How to Find (And Keep) Top Professionals In a Seller's Market

By Anne Stuart

The financial-staffing experts at SALO LLC can sum up the current employment picture for their industry in two words: seller's market.

That description will come as no surprise to any HR manager who's recently wrestled with the frustrating task of finding (and keeping) top finance and accounting professionals. But that same HR representative may be stunned to learn that the talent shortage probably won't be a short-term problem.

"It will stay a seller's market for the next 10 years," predicts John Folkestad, CPA, partner and co-founder of Minneapolis-based SALO, which specializes in high-level placements.

What's causing the drought? A simple matter of demand and supply, says Amy Langer, CPA, also a SALO co-founder. Demand is up for several reasons. Chief among them: the increasingly large and complex collection of accounting changes mandated by the Sarbanes-Oxley Act of 2002 and other corporate-reform legislation.

Meanwhile, the incoming supply of highly skilled professionals has dwindled, especially in accounting, says Larry Revier, CPA, executive recruiter with SALO's Direct Hire Division.

Many recent college graduates now opt for degrees they can finish in four years, rather than spending the four-and-a-half or five years necessary to graduate with the CPA designation, Revier says.

Bottom line, Langer says: "There's a gap between the number of people going into accounting and the number of accountants many companies need."

The SALO team is addressing that need by drawing on its enormous pool of highly qualified candidates. "We have a network unparalleled in this market, and, through our affiliates, a worldwide network as well," Folkestad says.

Clients may initially think of SALO as a contract-staffing firm, yet the company increasingly helps clients with direct hire placements as well. "We are a recruiting firm," Folkestad says, emphasizing "recruiting." "We literally recruit the right person for the job."

What's the difference between that and traditional methods for filling vacant positions? "If a company has a strategic spot to fill, we'll go out and find somebody who's a perfect match to fill the void," Revier says. As accounting and finance pros themselves, SALO recruiters know what to look for in candidates--and where to look for them.

Often, Ken Heisler, director of SALO Search, says, the best prospects aren't even officially in the market for new jobs. "We look for somebody who's doing exactly what our client wants, lure them away, convince them it's a good career decision and give them reason to move."

The SALO team calls that approach far more effective than simply placing ads and hoping for the best. "When you do that, you generally get people who are disgruntled employees or ex-employees," Folkestad says. "They're not exactly the A-list candidates."

So how can corporate HR teams win the race for the top finance and accounting talent? The SALO team offers the following tips:

1. Take Stock of What You've Got

First, take a look at your current finance and accounting departments. Talk with managers to determine who's most valuable to each team. Then talk to those individual players to determine whether they're satisfied with their jobs--and, if not, why not. Find out what's necessary to make them happy.

Do salary research and see whether their paychecks are in line with the rest of the market; if not, consider sweetening their compensation to keep them on board. "Some companies are offering midyear bumps in salaries or retention bonuses," Revier says. Promotions, title changes or opportunities to broaden skill sets might also keep some employees from jumping ship.

2. Sell the Company to the Candidate

In a buyer's market--when employers hold all the cards--interviewers expect job applicants to arrive armed with strong sales pitches. But, in the current environment, you may well be the one doing the hard sell, trying to convince top finance and accounting candidates that your company is a perfect match for them.

"Companies have to remember that there are other great businesses in the Twin Cities area," Revier says. "A lot of employers think they're the only game in town, and that's just not the case."

Offering a competitive salary is one place to start. (Need guidelines? The SALO team says new grads without CPAs usually earn about $45,000 or $46,000 to start. Experienced and credentialed professionals, of course, get larger paychecks, while managers and executives can easily command $100,000 or more.)

Beyond that, consider providing signing bonuses, half-year raises and perks such as reimbursement for college courses or help paying off student loans.

3. Respond at the Speed of Light

You know the for-sale ads that say "Won't last"? The same is true of any promising applicant for a permanent finance or accounting job: Hesitate too long and you're out of the running.

"When we send you a good candidate, move fast," Revier says. Circulate resumes, schedule interviews and touch base frequently with managers and recruiters themselves to keep things moving forward. Never give the candidate reason to doubt your interest.

For companies where administrative wheels grind slowly, that's easier said than done. Folkestad describes one such case involving a candidate SALO located for a Minneapolis company. "He was a perfect fit and the company had a beyond-desperate need for his skills," he recalls. "Our search team told them, ‘You've got to move quickly on this.'"

But, the company's HR team let one week, then another, slide by without a response. The candidate, tired of waiting (and convinced the company was no longer interested in him), accepted a job elsewhere.

When companies make decisions faster, their stories have happier endings. Langer describes a case in which a U.S. client urgently needed an accountant for a contract job starting less than two weeks later--in Tokyo. (Candidates were also required to be fluent in Japanese).

Despite the less-than-hopeful odds of meeting such a specialized order in a highly competitive market, SALO cast its net and found a Japanese-speaking candidate willing to relocate immediately. "We had the whole deal locked down in four days," Langer recalls. Apparently delighted with the assignment, the client later hired the candidate for a permanent position.

Bottom line: HR executives, as well as hiring managers, need to keep tabs on the marketplace and be vigilant about keeping their current finance and accounting professionals.

Above all, they must learn to hurdle administrative roadblocks that might prevent them from hiring the top-level talent they need to retain a competitive edge. In the long run, Folkestad says, "the cost of not filling key positions can be far more substantial."

About the Author
UpSide contributor Anne Stuart writes frequently about business, workplace and career issues. A former writer and editor for Inc. and CIO magazines and The Associated Press, she is now a freelance writer based in Boston. You can reach her at Anne.S@BeTuitive.com.

Copyright © 2005 BeTuitive Marketing

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