CPA Practice Advisor - 27

FEATURE

The Unseen Talent Pool
By Jeramy Kaiman

A GROWING ECONOMY has led to increased demand for
accounting and finance professionals. Projections from
the Bureau of Labor Statistics (BLS) show employment in
the sector growing 6% from 2018 to 2028. This is good
news for job seekers, but organizations looking to hire
accounting and finance talent have their work cut out
for them.
With the hyper-competitive
talent landscape and the continuously low unemployment rate for
financial operations remaining at
1.9%, filling open positions has
become increasingly difficult.
Additionally, employees could be
one job offer away from leaving
bigger gaps within their companies.
When considering hiring talent, companies don't have to look
harder - just smarter. According to
a report from Ajilon and Accounting Principals, there is an unseen
workforce hiding from the applicant
pool - "passive candidates." "Passive
candidates" are professionals who
are currently employed full-time
and not actively looking for a new
opportunity but willing to accept
an offer if presented. These candidates make up 55% of the overall
talent pool and not only include
people outside of the organization
but also within it. When looking
to fill vacancies, employers should
look within their organization first
and create their own talent pipeline
through a strong retention strategy.
Oftentimes, recruiting from
within the same organization can
ensure the candidate is a good
cultural fit, as well as that they
possess the right hard or soft skills
for the role. Doing so can also help
avoid high external costs associated with hiring.

These days, offering competitive salaries isn't enough to attract
top talent into new positions. Companies have to get creative and be
willing to offer more out-of-the-box
benefits that provide better flexibility and work-life balance in order
to attract - and retain - top talent.

WHAT MAKES
EMPLOYEES STAY?
While many employees report
actively looking for a new job as
just something they do as a professional, the majority of employees
(54%) stay at their current job
because of a sense of loyalty to
their team or company. Managers
can work to increase employee
loyalty by practicing loyalty in
return and giving employees
opportunities to advance in their
career. Overpromising but underdelivering with regard to career
growth opportunities can cause
restlessness in professionals - leading many to start looking for new
job opportunities.

WHAT PUSHES
EMPLOYEES OUT THE
DOOR?
While going through the recruiting and hiring process, companies
should remember that job seekers - including their own current
employees - have a wealth of

options. While a higher salary
remains the biggest temptation
to explore new jobs, it isn't everything. Accounting Principals found
that almost 30% of employees said
having a bad manager or boss
would tempt them to quit.
Of those employed professionals that are actively looking for a
new job, many (42.2%) report their
company misrepresented the
advancement opportunities of their
current position. Employees are
companies' most valuable assets
and using available positions as
an opportunity can show current
employees that the company is
invested in their long-term career
within the organization.

SMARTER RECRUITING
PRACTICES
Accounting Principals' research
shows that an overwhelming
majority (88%) of employed professionals are either actively looking
for - or open to - a new job opportunity. Companies can tap into this
hidden talent pool with the help of
specialty recruiters who are able
to handle the day-to-day duties
associated with the hiring process.
Because staffing companies work
with so many candidates nationwide, they often have a network
of some of the best talent in every
market and can provide quick
access to qualified applicants. They
also have a wider reach, finding the

NOVEMBER 2019 ■

best candidates that might have
been unseen beyond an area code
but would be willing to relocate for
a new job.
While most professionals
agree that compensation is the top
deciding factor in whether to make
a career move, there are other factors that candidates look for in a
job offer. If the candidate is willing
to relocate, employers should make
sure to offer them a relocation
package that would reimburse the
cost of moving. A candidate might
want to accept the initial offer but
the majority of candidates (68.1%)
would decline an offer if the company's relocation package did not
meet their expectations, even if the
salary and title did.
Whether hiring locally or
from afar, employers who make
the hiring process as frictionless
and streamlined as possible will
have the upper hand. The longer
employers drag out the hiring
process, the more likely it is that
their top picks will accept an offer
from their competition. Employers who keep candidates engaged
- whether they are from within
their own organization or new to
the company's talent pipeline - and
present feedback quickly are better
positioned to secure that potential
employee. ■
Jeramy Kaiman is regional vice president
at Accounting Principals.

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