3 reasons to move fast when hiring Finance and Accounting talent

The market looks much different than it did a year ago. The Great Resignation has slowed, and some companies have had layoffs, which means the market is teeming with talent, right?

Not necessarily.

Although we’re hearing about some layoffs in the job market, that doesn’t automatically mean there is a lot of talent that hiring managers can choose from. In fact, with the unemployment rate down to 2% in the finance and accounting sector, there’s not a lot of talent looking for new opportunities, and the candidates that are searching for new jobs are getting hired fast. In this market, it’s crucial you don’t delay in extending an offer.

Here’s what can happen if you don’t act fast when hiring talent.

Losing out on great Finance and Accounting talent

You may think the longer you have a role open, the more likely you’ll find the perfect candidate. Unfortunately, that’s not the case.

You’re more likely to lose out on talent to competitors by waiting to extend offers to candidates. With the low unemployment rates in finance and accounting, talent isn’t on the market long. Consequently, you need to act fast to get the candidates you want.

Keep an open mind. If a candidate doesn’t have the exact background you’re looking for, you can train them once they’re hired. Providing career development opportunities is a green flag to candidates, as it shows you’re investing in their growth and affirms that your company is where they want to work.

Ultimately, great finance and accounting talent isn’t waiting long, and you need to make quick decisions to secure the talent you want. Candidates want to see confidence from organizations, and speedy hiring processes show that.

Longer hiring process

Losing out on talent not only means not having the top candidate for the job, but it also means that your hiring process starts from square one again. On average, it takes companies 60 days to fill an open position. Depending on your needs, you might need talent much sooner than that – and you can’t afford to repeat the process multiple times.

Lengthy hiring processes can be avoided by making quick decisions about candidates. This means not dragging out the interview process. You can’t afford to dedicate weeks to sitting through interviews and delay sending offer letters – and candidates aren’t likely to accept a position at an organization that can’t make a decision. Sending out offers quickly to candidates is crucial. Doing so ensures that you stand out to candidates and secure the talent you need.

The faster you move through the hiring process, the more likely you’ll secure the right candidate to get the job done and keep your organization moving forward.

Cost of leaving roles open

Holding off on hiring someone not only risks losing out on your top choice candidate and extending the length of the hiring process, but it can also cost your organization money. For example, if an employee’s base pay is $100,000 and it normally takes 60 days to fill the role, the unfilled position can cost a company $454 per day and $27,240 in 60 days.

This means the longer you take to hire for a role, the more money your organization will lose – so it’s critical not to wait when deciding on candidates. As previously mentioned, waiting can lengthen the hiring process, and with the daily average price of open roles, the costs add up quickly the more time you take to hire a position.

The best way to secure Finance and Accounting talent

There are many reasons why you need to be quick when hiring talent for your finance and accounting teams. Any delay in making an offer can extend your hiring process, cost your organization money, and drive away great talent. All these factors result in one thing – not filling your positions. In the long term, this can be negative for your business operations and hinder your growth.

The best way to find qualified candidates you need fast?  A talent solutions firm. For more than 20 years, Addison Group has been focused on quality not quotas. We place qualified finance and accounting talent to help move your business forward. Connect with us today for help filling your open positions.