The past few years have seen a significant transformation in the recruitment landscape. Businesses across sectors are turning towards virtual platforms to find top-notch talent. More than 40% of the global workforce is expected to work remotely by the end of 2023.
And why should the accounting industry lag behind? Accounting firms, big and small, are increasingly leveraging technology to hire competent candidates from anywhere in the world in a attempt to fight the increasing talent shorting facing the accounting industry. This shift has led to a dynamic evolution of the industry, which is becoming more flexible, diverse, and connected.
Why Accounting Firms are Hiring Employees Virtually
Traditional hiring methods have their benefits, but they can be time-consuming and restrict the pool of candidates to a specific location. To overcome these challenges, many accounting firms are now hiring virtually, i.e., recruiting people online, regardless of where they live.
This trend has become more widespread due to the COVID-19 pandemic, which has disrupted traditional work practices. A survey by Robert Half shows that 89% of senior managers in the U.S. feel more comfortable hiring remote workers than they did before the pandemic. Additionally, 60% of CFOs plan to offer remote work options to employees after the pandemic. As a result, firms are focusing more on a candidate's skills and how well they fit the organization, rather than their location.
Virtual hiring not only saves time and money but also expands your pool of candidates. This is especially useful in the accounting sector as it allows firms to hire specialists, such as tax, audit, or financial reporting experts, who may not be available locally. Moreover, a report by Deloitte shows that virtual hiring can speed up the recruitment process: the average time to fill a position is 27 days with virtual hiring, compared to 42 days with traditional methods.
The Hidden Costs of Hiring
Hiring new employees can be expensive. According to Edie Goldberg, a talent management expert, the total cost to hire a new employee can be three to four times the salary for the position. These costs include both direct costs (like salaries and benefits) and indirect costs (such as the time managers spend on the hiring process).
These indirect costs can account for as much as 60% of the total cost of hiring, and they can add up quickly, often in just a few months. When a company needs to hire quickly, these costs can be even higher. This can lead to lost productivity and missed goals, which can impact the company's bottom line. Therefore, it's essential for firms to consider these costs and plan their hiring strategy accordingly.
What Virtual Recruiting Can Do for Your Firm
Virtual recruiting, also known as online or digital recruiting, is a hiring process that utiliz uses es digital technology to find, attract, and hire new employees. Instead of traditional methods like in-person interviews, virtual recruiting uses tools such as job boards, social media, company websites, and online interviews to connect with potential candidates.
Virtual recruiting has been growing in popularity due to the increased use of technology in our daily lives, the shift towards remote work, and the benefits it offers to find talent any where in the world.
Companies that specializes in virtual recruiting, often known as virtual staffing agencies can help you:
Access to a wider and more diverse talent pool
Virtual recruiting for accounting roles allows you to reach out to candidates who may not be available or interested in traditional hiring methods, such as those who live in different regions or countries, those who have family or personal commitments, or those who have different backgrounds or experiences. This way, you can find the best fit for your accounting needs, without being limited by geography or physical office space.
Flexibility and convenience for your employees
Virtual recruiting for accounting roles also enables your employees to find more work opportunities that suit their preferences and goals, without having to relocate or commute. Your employees can enjoy more flexibility in terms of working hours, schedules, and arrangements, as long as they deliver quality results and meet deadlines.
The past few years have seen a significant transformation in the recruitment landscape. Businesses across sectors are turning towards virtual platforms to find top-notch talent. More than 40% of the global workforce is expected to work remotely by the end of 2023.
Cost and time efficiency
Virtual recruiting for accounting roles can also reduce the costs and time associated with traditional hiring processes, such as travel expenses, office supplies, and interviews. You can use application software and virtual hiring platforms to manage your candidates’ applications, resumes, and documentation, as well as to conduct online assessments and interviews. You can also save time and money by hiring faster and more effectively.
Data-driven decision making
Virtual recruiting for accounting roles can also leverage cloud-based accounting software and file hosting platforms, which facilitate real-time access to financial data and reports. You can use these tools to evaluate your candidates’ performance and potential, as well as to monitor their progress and feedback. You can also use these tools to collaborate with your remote workers and clients.
The Pros of Virtual Recruiting
Virtual recruiting for accounting roles has many benefits for both your firm and your candidates. Some of the main pros are:
It improves your employer brand and reputation: Virtual recruiting for accounting roles can help you enhance your employer brand and reputation, as it shows that you are innovative, flexible, and adaptable to the changing needs of the market and the workforce. It also shows that you value diversity, inclusion, and work-life balance. By offering virtual work options to your employees, you can attract and retain more talent, as well as increase their satisfaction and loyalty.
