New tactics in the war for accounting talent
Competing head-to-head for accounting and finance talent has led many employers to adopt innovative tactics to attract the best.
There was a time when having a good brand name or being in a trendy industry would have been sufficient to attract talent, but employers are increasingly waking up to the fact that really strong candidates have a different set of priorities.
Back in early 2007 Badenoch & Clark reported that there was a mismatch between what employers felt attracts recruits and what candidates actually value (Finance Connections: Winning the war for talent). Our findings were that while employers tended to focus on their employer brand as a main attraction tool, candidates ranked opportunities for career progression and broader culture as more important. In early 2008 we reported that the absence of clear career paths was a major factor in accounting staff turnover (Finance Connections: Facing the challenge of recruitment and retention) and it now seems that many companies are stepping up to the plate.
One major telecoms company is setting out a clear three year development plan.
Innovation in action
One major telecoms company is rising to the challenge and setting out a clear three year development plan for finance candidates at offer stage. This is part of a structured approach to career planning with a subsequent review at 18 months with the opportunity for promotion or secondment.
Meanwhile a major pharmaceuticals company has reported great success in offering new recruits the opportunity to hone their project management skills at an early stage by getting involved in major business projects. This is backed up by a highly flexible benefits package tailored to suit the individual, their lifestyle and appetite for career progression.
Other employers, including a multinational energy company and a major transport business, are focusing on creating tailored packages comprising flexible benefits, bonus arrangements, work-life balance, enhanced holidays and career planning.
Seeing the benefit
Employers adopting these innovative approaches are reporting successes in attracting strong accounting and finance talent. For candidates it presents the opportunity to weigh up the range of benefits and career options on offer and to select the organisation that best meets their personal needs.
As for employers who continue to rely on their brand name as a primary attraction tool, it remains to be seen whether this is a sustainable recruitment strategy.
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