The changing face of skill set requirements in finance

The skill set requirements of the recruitment marketplace in finance has changed dramatically in 2017. This is mainly due to the high demand for candidates with specific creative skill sets and candidates having more potential career options than they have had previously.

Senior leaders regularly voice concerns over their future senior pipeline but now the combination of demographic change, new technologies, shifting skill demands, and the evolving preferences and expectations of employees and customers are creating new challenges for talented professionals.

In the past, when a manager wanted to hire a part-qualified finance professional, they had a list of specific requirements. Ideally, a candidate would have relevant industry experience, specific systems knowledge and exposure to certain areas within management accounts so that little training would be needed and new hires could hit the ground running. Now, a degree of flexibility is required in order to best compete in the market. 

Do candidates really need specific industry knowledge? Could an individual be trained to use that particular accounting package? Do candidates need as much exposure to management accounts as requested or is this again, something that can be taught? These are the typical questions you should be asking if you are looking for a good selection of candidates in the marketplace.

Often, candidates now have multiple job offers in the marketplace, so you are fighting against many other companies who are “fishing” in the same talent pool. Add to the mix that employers don’t want the inconvenience of losing someone and having to re-hire themselves, candidate buyback is more prevalent than it has ever been.

When recruiting, don’t leave the selling of the organisation and the role solely with the recruitment agency. Of course, they will represent your company but who is better placed to explain the organisation, share success stories and highlight progression opportunities? From the moment the candidate enters the building for the interview, you need to showcase why they should choose your organisation and show them your vision for their career working there.

Timescales for processes are also crucial factors for securing offers. All too often you hear of organisations losing candidates in the middle of the process because the time frame from interview stages to offer took too long. Those who have recruited in recent months will know of the pressures to move things quickly for fear of losing out. Ensure you have time aside for second and if necessary, further stage interviews to be within days of each other if possible and if you have the right candidate, you are ready to put a formal offer together. The more the delay in the process, the higher the risk of not securing your candidate and having to start an already painstaking process again.

The key to successful recruitment is the speed of the process, be prepared to be flexible on what skills are essential and what you can train the candidates up on. Be sure to sell your company and the role effectively so the candidate wants to work for you! The marketplace has changed and you need to change with it or run the risk of being left behind. Candidates hold the key to the future success of your business and to get the right person in, you’ve got to work around them and their requirements as well as your own.

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