Certain sectors need better testing during recruitment
The talent gap and skills shortage has hit certain industries harder than others of late, though the list continues to grow as time goes on. The most obvious victims have been any jobs related to STEM industries, or those that deal with science, technology, engineering and mathematics skills, but others are certainly beginning to feel the pressure. This includes accounting, where there have been significant transformations in technology but still a heightened need for qualified professionals.
Recruiters and hiring managers need to ensure that they are not just filling seats, but doing so in such a way that benefits the business in the long term. Testing and research are critical to doing so.
The problem in accounting
CFO magazine reported that one survey of chief financial officers found that the most common accounting skills shortages seen were leadership, budgeting, strategic thinking, cost management and business acumen. The source pointed out that a very high rate of the CFOs surveyed did admit to having trouble finding the right employees, with 50 percent of respondents agreeing with that sentiment. This also does not even begin to discuss the problem of finding individuals with a foundation in accounting and also an understanding of advanced software now common in the department.
The Business Learning Institute argued that companies will be far more successful when they have a combination of strong onboarding and continuous learning programs in place to keep accounting professionals moving in the right direction. Much more is likely to change in this industry, so recruiters and human resources leaders need to have a tight, unified strategy that guides new hires through their tenures at the firm. The insurance sector is experiencing a very similar issue today, especially in terms of finding those applicants with the right traditional and modern acumen needed.
Improving the search
Insurance Journal recently published a blog post written by contributor Denise Johnson about the ways in which recruiters should be strategizing in the insurance realm. First, she cited data from the U.S. Bureau of Labor Statistics regarding the forecast 400,000 insurance industry professionals set to retire before the end of the decade. Then, she explained that insurers need to wake up to the threat that trend poses and find ways to better prepare.
“Most U.S. employers are woefully unprepared for the business realities of an aging workforce and face a potentially massive loss of skilled, knowledgeable workers,” PricewaterhouseCoopers analysts explained, according to Johnson. “Companies that effectively recruit, train and develop dedicated future staff and leaders will differentiate themselves and set themselves up for success into the future.”
Johnson suggested recruiters iron out their screening processes and expand the ways in which they evaluate each applicant’s individual skill sets, likelihood of success and potential length of tenure. This can be difficult without the right tools, though.
Employers might want to begin leveraging a wider variety of professional testing services to ensure that applicants are being adequately screened and evaluated before the final hiring decision is made.