Did you know 84% of CFOs in the United States and the United Kingdom are dealing with severe talent shortages and 47% are dealing with team burnout? This crisis not only threatens the efficiency and strategic goals of finance teams, but entire businesses.
Targeted recruitment strategies are crucial in this environment. As job roles, skill sets, and candidate expectations evolve, finance departments must innovate to attract and retain top talent. This means not only reaching out to potential candidates but also offering compelling reasons to join and stay with an organization.
Today’s blog shares 11 innovative strategies from industry experts to help you recruit top finance talent in 2024 and beyond. We'll discuss how finance departments can adapt their recruitment practices to address current challenges and secure the skilled professionals they need to thrive.
Before we dive in, here’s a sneak peak at the list:
- Specify Job Posting Details
- Leverage Networks and Flexibility
- Introduce Role Customization
- Utilize Technology and Culture
- Promote Work-Life Balance
- Value Soft Skills Equally
- Conduct Personality Testing
- Adopt Skills-Based Hiring
- Seek Strategic Finance Leaders
- Engage with Creative Recruitment
- Build a Strong Internal Culture
Strategy #1: Specify Job Posting Details
As a recruiter in the finance field, my #1 tip for attracting top talent is to craft precise and transparent job postings. Given the complexity of finance and the various certifications involved, clarity is key.
Clearly outline the specific duties and responsibilities of the role to attract candidates with the right skill set. Emphasize the qualifications and experience required, fostering a comprehensive understanding of the ideal candidate.
This approach not only streamlines the hiring process but also ensures that potential candidates can accurately assess their fit for the position. Without specificity, you may attract candidates with finance-adjacent experience who aren't fully qualified, leading to a more challenging selection process.
Bryor Mosley, Talent Acquisition Partner
Strategy #2: Leverage Networks and Flexibility
Using my own and my team's networks and connections is really important when recruiting top finance talents. This is a really good but often overlooked way to find people. You and your team know exactly what skills you need and the kind of culture your company has, so telling people you know can help you find the right hires.
I'm part of some professional groups and Slack channels, and I know a lot of people in our field, so I use these connections to find people, either through direct recommendations or by sharing job openings. I've also noticed that employees who suggest people they know for jobs often stay longer at the company.
By next year, we're planning to set up a flexible work environment. I believe more high-level finance professionals these days prefer to work remotely or in a hybrid model, according to studies. In this digital age, candidates often don't want a job that ties them to a desk all day. We want to offer the option to work remotely, at least part of the time, so our team can have a better balance between work and personal life. This flexibility could be a big advantage for someone deciding between different job offers.
Jonathan Merry, Founder, Moneyzine
Strategy #3: Introduce Role Customization
Embracing flexibility in the work environment has proven to be a game-changer in recruiting top finance talent. In 2024, the introduction of "Role Customization" will take this to the next level by offering candidates the opportunity to tailor certain aspects of their role to better align with their skills, interests, and career aspirations.
For example, a candidate who excels in financial analysis but also has a keen interest in AI applications in finance can be offered the flexibility to incorporate AI project involvement into their role. This strategy not only attracts a wider pool of high-caliber candidates but also boosts employee engagement and retention. Candidates are more likely to join a team where they feel their unique skills and interests are recognized and valued.
Percy Grunwald, Co-Founder, Compare Banks
Strategy #4: Utilize Technology and Culture
Attracting top talent to your finance team requires a strategic and forward-thinking approach. In 2024, consider leveraging innovative technologies such as artificial intelligence and data analytics to streamline the recruitment process and identify candidates with the right skill set.
Emphasize the company's commitment to professional development and continuous learning, showcasing opportunities for career growth within the finance department. Additionally, cultivate a positive workplace culture that values collaboration, diversity, and inclusion, as these factors play a crucial role in attracting and retaining top finance professionals.
Keep abreast of industry trends and tailor your recruitment strategy accordingly, ensuring that your company remains competitive in the evolving landscape of finance talent acquisition.
Aaron Winston, Strategy Director, Express Legal Funding
Strategy #5: Promote Work-Life Balance
In 2024, our top strategy for attracting the best finance professionals will be to offer better work-life balance. We understand that most finance workers greatly appreciate the flexibility to work remotely and have adaptable schedules.
By prioritizing our team's health and well-being, we're not just supporting them but also strengthening our appeal as an employer. Promoting these values during recruitment shows we're committed to our employees' overall happiness.
This approach makes us a more attractive choice for top talent seeking a harmonious balance between their professional and personal lives. It is key to drawing in and keeping the best in the finance sector.
Tobias Liebsch, Co-Founder, Fintalent.io
Strategy #6: Value Soft Skills Equally
In recruiting for MaxCash's finance team, we always prioritize soft skills alongside technical expertise. Technical skill is vital, but without strong communication, empathy, and teamwork, even the most intelligent candidates may not succeed.
Consider a finance professional who is great with numbers but lacks patience and communication skills. In the personal loans business, this deficit could lead to misunderstandings with clients, risking lost opportunities and customer dissatisfaction.
