The fourth quarter is always a critical time for accounting and finance teams. A&F teams face a unique set of challenges that can significantly impact their ability to meet year-end deadlines. From financial reporting and audits to compliance and tax preparation, Q4 often comes with a sharp increase in workload, placing greater demands on businesses to secure the right talent.
Here are some Q4 hiring challenges in the accounting and finance sectors, while offering practical strategies and solutions based on industry insights.
The demand for specialized A&F talent experiences a dramatic surge in Q4. Year-end reporting, compliance audits, and the pressure to close the books accurately and efficiently necessitate a specific set of skills and experience. But every organization has its own unique requirements that go beyond skills typically associated with any given role
For example, the Eastridge Accounting and Finance team was tasked with finding a qualified candidate that was a Treasury accountant fluent in English and Korean in Michigan.
“Our team was able to leverage their network, find a candidate and sell the opportunity,” said CE. “This meant we were able to expand our geographic search, but still present a candidate willing to relocate with the desired skillset - all within two weeks.”
Although an end-of-year crunch may bring urgency to your search, it’s important to include even niche requirements that will impact your organization for years to come.
The urgency to secure talent for immediate, often temporary, needs can lead to hasty hiring decisions that may not align with a company's long-term workforce strategy. The risk? Potentially ending up with a poor fit, leading to higher turnover and additional recruitment costs down the line.
Solution: Embracing Flexible Models:●
Temp-to-Hire: This approach provides a valuable trial period, allowing companies to assess a candidate's skills, work ethic, and cultural fit before making a long-term commitment.
Clearly Defined Needs: Before initiating the hiring process, clearly outline the scope of the role, required skills, and whether it's a short-term project or has the potential to transition into a permanent position. This transparency helps attract the right candidates from the outset.
Open Communication: Maintaining an open line of communication with both candidates and hiring managers throughout the process ensures that everyone is aligned on expectations and potential outcomes
“Our team has really been able to pivot into temporary or temp-to-hire scenarios,” said CE. “This has helped our clients A&F fill roles quickly but also remain flexible.”
While the COVID-19 pandemic normalized remote work in many sectors, the A&F field is experiencing a return-to-office trend, albeit often in a hybrid model. This shift presents a challenge as some candidates, accustomed to the flexibility of remote work, might be hesitant to return to a traditional office setting. Here are some ways to Transparency and Education:
Setting Realistic Expectations: Clearly communicate the company's work model from the outset – whether it's fully on-site, hybrid, or remote-first. This transparency helps manage expectations and attract candidates aligned with the company's work environment.
Highlighting the Benefits: Emphasize the advantages of in-person collaboration, particularly during peak periods like month-end close or budget season.
Flexibility Where Possible: If feasible, offer some degree of flexibility, such as a hybrid schedule or the option to work remotely a few days a week. This can be a strong selling point for candidates seeking a balance between in-office interaction and remote work flexibility
“There is a strong desire among many A&F candidates for work from home opportunities, but we’ve shifted our conversation to speak more about the overall opportunities with clients and career potential in order to shift some of their expectations.”
The increasing integration of technology in the A&F field means finding candidates proficient in specific software and systems is more critical than ever. This need is amplified when hiring under the time constraints of Q4. Don’t miss this opportunity to prioritize needed expertise & create a path for internal development. Some keys to making this happen lie in:
Partnering with recruiters who possess a deep understanding of the A&F industry is invaluable. These specialized recruiters can:○
“Having a recruiting team with an A&F background allows them to not only understand what qualification are needed today, but what the potential roles a person could grow into.”
Investing in training programs for existing employees can help address skill gaps and equip them to handle evolving technological demands. This creates a pathway to add new talent while giving your existing team room to grow. That is essential for any organization to retain its most valuable asset: its people.
Q4 presents significant hiring challenges in accounting and finance, but proactive solutions such as building talent pipelines, leveraging temp-to-hire models, and upskilling employees can help companies meet their year-end goals without sacrificing long-term success. By planning ahead, businesses can navigate these demands while positioning themselves for continued growth into the next fiscal year.
“We tend to build our pipeline based on the cyclical nature of Accounting and Finance. We plan for Q4 hiring by making sure we have candidate that we can match with the opportunities we know are going to be there.”