How to Navigate a Skills & Candidate Shortage

The current labour market has been experiencing a skills and candidate shortage for quite some time now, which can be attributed to several factors including Covid, baby boomers retiring and Brexit.

Navigating a candidate and skills shortage requires a strategic approach to both attracting and retaining talent, as well as adjusting recruitment processes to ensure efficiency and effectiveness.

Especially in the accountancy & finance sector, this trend doesn’t look like it will be resolved anytime soon, so what are the key consideration and steps employers can take to manage this challenge?

1. Understand the Market and Skills Gap

Identify In-Demand Skills: It is important to understand critical skills that are in high demand from competitors. This most certainly includes audit and tax in the accountancy world. Beginning to understand what would appeal to these candidates and what they expect in their career will begin to give you an idea of how to be attractive to these candidates.

Benchmark Competitor Offerings: Researching and understanding how competitors are behaving when recruiting provides a level of insight where you can begin to benchmark. This can include study support packages, salaries or any benefit which appeal to candidates, essentially designing the EVP.

2. Employer Value Proposition (EVP)

An Employer Value Proposition (EVP) is the unique offering and values you deliver to an employee. These can include:

Flexibility and Remote Work: Candidates, particularly in finance and accounting, now expect more flexible working arrangements. Offer flexibility or hybrid work models if possible and emphasise work-life balance.

Competitive Salaries: Offering attractive salary packages, bonuses, and long-term incentives will draw interest, especially when skills are scarce. Delivering on long-term incentives is paramount.

Training and Career Development: Demonstrate a commitment to professional growth. Offer access to continuous learning, upskilling, and leadership development programs. Candidates are attracted to companies that invest in their future.

Company Culture and Mission: Promote your organisational culture, highlighting a collaborative and inclusive environment. If your company has strong values or a social mission, emphasise that too, as younger professionals often seek purpose-driven roles and highly value Corporate Social Responsibility.

3. Optimise the Recruitment Process

Speed and Efficiency: Streamline your process by eliminating unnecessary steps and improving communication between hiring managers and recruiters, getting feedback quickly to candidates is advantageous. It should be foreseen that any candidate completing a job search will have plenty of job opportunities to consider, so timing is essential to maximise your chances of securing the talent you require.

Enhanced Candidate Experience: Ensure the recruitment process reflects the company’s culture and values. Keep candidates informed at every stage and offer clear feedback quickly. First impression is imperative.

Interview Flexibility: Try to accommodate candidates’ schedules more easily. Ensure that interviews focus on both technical competencies and cultural fit and can be hosted on video or in person.

Collaborative Hiring: Get input from various team members to evaluate candidates. This increases the chance of selecting someone who fits well with the team.

4. Utilise Recruitment Agencies and Consultants

Collaborate with Specialist Recruiters: Partner with niche recruitment agencies that specialise in hard-to-fill roles or specific sectors like finance and accounting. They have established candidate networks and can quickly identify suitable candidates.

Talent Mapping and Market Intelligence: Recruitment agencies such as Addington Ball can provide insights into the market, such as salary expectations, competitor hiring strategies, and in-demand skills, helping to tailor your approach.

5. Retention Strategies

Onboarding and Support: Provide a seamless onboarding process that equips new hires with the tools, resources, and support they need to get up to speed with process and procedures. A structured onboarding program reduces early turnover.

Employee Engagement and Feedback: Create a culture where employees feel heard. Regularly gather feedback and implement necessary changes to improve the employee experience. This will not only reduce turnover but also create ambassadors who help in the recruitment process through referrals.

6. Stay Agile and Open to Change

Adjust Requirements: In a shortage, consider focusing less on ticking off every skill or experience box and more on soft skills and adaptability. Invest in training programs to fill technical gaps post-hire or look to amend job opportunities around individuals and exploit their skillset.

Concluding thoughts…

By focusing on a proactive, candidate-centred approach and streamlining the recruitment process, employers can more effectively navigate a talent and skills shortage. Timing is crucial, not delaying where necessary and also putting forward your best offering to prospective candidates.