Accounting is one of the most in-demand professions in the world, with an estimated 3.5 million accountants and auditors employed in the United States alone. However, finding and hiring the right accounting talent can be challenging, especially in a competitive and, apparently, shrinking market like the one facing the American accounting industry. A recent study showed that 40% of finance executives struggle to find candidates with the right skills to fill open positions and only 1% of firms get to fill all of their open positions. This issue is further compounded by the global nature of business today.
That's why many accounting and finance firms rely on accounting recruiters to help them source, screen, and select qualified remote candidates for their open positions.
However, working with accounting recruiters is not always a smooth and easy process. In this article, we will discuss some mistakes that accounting and finance firms make when hiring or collaborating with accounting recruiters, which can result in wasted resources, missed opportunities, or poor hires.
The Evolution of Global Recruitment
In the age of globalization, hiring has transformed from a local endeavor to a global one. Firms now have the world as their talent pool. Yet, with this vast expanse of options, there's a higher likelihood of making missteps. When considering international recruitment, particularly in the accounting sector, a deeper understanding of regional advantages becomes paramount.
The Rising Trend of Employers of Record (EOR)
An Employer of Record takes on the administrative and legal responsibilities of employing professionals, allowing your firm to focus solely on the operational aspects. Here's why EORs are becoming a popular choice:
Simplified Hiring Process
EORs handle the nuances of employment contracts, payroll, tax compliance, and more. This simplifies the hiring process for firms, allowing them to onboard South American talent with ease.
Regulatory Compliance
EORs ensure adherence to local employment laws, ensuring that your firm is always compliant and minimizing potential legal hassles.
Flexible Employment
With an EOR, firms can opt for flexible hiring models, whether it's project-based, contractual, or permanent employment.
Mistakes to Avoid When Working with Accounting Recruiters
1. Not Defining the Role Clearly
Before even approaching accounting recruiters, it's vital to have a clear definition of the role. Recruiters aren’t mind readers and the same role may require a different set of skills depending on the firm or clients. The more precise the job description, the higher the likelihood of finding the perfect candidate.
When hiring offshore or international talent, it's also important to outline if the candidate may need to speak, write, or only understand a particular language and if they'll be enclosed in a specific time zone.
Recommendation: Outline job responsibilities, qualifications, necessary skills, and potential growth paths within your company.
2. Overlooking Cultural Compatibility
Many firms make the mistake of solely focusing on technical skills, neglecting the importance of cultural fit. A candidate might be a wizard with numbers but might not align with your company's ethos or work culture.
Of course, every candidate it's prepared to adjust and say they are the best fit for your firm's culture, but how do you know this is true? By looking at their past experience, and what type of teams they've worked in (interdisciplinary, single task, agile methodology, leadership).
Recommendation: Look for accounting recruiters who understand your firm's culture and have worked previously with companies like yours so that you know they can find candidates that will seamlessly fit in.
3. Not Considering Time Zones
Time zones can be a significant challenge, especially when considering international hires. It's not uncommon for firms to recruit talent halfway around the world, only to struggle with collaboration across vastly different time zones.
Recommendation: Opt for regions with similar time zones to your own. South American accountants, for instance, work in time zones that align more closely with North America, ensuring smoother collaboration.
4. Disregarding Communication Skills
While technical proficiency is crucial in accounting roles, so is effective communication. An accountant needs to explain financial concepts to non-financial team members clearly.
Recommendation: Ensure your accounting recruiters assess communication skills in addition to technical capabilities.
5. Being Hasty in the Hiring Process
In the eagerness to fill a vacancy, rushing the hiring process can lead to hiring candidates who aren't the right fit.
Recommendation: Allow accounting recruiters adequate time to source, vet, and interview candidates. A rushed hire can be more costly in the long run.
6. Ignoring Continued Professional Development
The accounting world is ever-evolving. New regulations, technologies, and methodologies emerge frequently. Failing to ensure a candidate's commitment to continuous learning can be detrimental.
Recommendation: Engage with accounting recruiters who emphasize the importance of ongoing professional development.
Benefits of South American Accounting Professionals
Adaptability
South American professionals are renowned for their adaptability. They're accustomed to navigating dynamic business landscapes, rife with economic shifts and regulatory changes. This adaptability translates to a quick understanding of global business environments and a readiness to tackle diverse financial challenges.
Bilingual Capabilities
Many South American professionals are bilingual, fluent in both Spanish and English. This skill is invaluable, especially when dealing with international business operations or clients.
Up-to-Date with International Accounting Standards
Given the increasingly interconnected global economy, South American universities and professional institutions emphasize International Financial Reporting Standards (IFRS). This ensures that their professionals are well-versed in global accounting norms.
The Role of Accounting Recruiters in Harnessing South American Talent
Accounting recruiters are your bridge to this reservoir of talent in South America. Their expertise can guide your firm in navigating the hiring landscape, ensuring that you tap into the most suitable talent. However, it's crucial to understand how to collaborate effectively with these recruiters to optimize the hiring process.
Setting Clear Expectations
Ensure you communicate your firm's unique needs, culture, and long-term vision. The clearer your brief, the more aligned the candidates presented will be.
Openness to Diverse Profiles
While it's essential to have specific criteria, being open to diverse candidate profiles can lead to discovering unique skill sets that can be invaluable to your firm.
Regular Feedback
Maintaining an open channel of communication with your accounting recruiters is key. Regular feedback ensures the refining of the candidate search, aligning it closer to your firm's needs with each iteration.
Why Partner with an Employer of Record from South America?
Now that we've identified common mistakes to avoid when working with international accounting recruiters, let's delve deeper into this solution that we've named before partnering with an Employer of Record (EOR) for accountants in South America.
Although we've talked before about the many benefits of hiring an Employer of Record for international talent recruiting, here is a short version that can give you an idea of why you should consider one:
Shared Culture
While there are indeed cultural nuances within South America, its professionals often share core values with North American businesses, ensuring better alignment. From work ethics to business etiquette, South American accountants often mirror the cultural norms familiar to North American firms.
Similar Time Zone
As mentioned earlier, time zone compatibility is crucial for seamless collaboration. South America boasts time zones that closely align with those in North America. For example, Miami and New York have only a 1-hour difference from Argentina and Brazil, while theses countries have 4 hours difference from Los Angeles Ensuring real-time communication and collaboration become feasible.
High-Quality Professionals
South America has a burgeoning pool of highly educated professionals. Universities in countries like Brazil, Argentina, and Colombia have robust accounting programs, churning out professionals who are both technically sound and globally aware.
Cost Efficiency
Beyond the skills and cultural compatibility, there's a financial benefit too. By hiring from South America, firms can tap into top-tier talent at a fraction of the cost, due to economic differences and currency exchange rates.
If you want to know more about working with an Employer of Record, we suggest checking these tips to find the best EoR and Accounting Recruiters Agencies for you.
Final Thoughts
In the ever-evolving landscape of global recruitment, South America stands out as a goldmine of accounting talent. Their professionals offer the perfect blend of technical prowess, adaptability, and cultural alignment. And while accounting recruiters play a pivotal role in accessing this talent, the collaboration of firms with Employers of Record amplifies the ease and efficiency of this process.
In conclusion, as you navigate the challenges of global recruitment, remember to sidestep common pitfalls. Embrace the advantages that regions like South America offer. And most importantly, find the right partners – be it accounting recruiters or EORs – to guide you in harnessing the best global talent.
