Extended Vacancy: On Average, CFOs Take Four Weeks To Fill Finance Positions
MENLO PARK, Calif., May 24, 2016 -- Imagine being without a valuable employee for a month. That's the situation accounting and finance departments typically find themselves in when a member of the team moves on. According to a new survey from Robert Half Finance & Accounting, CFOs said it takes four weeks, on average, to fill an open staff-level accounting or finance position and five weeks to hire for a management-level role.
View an infographic of the survey findings.
"With the talent shortage in today's finance and accounting hiring market, employers who accelerate the hiring process put themselves ahead of the competition," said Paul McDonald, senior executive director at Robert Half. "Companies must allocate time to properly vet candidates with thorough interviews and reference checks, but taking too long to make a decision can cause employers to lose the most in-demand candidates."
McDonald added, "Acting swiftly to extend a job offer is especially critical for recruiting candidates who have specialized finance and accounting skills, certifications and credentials, such as a CPA license or MBA degree."
CFOs were asked, "On average, how many weeks does it typically take to hire for an open staff-level accounting or finance position?" The mean response was four weeks.
CFOs were also asked, "On average, how many weeks does it typically take to hire for an open management-level accounting or finance position?" The mean response was five weeks.
Robert Half Finance & Accounting offers five tips to help managers accelerate their hiring process:
- Move quickly. Develop an action plan that begins with creating a short list of potential hires and benchmarks for each step of the hiring process. The goal should be to carefully assess candidates, yet move swiftly toward extending an offer.
- Update your finance job description. Provide a clear summary of the skill sets you need, including technical and interpersonal abilities. A good description gives candidates a solid statement of your performance expectations.
- Solicit input. Enlist your top team members in updating the list of responsibilities, duties, and requirements of the job and with evaluating finalists. While the final decision is yours to make, key staff members can help prevent making the wrong choice and wasting valuable time and resources.
- Help your company stand out. Get creative in promoting your organization's unique corporate culture, growth opportunities and benefits. Ensure the compensation you're offering is in line with competing employers by comparing it against data in the Robert Half Salary Guide for Accounting and Finance.
- Work with a recruiting firm. Staffing professionals interact with hiring managers and job seekers every day and understand current employment trends. By tapping their extensive network, you may meet in-demand candidates you couldn't find on your own.
About the Research
The survey was developed by Robert Half Finance & Accounting. It was conducted by an independent research firm and is based on telephone interviews with more than 2,200 CFOs from a stratified random sample of companies in more than 20 of the largest U.S. metropolitan areas.
About Robert Half Finance & Accounting
Founded in 1948, Robert Half Finance & Accounting, a division of Robert Half, is the world's first and largest specialized financial recruitment service. The company has more than 325 locations worldwide. For more information, visit roberthalf.com/finance. For finance and accounting career and management advice, visit our blog at roberthalf.com/finance/blog.
For further information: Bianca De Rose, (650) 234-6022, firstname.lastname@example.org