Attracting, Recruiting, Retaining: the Challenges in Corporate Service Recruitment in Today’s Market

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Attracting, Recruiting, Retaining: the Challenges in Corporate Service Recruitment in Today’s MarketWhile hiring trends remain optimistic in terms of live vacancies within the corporate services sector, employers are finding these roles increasingly difficult to fill.

Factors including skill shortages and the approaching bonus season compound the challenges facing today’s hiring market. This article discusses the widening talent gap, retention strategies and recruitment advice to support your talent pipeline.

Talent demand/supply gap continues:

Optimism remains across corporate services hiring. From companies providing services to aircraft leasing clients to those working with property development, tech and pharma clients; companies are continuously recruiting new talent. Newly qualified accountants and qualified accountants with 1-2 years’ PQE are in high demand. On the more senior side, candidates with strong structured finance / SPV exposure are increasingly sought after.

From speaking with the market, clients are increasingly looking for specialised skillsets and specific experience, with demand far surpassing supply. Employers’ “essentials” list continues to grow and, as the candidate pool grows wider, there is a perception that there is easier access to these talent sets. Candidates from a Big 4 practice with exposure to aircraft leasing, corporate service providers or structured finance are in strong demand for clients within the corporate services space.

Planning for the Future

While attracting top talent is a key priority for clients, it is crucial that employers consider career progression and succession planning. This will allow existing talent to develop their skillset, meaning skill shortages will be remedied within the organisation and retention rates will increase.

Implementing career progression paths from the offset are beneficial for both employer and employee, so it is crucial to invest time in developing these. From an employee perspective, this will exemplify your commitment to their professional development and vision of a long-term future. For employers, this is critical for avoiding attrition of top talent professionals and prospective value adds. Succession planning ensures the pipelining of future leaders and should be conducted at all levels of the business. When an individual is called upon to step into a higher position, they will have the skillset needed for a smoother transition into the role.

Candidate Feedback

Due to time of year, candidates have one eye on the market, and the other firmly set on their bonus. With most anticipating theirs to be received between January and March, candidate mobility before the end of the year is set to slow. However, where talent is required though not urgently, it is advisable to get the recruitment process started regardless to avoid further delays. This will encourage candidates to hand in their notice once they receive their bonus.

Where possible, identify your critical hiring needs and allow for flexibility on budgets for such roles. It may then be possible to onboard candidates for a New Year start by offering attractive sign-on bonuses.

Recruitment advice for attraction and retention: It is well-known that corporate services have a high turnover rate, and as such team expansion is critical to reduce the risk of burnout and attrition. Work-life balance must be accounted for and offering benefits such as increased or unlimited annual leave or gym memberships can support this.

At interview stage, it is imperative to consider your promotional strategy; how can you make your company stand out from the competition? During the application and interview phase, it is vital to highlight your internal culture, opportunities for development and a clear progression path.

If you would like to discuss how we can support your hiring processes in the current market, please get in touch with Patrick Kearney, Consultant for Accounting in the Corporate Services industry.

By Coopman Search & Selection