Expert Tips: Winning Strategies for Attracting Top Talent & CPAs (Accountants to CFOs)

In today's dynamic and competitive job market, the pursuit of attracting and retaining top talent is undeniably a complex endeavor for companies and hiring managers. As organizations navigate through the evolving landscape of talent acquisition and retention, it becomes crucial to stay abreast of impactful statistics that shape strategic decision-making for 2024. With 57% of hiring managers planning to add new permanent positions in 2024, there is a clear indication of a robust demand for diverse talent across various disciplines, especially in the tech sector. Furthermore, 86% of talent practitioners express optimism about the future of talent acquisition, signifies the prevalence of a candidate-driven job market, thus shifting the balance of power towards candidates during job negotiations.

Our aim in this article is to provide invaluable insights and practical strategies that go beyond the conventional approaches to empower organizations and their talent strategy.

Tips for Companies and Hiring Managers to Attract Top Talent

Emphasize Employer Branding:

Recent data reveals that over 75% of hiring managers anticipate talent retention to be a significant challenge. Prioritizing a robust employer brand can profoundly influence the ability to attract proficient professionals across various sectors. Remarkably, 94% of candidates are inclined to apply for a job if the company actively manages its employer brand. Consequently, a strong employer branding strategy has been proven to yield a notable surge in the number of applications received per job posting.

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Utilize Alternative Sourcing Channels:

?Insights indicate that leveraging alternative sourcing channels, such as niche job boards, external staffing partners and online communities, can broaden the reach to a diverse pool of qualified candidates. According to LinkedIn's "Recruitment Process Statistics," 52% of recruiters resort to diverse online candidate sourcing channels to seek top talent, underscoring the efficacy of alternative channels in accessing a broader talent pool.

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Enhance Applicant and Interview Experience:

?Securing a positive applicant and interview experience is paramount for attracting senior-level to C-suite candidates. Recent data highlights that 65% of candidates would not consider reapplying to a company following a negative hiring experience. Conversely, approximately 80–90% of talent are inclined to reapply to a company after a positive applicant and interview experience.

Focus on Diversity and Inclusion:?

Prioritizing diversity and inclusion initiatives is imperative for attracting and retaining adept candidates. Organizations that prioritize diversity and inclusion are positioned as more appealing to top talent. Research indicates that such organizations are 2.6 times more likely to enhance employee engagement and retention.

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Offer Remote Work Opportunities and Create an Appealing Workplace Culture:

Providing remote work opportunities and fostering an engaging workplace culture significantly enhances a company's attractiveness to potential candidates. A report by LinkedIn reveals that remote job postings received 50% of all applications in February 2022, despite representing less than 20% of all job postings. Additionally, flexible work arrangements and a robust workplace culture results in employees reporting 12% higher productivity.

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Create Compelling Job Descriptions:

Developing compelling job descriptions that effectively convey the role's value proposition is indispensable. This ensures that companies capture the attention of senior-level to C-suite candidates. In fact, compelling job descriptions have demonstrated a significant impact on candidate engagement, with 75% of individuals responding positively to well-crafted job descriptions.

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Promote from Within:

Facilitating advancement opportunities and promoting from within can augment a company's appeal to skilled professionals. Notably, companies that promote from within witness a substantial increase in both employee satisfaction and retention. Employee satisfaction has surged from a low of 43% during the Great Recession to 62% in the current state, accompanied by an increase in retention, with 70% of employees being somewhat likely to stay at organizations known for investing in employee development and learning.

These strategies, combined with a dedicated approach to talent development and succession planning, competitive salaries and benefits, professional development and training programs, and a focus on flexibility and work-life balance, can equip companies and hiring managers to fortify their talent acquisition endeavors and secure top talent across diverse industries in 2024.

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Strategies for Attracting CPAs at the Manager Level to CFO Level:

Implementing a structured talent development and succession planning program is essential for identifying and grooming potential CFO candidates from within the organization. Survey data indicates that only 35% of CFOs reported having a succession plan in place for their role in 2022, with 81% of respondents lacking an internal "ready-now" successor. This underscores the need for companies to effectively develop potential CFO candidates through structured talent development and succession planning programs.

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Offer Competitive Salaries and Benefits:

Competitive salaries and benefits are crucial for attracting and retaining top finance talent. Data from a compensation salary reveals that the average percentage increase in salaries for top finance talent was 7%, marking the largest single-year increase in a decade. Additionally, 70% of organizations represented in the survey awarded employee bonuses, and 43% increased benefits to stay competitive in attracting and retaining talent.

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Professional Development and Training Programs:

Comprehensive learning and development programs signal an organization's commitment to nurturing high-potential individuals for senior finance roles. A recent survey indicated that employees who participate in professional development opportunities are 15% more engaged and experience a 34% higher retention rate. This underscores the importance of professional development and training programs in facilitating both career advancement and retention for high-performing CPAs.

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Flexibility and Work-Life Balance:

Recognizing the significance of work-life balance and flexibility can make managerial to executive level transitions more attractive to high-performing CPAs. Recent statistics highlight the importance of flexibility in work hours for new accounting talent. Additionally, a survey of nearly 200 CFOs across public, private, and non-profit sectors revealed that quality relationships with the CEO, company culture, and compensation are critical factors for job satisfaction. With 95% of accountants expressing satisfaction with their current roles, providing work-life balance and flexibility is vital for attracting and retaining top finance talent at the executive level.

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Emphasize Strategic and Operational Experience:

Providing opportunities for exposure to broader business operations and strategic planning is essential for attracting CPAs seeking career growth. Survey data indicates that 85% of public company hiring managers for finance and accounting report talent retention as a significant challenge, emphasizing the importance of exposure to broader business operations and strategic planning in attracting and retaining skilled CPAs. The integration of technology to automate manual tasks enables CPAs to focus on more value-added work, such as identifying trends from data to help the business understand the "why" behind the numbers. With skilled finance workers at an all-time premium, 99% of finance executives agree that technology updates are increasingly important for both attracting and retaining employees.

By incorporating these insights and strategies, companies and hiring managers can enhance their talent acquisition efforts, attracting and retaining top talent across various industries in 2024.

Contact me for questions or to have a meeting to discuss your hiring or talent strategies!