Future Proof Your Finance Team’s Recruiting Strategy
Obama has just announced America is out of the Financial Crisis. Unemployment in Ireland is at its lowest point for 5 years, and in 2014 demonstrated the highest rate of job creation in any EU state. As we move into 2015, one thing is becoming increasingly apparent: Ireland is recruiting, and most likely, at a higher rate than at any point over the last 6 years.
Before we crack open the bubbly, let’s think your recruiting strategy through. It’s evident to us all that recruiting dynamics have shifted dramatically, alternating, almost monthly over the last few years between an employer’s market and an employee’s market in reaction to the troughs and peaks of the world at large. However, one fact has remained constant, and will remain unchanging: that, for most organisations, recruiting in-demand “talent”, or highly skilled professionals, especially in finance, presents significant challenges.
Understand your Talent Pool
Millennials, also known as generation Y, make up the majority of the talent pool we’re talking about, with sources estimating this generation at 30-35% of the workforce. Roughly categorised as being born between 1980 and 2001, this generation includes newly qualified accountants coming out of practice, up and coming financial controllers and many of our commercial finance managers. Their aspirations are radically different to those of previous generations, and so are their expectations of employment. Perhaps you are one, or maybe you already understand this evolutionary dynamic from managing millennials, but certainly, you must develop and appreciation for what they are looking for in their career to create a successful recruiting strategy.
Working for an establishment, corporation or big name, while still a selling point, is not top priority for this generation. Whereas previously, smaller companies might have lost talent readily to the larger brands, increasingly so, millennials are choosing companies that offer flexibility, more responsibility and a more entrepreneurial environment. If you’re a larger business, you must provide accountability, demonstrating examples throughout the interview process of where employees have been given autonomy to lead their own projects and define their own career path in the business. If you’re a smaller business, show a clear appreciation for practical skills development by providing wider role scopes and opportunities to contribute to higher-level decisions.
Demonstrate Mobile Leadership
Millennials are mobile, they are hungry to see the world and demand to experience variety. Companies that achieve the highest attraction and retention rates are those that can offer lateral or international moves. Promotion is actually not the key factor here, it is the opportunity to develop a leadership skill set through a diversity of experience. You’re more likely to obtain a CFO role if you have international experience, so it follows that if you want to hire someone who’s 10 year goal is to be a CFO, to successful attract, engage and recruit them you must present a clear case for career development.
Getting your recruitment strategy right is critically important to future proofing your finance team. Creating a strong brand as Millennial employer will not only make it easier to recruit, it will improve your capability to attract higher quality individuals, which in turn will support the sustainable and profitable growth of your company.
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