexible start and finish times, 4-day weeks and hybrid working, all need to be considered or the pool of interested finance talent will become a lot smaller.  If you don’t offer flexibility, you can be sure your competitors will. Working from home and flexible hours are becoming the new norm and if you don’t keep up, you’re sure to be left behind. Also, if offering remote roles, please ensure the employee has good phone coverage, suitable Wi-Fi and a soundproof suitable space to conduct business.

2. Work from anywhere

The world thanks to ever evolving technology and globalisation has become much smaller.  If you are a Limerick, Galway, Cork or Dublin business struggling to find local talent, you need to look further.  Remote working is here to stay, your next great hire might be living in Donegal or London!  It’s time to make a remote working plan.

3. Salary & Compensation

Fierce competition is continuing to drive salary and benefit offerings upwards.  It’s important to benchmark your salary bands against companies who are competing in the same talent pool. Talk to a good recruiter with their finger on the pulse to find out what you need to be offering your current team and future hires.  Martina Quinn can help, see www.mqrecruitment.ie 

4. Define clear career paths 

Finance Leaders should have a good look at the finance talent on their team that they want to keep long term.  Creating transparent salary bands and a clear route for progression which may incorporate further education, are key tools in keeping your team from looking elsewhere and in attracting new talent.  It doesn’t have to be a managerial career path as let’s face it not everyone makes a manager, but it can include Junior to Senior titles with additional responsibility and/or equity stakes / profit shares and project work.

5. Build a diverse workforce

There is endless peer reviewed evidence that organisations that embrace diversity in the workforce outperform their competitors.  Look to nearly every major successful multinational and their strategy includes creating a diverse workforce.  Not alone do you benefit from difference experiences and a more creative environment, but your pool of talent has just got a whole lot bigger.  Remember your competitors are in a battle with you for talent. 

6. Live your company values 

Work with a purpose and a vision is becoming more and more important to jobseekers, its an important proposition when hiring.  How can you best sell your culture, why would a finance professional work for you?  What makes you as an employer stand out? Make sure that what your organisation is offering is better than your competitors. If you want the best, you have to offer them something that they can’t find elsewhere.

Martina Quinn is considered one of the most successful finance recruitment specialists in Ireland, with 20 years’ experience building finance teams for her clients. Her focus on high-quality service, transparency and long-term partnerships is the secret to her success. Martina is happy to share her expertise with employers.  For a free consultation see here