On the other hand, a team member who combines financial knowledge with excellent interpersonal skills can significantly benefit our business. They handle numbers accurately and build strong client relationships. Their ability to simplify complex loan terms can turn potential clients into loyal customers.
In 2024, we will continue focusing on these balanced skill sets, ensuring our team is technically skilled and capable of building strong client relationships.
Fred Winchar, Founder, Certified HR Professional, MaxCash
Strategy #7: Employ Personality Tests
Personality testing is becoming an invaluable tool in the recruitment process. These assessments can provide deep insights into a candidate's suitability for finance roles, which require a unique blend of cognitive abilities, communication skills, attention to detail, and a strategic mindset. By integrating specific personality and aptitude tests into the hiring process, companies can make more informed decisions and enhance the overall effectiveness of their finance teams.
Research suggests that those who score highly on a cognitive aptitude test are 7 times more likely to be a high performer. The Criteria Cognitive Aptitude Test (CCAT) from HireSelect is particularly useful for evaluating the cognitive skills essential for success in finance roles. The test measures a candidate's math, verbal, and spatial abilities, which are critical for performing complex numerical analyses and problem-solving. For finance roles, the emphasis should be on mathematical skills, while leadership positions should also evaluate verbal and spatial skills to ensure the ability to strategize and communicate complex financial information effectively.
In addition to cognitive abilities, personality fit is crucial for roles that require teamwork, leadership, and cultural alignment. The Employee Personality Profile (EPP) offered by Criteria Corp is designed to assess personality traits that determine a candidate's compatibility with management roles. This test can help identify individuals who possess not only the technical skills but also the leadership qualities necessary for guiding teams and making strategic decisions.
For a more individualized approach, the CliftonStrengths assessment by Gallup is an excellent tool for understanding where a candidate's personal strengths lie. This test can help finance managers assign roles and responsibilities that align with each team member's innate talents, fostering a more productive and engaged workforce.
By employing these assessments, firms can gain a comprehensive view of a candidate's cognitive capabilities and personality traits, ensuring they hire finance professionals who are not only skilled in number crunching but also excel in communication and strategic thinking, critical components for success in today's dynamic financial landscape.
Allie Collins, Vice President of Marketing and Sales, Centime
Strategy #8: Adopt Skills-Based Hiring
Think outside the box. I believe people with non-traditional experiences can offer new ideas and solve problems in surprising ways. Skills-based hiring—beyond degrees and previous roles—can really help with talent shortages in finance. Filling roles in the FinTech industry is really hard, but well-guided skills-based hiring can make the difference.
When I need someone for an accounts receivable accountant position, I look for someone who is good at talking on the phone, able to find email addresses, and comfortable with negotiating payments from big companies—much like a sales development representative.
Using innovative compensation models can set you apart. Slow work processes make it really hard to finish financial reports quickly. Offering an immediate cash bonus (SPIFF) to team members who finish in 10 days, for instance, could work. You can also offer more pay that changes based on the company and individual goals. Communicating with potential hires about these compensation models can attract motivated people who like working toward specific goals.
Thomas Franklin, CEO and Co-Founder, Bitinvestor
Strategy #9: Seek Strategic Finance Leaders
When recruiting finance leaders, make sure to look for someone who can be a strategic partner to the executive team. You want to hire someone who not only knows the numbers but also someone who can help your organization grow.
Also, you want to make sure to hire someone who can be an excellent leader for the team. That way, they can help develop existing employees and teach additional skills. This will help with recruitment and retention.
Caroline Pennington, Executive Search Recruiter, Podcast Host, Founder, Feminine Founder
Strategy #10: Engage with Creative Recruitment
My approach to recruiting top talent revolves around storytelling. I focus on narrating the journey of our finance team, highlighting the impact individuals can make. In 2024, I intend to introduce immersive virtual reality experiences, offering candidates a glimpse into our workplace culture and day-to-day operations.
Furthermore, I aim to implement a gamified recruitment process, engaging candidates in interactive challenges that assess their skills while showcasing our innovative approach to finance. This creative strategy aims to captivate and attract exceptional talent looking for a dynamic and forward-thinking finance environment.
Danielle Roberts, Co Founder, Boomer Benefits
Strategy #11: Build a Strong Internal Culture
Employer branding plays a pivotal role in attracting top finance professionals. An effective way to enhance your employer brand is to leverage the voices of your current employees.
Encouraging existing team members to share their positive experiences on platforms like GlassDoor, and featuring employee testimonials on LinkedIn’s Life Section, can provide authentic insights into the company culture and work environment. These real-life endorsements can be incredibly persuasive to potential candidates who value transparency and genuine employee satisfaction.
Communicating your company's values and vision is another key strategy in attracting the right talent. Prospective employees are not just looking for a job; they are looking for an organization whose values align with their own and a mission that they can contribute to. Clearly articulating your company's goals, values, and the impact you aim to have in the finance industry can resonate with like-minded professionals who are seeking purposeful work.
Callie Miller, Director of Recruiting, Centime
Conclusion
Facing talent shortages and team burnout, finance teams must embrace innovative recruiting strategies to find top talent. We hope these 11 tips will help you excel in this challenging landscape.
