A recent survey from the company TaxTalent indicates that accounting departments will grow rapidly in 2015, particularly as they search for talent with tax expertise. The survey polled 365 respondents, and of those a full 69% said that they would be looking for more tax professionals. Perhaps even more significantly, this represents a 28% increase over affirmative responses in 2014.
That begs the question – why are accounting departments in companies ranging from small to mid-market all the way up to Fortune 500 scurrying to find tax help? In part it is due to a positive upswing in the economy. But according to experts interviewed as part of the survey, it has more to do with persistent staffing challenges – particularly in the areas of baby boomer retirement and unexpected turnover. So what can companies do to avoid hasty, large scale recruitment efforts? We’ve offered some suggestion below.
Prioritize Career Development
Companies that make a real effort to train up their employees reap unexpected benefits. Of course they end up with a more capable pool of talent and do so without having to recruit. But even more significantly, they end up with a pool of talent that is more productive, efficient, and committed to their performance. When employees feel like their employer is invested in their success, they are naturally more loyal to that employer. That enables small teams to do more and has a powerful impact on reducing turnover.
Institute Strategic Staffing
Part of the reason hiring is on such an upswing is because hiring forecasts has been off in past years. Companies either over or underestimated the number of accounting professionals they would need, leaving them in a difficult position once tax time arrived. The solution is to switch to a strategic staffing approach in which staffing initiatives are aligned with company objectives and market realities. In practice, this allows for on-demand staffing, cuts down of redundancies and vacancies, and streamlines a typically cumbersome process.
Work with a Specialized Recruiter
With 68% of companies looking for accounting help, there is going to be a lot of competition for the available talent. One simple way to cut through the jockeying and accumulate candidates quickly is to partner with a company that has already put together these pools of talent. These specialized recruiters can connect companies with professionals that have the skills and experience they need, exactly when they need it. That eliminates the biggest burden of recruiting, and by all accounts, that burden will be significant throughout 2015.
If you’re ready to speak to a recruiter about the gaps in your accounting staff, contact the experienced team of recruiters at The Squires Group.
