5 tips to recruit the best accounting and finance professionals

Recruitment can be difficult at the best of times, but in a tight job market, where there are many vacancies but too few qualified candidates to fill them, it becomes even harder. 

In Australia, the national labour shortage is ongoing. Almost half of “white-collar” professions faced a skills shortage in 2023, including actuaries, lawyers and tax accountants, according to Jobs and Skills Australia’s (JSA) 2023 priority list. 

The JSA list shows 36 per cent of occupations found it difficult to fill positions in 2023, which is about 5 per cent higher than 2022. 

JSA’s February 2024 Labour Market Update indicates that while the job market has been softening, the underlying labour market conditions remain reasonably tight, and "many employers are still experiencing challenges finding suitable workers to fill positions”.

Here’s how employers can stand out from the crowd to attract the “perfect match” candidate for every accounting and finance job.

1. Be proactive and invest in advertising

The best approach employers can take is to adopt a range of recruitment methods to make sure they are reaching a broad talent pool, advises Nicole Gorton, director at Robert Half Australia.

“It is still so competitive to get the top talent, so employers should be proactive in seeking out the right person for the job,” she says. 

Employers may also miss out on the best candidates if they do not try to find out where those candidates are looking for roles or take the time to write an appealing job listing.

According to the JSA list, the most common response to failing to fill a job vacancy is to re-advertise it, unchanged, on the same job sites – something that 73 per cent of employers have done.

Instead, to connect with people actively looking for roles, spread the search to industry-specific job sites, advertise in newsletters and on jobs boards, and post ads on LinkedIn and social media, Gorton advises. 

2. Use a recruiter

“Use your networks and your networks’ networks,” Gorton says. 

Another way for companies to be proactive in their search is to tap into passive talent through a recruiter or recruitment agency. 

“Recruiters will find the people who might not be actively looking but are ideal for the role,” she says.

3. Offer more than money

People are looking for more than a healthy pay packet when they consider moving to a new job. According to research by Seek, 63 per cent of Australians agree that knowing an organisation offers its employees benefits in addition to salary makes them want to apply for a job.

Companies should look at what they can offer above a competitive salary, Gorton says.

That means the benefits on offer need to stack up against competitors and be relevant to the candidate pool. Tailoring benefits to the career stage of candidates will help, Gorton adds. 

“You can’t just take a blanket approach when you are looking at what kinds of benefits to offer. Take the approach of outlining how important it is that the company offers benefits that suit a range of roles and people,” Gorton says.

“That way people will see that you are conscious that everybody is at different stages and are interested in different benefits, extra leave, flexibility, health insurance and so on.”

4. Promote the business

Being proactive about the plans for a business will attract candidates who want to work for a forward-thinking company. 

“People are attracted to success,” Gorton says. “They want to be part of it, so be very clear about what you are doing – put it on your website and be open about mergers or product launches.”

Similarly, once a company has the caught the attention of a prospective candidate, the next thing they will look at is the colleagues they would be working with and the types of technology they will be able to access. 

“Make it clear why your company is an attractive place to work,” Gorton adds. 

“Once they have landed on a company, people want to know what the job looks like today, but they have other questions that are equally as important. What are the opportunities in the future? What learning pathways are there? What does the tech look like?” 

5. Consider early-career candidates and overseas students

Employers could consider looking for candidates outside the box, including those who are just beginning their career and overseas students who are seeking a permanent position in Australia.

One way to access that talent pool is through the Accounting Professional Year Program, a work readiness program available to overseas students who have completed an Australian accounting degree of at least two years with an Australian university.

The program provides valuable professional experience in an approved Australian workplace and ensures participants complete relevant accounting tasks, says Sue La Roche, Accounting Professional Year Program manager. 

It also readies them with soft skills, such as communication, time management and confidence, La Roche adds. 

“Many of our interns end up being employed by the host employer, although they are under no obligation to take them into paid positions,” she says. “The participants often have paid employment but are looking for more specific experience in accounting.”

 “If they find someone through the program, they can see how they fit with the culture, as well as how their skills contribute to the business.”