Insights from a headhunter - how does this hot job market affect you and what is the most effective way to operate in this climate?

If you are an accounting and/or finance professional, you certainly know the market is unlike anything most of us have ever seen. We all have heard the cliché’ candidate driven market moniker for our current job climate along with any number of other catchy phrases (hot, robust, fluid, intense). One thing for certain, there is an unprecedented amount of movement at every level in the Accounting and Finance vertical. The common question candidates and clients alike is “What does all of that mean, how does it affect us/me? From my seat on the highly acclaimed Accounting and Finance team at PrincetonOne, I offer a unique perspective to both sides of the coin. ?

Hiring managers – first and foremost, we make sure our clients understand the changes in the market that affect the process. This market is no different. The biggest change is the shift in paradigm. The candidates are in such high demand right now that they inherently control the transaction!! Over the past several years, companies have become accustomed to driving the interview, hiring, and on -boarding process. Many are very methodical in their approach and cannot be rushed. Today’s market dictates a need for urgency. Most candidates that are exploring opportunities are interviewing for more than one opportunity and many end up with 2,3,4 offers. Biggest advice I can give here is remove the lags in your process. Be ready to go A-Z all the way to offer within a week of first interview. If you don’t someone else will. You will constantly stop and start the process with candidates you lose over and over. Helpful hints to expedite your hiring process: Formalize your interview process to accommodate the need for urgency; articulate your process to everyone that enters; understand what you want in your next hire and more importantly what you do not want (don’t compromise); lastly listen to the market regarding your compensation. If you are not competitive or willing to go back to the executive team and get competitive, you are wasting your time in the culture of today’s job market. Everyone’s not greedy, the compensation model is changing before our eyes. ?

Be nimble and transparent. If you can expedite your hiring process, I encourage you to do so. I also encourage all companies to make decisive decisions when interviewing. If someone is not a yes, they are a no. Don’t string people along or keep them warm until we find someone better. If they are not a yes after interviews, they are a no. Release them. Your company’s reputation will thank you. ?

Candidates – if your primary motivation is to increase your compensation, save everyone including yourself a ton of time, protect your professional reputation, and ask for a raise. The opportunity to ask couldn’t be better. Everyone knows you are getting tons of calls from recruiters…. Your current employer will respect you much more if you ask for a raise as opposed to going on 2,3,4 interviews, being made an offer, giving notice, and waiting for them to make you a counteroffer to stay. While you will get a raise, the chances of you being employed there 12 or 24 months down the road diminish greatly once you give notice. The cats out of the bag. You aren’t faithful any longer. On the other side of the equation, you have left a company who courted you and made you an offer at the altar so to speak. I hope you never end up across the table from them or worse yet, you better hope none of them are on an interview panel for the future “dream job”. The way you handle your search now has ramifications in the future. You are most certainly judged by your behavior throughout. Make sure you have exhausted your end before you begin to explore. ?

Be prepared to articulate your reasons for exploring opportunities and understand what the next opportunity looks like and why. Before you articulate that to anyone look at it objectively. Career moves always make sense. No one is going to hire you to do something you have little or no experience doing unless it is your first job. It’s not time to reinvent yourself. Have your resume and your story ready to go. If we demand urgency from companies, you must be prepared to act quickly as well. ?

No tire kicking – do not waste people’s time. If you want to “see what’s out there” talk to a recruiter, call me. Do not speak with, meet with, zoom with, video chat with a company about an opportunity that you are not certain you would at least work for that company. Dig deep, do your due diligence, if there are red flags find them. It is off-putting to find these things after the third interview that you should have known all along, had you have adequately prepared. ?

The biggest piece of advice I can give to candidates in this market is to be prepared to take advantage of opportunity; know what you want and be ready to pursue it when it presents itself. Do not ignore red flags. If there are red flags in the interview process when everyone is trying to put their best foot forward, there likely will be more should you start there!! Have your resume updated, know what you need from your next opportunity, and know what you want to stay away from. ?

On both sides the key to successfully completing a search has always been transparent communication. Interviewing somewhere else and the process is moving fast tell them, so they can pick up the pace; you have three other candidates that you are scheduling and interviewing before we move to next steps, inform everyone so they can plan accordingly. ?

Like most things in the business world, communication, transparency, common sense and the ability to be honest with yourself are the keys to navigating this crazy job market