How to Survive the Summer Slump in Accountancy and Finance Hiring

 

 

During the summer months, it can be common that both hiring and job seeking hit a slump and begin to slow down, however this does not necessarily mean that candidates are not actively looking for jobs. Yes, annual leave and holidays during the summer can sometimes make it difficult to speed up the hiring process or engage properly with candidates/hiring managers, however that doesn’t mean that the hiring process stops completely. There are some things you can do, both as an employer and a jobseeker, to ensure that the traditional “summer slump” doesn’t impact you in a negative way.

As an employer, there are some things you can do to make the most of the summer period and improve your hiring processes:

  • Speed up your hiring processes. If you delay the process and wait around too long good quality candidates may get hired elsewhere
  • By speeding up the interview process, scheduling interviews in a quick and efficient manner perhaps the same week as possible will help maintain interest in candidates and hopefully get an offer of employment out as soon as possible, therefore securing the strongest candidate for your business.
  • Providing unambiguous job specifications can really help in catching the attention of potential candidates.
  • Trying to be creative and delivering strong insights into what will be expected of the person who takes the roles and also details of the company culture is crucial and will help you stand out from other competitors.
  • Make sure you sell the opportunity within your business and also the possible career paths available to employees who come on board within your organisation.
  • Another simple step that can be highly effective is to arrange onsite meetings with the recruiter present who is currently looking after your various available roles. Giving them the accurate information they need to present the role correctly and efficiently is vital in promoting the roles properly to candidates that you wish to target.

Jobseekers are looking for more from employers than ever before – In the accounting and finance industry for example, jobseekers are increasingly looking for benefits such as study support, flexi hours, working from home and steady career progression. Then in terms of what employers are looking for from jobseekers, there is an increased need at organisations for newly qualified professionals, or those with 3 years post qualification experience in Record to Report (R2R) and Business Partnering/Commercial experience. There is also a continued demand for payrollers.

The usualĀ  skills and qualification such as ACCA, ACA, CIMA, ATI & IPASS are still relevant across the board. Relevant experience with systems such as SAP, Oracle and Sage alongside a proficient level of Excel is also widely valued. In terms of languages, the most sought after apart from English are German, Dutch and Frecnh. Those with EMEA payroll experience, month end experience and high volume AP experience are also in demand during these summer months. Candidates who are available for an immediate start are at an advantage for time sensitive roles. Also at an advantage are those who can bring international experience to the table.

As with every quarter, there have been certain challenges and difficulties for both job seekers and employers during Q2. For jobseekers, lack of industry relevant experience here in Ireland is a hindrance, as well as being involved in multiple processes at the same time and therefore not having enough time for interviews and to focus on certain interview processes. The main problem here for jobseekers is essentially having too many options on the go at once and therefore not being able to commit enough time or effort to anyone. On the other hand, some challenges which employers may be facing this quarter include issues in relation to supply and demand. Certain jobseekers are looking for far more than market average for certain roles, and employers are finding they have to offer this in order to secure the talent they wish to. Organisations are finding themselves losing talent due to counter offers and a lack of speed of hiring on their side. As mentioned above, candidate are often involved in multiple interview processes and so businesses are having to start interview processes multiple times as professionals they have been engaging with are snapped up.

The main areas of growth throughout Q2 for Accountancy and Finance include Reporting and Financial Planning and Analysis. There has been continued growth in these sectors within Multinational Share Service Centre’s due to transitioning new entities. Overall, professionals should not be expecting a real “summer slump” in terms of hiring but more of a different form of interview process due to annual leave and holidays during the summer months. There is set to be continued growth across the R2R and Commercial space as we continue into Q3. There is also set still be a need for various European languages within the transactional accounting space, as we have seen in Q2.

 

 

 

 

 

 

 

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