Finance is a highly competitive hiring market, requiring strong succession planning and solid recruiting practices.
Major impacts on the finance industry from new technology, big data, regulations, and cyber-security issues, along with tough new competition from Internet payment processors Google, Amazon, Apple, PayPal, and Square are causing disruptions in traditional finance. Big data in particular will have an impact in finance recruiting, prompting the need for big data engineers and data scientists.
A recent Salary Guide prepared by accounting and finance staffing giant Robert Half discusses a competitive hiring market for more than 400 positions. From corporate and public accounting to banking to financial services, Robert Half advises that higher salaries, recruiting incentives, and solid offers and counteroffers will be required for hiring success with finance positions this year.
Finance candidates commonly receive multiple offers so employers and hiring managers have to be prepared to do more along with their own offers, including focusing on candidate engagement and meeting and exceeding competitor offers.
The need for succession planning is taking on an urgent status in finance with baby boomers leaving on a regular basis. Senior-level openings often create other vacancies and shifts in the workforce as people advance, having a ripple effect throughout an organization. Strong succession planning and solid recruiting practices that are proactive instead of reactive include offering phased retirement options that keep valuable knowledge and experience through a transitional period and focusing on all levels when retirement vacancies loom large.
There are specific preferred finance credentials:
The traditional finance foundation in accounting just doesn’t cut it in today’s competitive global talent market. Candidates need tech skills and experience in areas including cloud-based software, data analytics and advanced modeling techniques and SQL, and business intelligence like IBM Cognos. Candidates with advanced Excel skills, risk and compliance expertise, and strong communication and collaboration skills will be in demand.
(certified public accountant)
(masters of business administration)
(certified financial advisor)
(chartered global management accountant)
(certified internal auditor)
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