It boosts your productivity and performance: Virtual recruiting for accounting roles can also help you improve your productivity and performance, as it allows you to hire the best talent available, regardless of where they are located. By hiring remote workers, you can reduce turnover rates, absenteeism rates, and training costs. You can also increase your output quality, efficiency, and accuracy, as remote workers tend to be more focused, motivated, and accountable.
It enhances your innovation and creativity: Virtual recruiting for accounting roles can also help you enhance your innovation and creativity, as it allows you to tap into a wider range of skills, perspectives, and experiences. By hiring remote workers from different backgrounds and cultures, you can foster a more diverse and inclusive work environment, which can stimulate new ideas and solutions. You can also leverage the latest technologies and tools to streamline your workflows and processes.
The Challenges of Virtual Recruiting
It poses communication, coordination, and control issues: Virtual recruiting for accounting roles poses some difficulties in terms of communication, coordination, and control, especially when working with teams or clients across different time zones and cultures. You need to ensure that you communicate clearly and frequently with your remote workers, as well as to provide them with adequate support and guidance. You also need to establish clear and consistent policies and procedures to manage and monitor their work.
It requires trust, accountability, and security concerns: Virtual recruiting for accounting roles also requires a high level of trust, accountability, and security, as financial information is sensitive and confidential, and needs to be protected from hackers and misuse. You need to ensure that you hire reliable and trustworthy remote workers, who will respect your privacy and confidentiality policies. You also need to use secure devices and networks to store and share financial data.
It demands adaptability, technical skills, and self-discipline requirements: Virtual recruiting for accounting roles also demands a certain degree of adaptability, technical skills, and self-discipline from both you and your candidates. You need to be open-minded and flexible about hiring remote workers, who may have different styles and approaches to accounting tasks. You also need to keep up with the changing technologies, work environments, and expectations. Your candidates need to be able to cope with these changes, as well as to have the necessary technical skills to use online platforms and tools effectively. Moreover, they need to have the self-discipline to manage their time, workload, and distractions.
Best Practices for Virtual Recruiting
Virtual recruitment, when executed properly, can offer immense benefits. Here are some best practices to help your firm make the most of virtual recruiting:
- Make the most out of Tech: Utilize recruitment software and platforms to streamline the hiring process. Tools like applicant tracking systems, AI-powered job-matching platforms, and video interviewing software can increase efficiency and help attract top talent. According to a LinkedIn report, 76% of hiring managers believe that technology will be significantly important for future hiring.
- Establish clear communication: A potential downside to virtual recruitment is the risk of miscommunication. Ensure all job descriptions, roles, and expectations are clearly stated. Regularly communicate with candidates throughout the hiring process, and be ready to respond to their queries promptly.
- Assess for remote work skills: When hiring virtually, it's crucial to assess candidates' ability to work remotely. Look for traits like self-motivation, excellent communication skills, problem-solving abilities, and technical proficiency.
- Virtual onboarding: A well-structured onboarding process is critical when hiring remotely. Use virtual training programs and provide new hires with the resources to perform their tasks efficiently. According to the Society for Human Resource Management, organizations with a strong onboarding process improve new hire retention by 82% and productivity by over 70%.
- Invest in employer branding: Online employer branding is more important than ever in the digital age. Ensure your firm's online presence accurately represents its values, culture, and work environment. LinkedIn states that a strong employer brand reduces the cost per hire by up to 50% and lowers turnover rates by 28%.
- Find help: Staffing agencies and outsourced recruitment solutions can help you find talent in raising new markets with half the effort as they take care of end-to-end management, including employee benefits, compliance with local laws and payments.
Wrapping Up
The world of recruitment is evolving, and accounting firms need to stay ahead of the curve to attract top talent. Virtual recruiting for accounting roles presents an exciting opportunity to hire skilled professionals from around the globe. While it comes with its challenges, these can be mitigated with careful planning and effective strategies.
Embracing virtual recruitment can lead to a wider talent pool, cost savings, and improved employee satisfaction. By implementing the best practices outlined in this blog post, your firm can benefit significantly from this modern approach to recruitment. The future is digital, and it's high time accounting firms leverage this trend for their benefit.
