Spring 2008 issue of Horizons

knowledge. commitment. value. CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS CONSULTANTS

It was with this backdrop that the now infamous corporate scandals of Enron and WorldCom shook the financial markets. The regulators answered with the Sarbanes-Oxley Act of 2002, an unprecedented law virtually doubling the need for finance and accounting talent overnight. In addition, the resulting lack of overall investor confidence has created a cascading effect of similar requirements for both private and public sector organizations. As such, the demand for talent is at an all- time high and likely will continue to increase, straining an already depleted supply. Organizations will need to be creative to win the talent game. Here are a few of the strategies being employed to combat the talent crisis. As with most solutions, the answer doesn’t lie with one big action but a series of small actions. Think about it. More than any other employees, finance and accounting professionals appreciate the value of good corporate governance practices. Given the wealth of employment opportunities awaiting these individuals, why would they settle for an organization that doesn’t embrace these principles? Given the all-too-recent corporate scandals, setting a strong tone at the top for your organization will have the derivative effect of attracting top talent. 2. Revisit your campus recruiting strategy. To get the best graduates, the best organizations are hiring interns from the junior ranks. To get the best interns, these same organizations are now seeking out sophomores for top intern slots. There is a certain stickiness with interns. They are much more likely to accept full-time offers of employment than non-interns. Moreover, you have a low- risk opportunity to evaluate their on the job performance before committing to them for the long-term. Send the heavy hitters to campuses. Don’t just rely on your recruiters to visit campuses and interview. If you want to differentiate your organization, bring members of top management to meet the recruits, and give them first- hand knowledge of your corporate culture and the real opportunities that await them. 1. Embrace superior corporate governance practices.

3. Accelerate the hiring process. Recruits are entertaining multiple employment offers, including offers from your competition. Don’t delay in making hiring decisions. According to a recent Hackett Group (a Boston consulting firm) survey, the average Fortune 2000 company spends 52 days selecting a candidate, whereas the best companies make their hiring decisions 31 percent faster. Accelerate interviews, personality tests and background checks. Try to have all interviews take place in one visit. 4. Consider outsourcing opportunities. The scarcity of talent is so severe that outsourcing may make good sense for some employers. Focus on your business and let professional firms recruit and train top talent so that you can gain access to it when you need it. 5. Employ online recruiting tactics. Organizations need to look beyond their local markets for top talent. Take advantage of the Internet to broaden your search. Look for opportunities to hire talent relocating into your market. 6. Connect with your existing employees. As challenging as it is to recruit new employees, organizations should invest an equal amount of time and energy in retaining existing employees. People don’t quit an entity; they quit people. Leaving is easier for them if there is not an emotional connection between them and your people. Create a mentoring program that focuses on building relationships with staff. The stronger the emotional bond with your staff, the more difficult it will be for them to leave. Create a flexible work environment to attract and retain non-traditional employees, including working mothers. Utilize technology to allow for work outside the office or from home. Embrace diversity and expand your traditional hiring profile. Not only will you open up a new talent pool; your organization will be stronger in the long run.

10 u spring 2008 issue