Is Hiring a Senior Finance Expert Really That Difficult?
“Yes,” answers Tarryn du Toit, Team Leader/Headhunter for DAV Professional Placement Group’s Executive Division. “However, it’s not impossible. There are steps hiring managers and corporates can take that, along with heightened awareness of the challenges, can make all the difference.
T arryn suggests it is important to understand why this type of senior finance talent is so rare. It is a well-known fact that there is a shortage of accounting and finance skills in South Africa, which negatively impacts business in general. One of the main reasons for this is the failing school education system: It simply does not produce enough young students who meet university admission requirements. And when they do, places are limited. Added to this is that aspiring accountants are often unable to fund 6+ years of study. Says Tarryn: “We believe this calls for a greater focus on maths in both primary and high schools. We also encourage companies to employ more finance graduates, effectively helping to drive succession strategies. This also serves to increase levels of employee retention,” she explains, “and it helps companies reduce the costs of hiring specialised staff – if and when available”. So, there is a limited supply out there and fierce competition amongst those trying to attract and secure it. What can you do to increase your chances of landing the ideal candidate? “Have a look at shortening your time to hire,” Tarryn advises. “High-calibre candidates invariably attract counteroffers in a competitive market - typically, candidates are able to play one job off against another – the faster your (albeit carefully considered) decision, the better”. Demitri Tambourlas, Recruitment Trainer consulting to DAV’s Executive Division, agrees: “Counteroffers have increased markedly in the past five years. They used to occur 10% of the time – now candidates are getting counter offers 75% of the time, because companies don’t want to lose their highly-skilled good employees. “The ‘push-pull’ factor also comes into play where individuals are reluctant to leave their jobs because of uncertainty about restructuring processes in bigger corporations. “High-calibre candidates facing a major career move decision often fear change and need skilled recruiters to talk them through such a challenge and to convince them of the positive benefits that can flow from change. “DAV sets out to collaborate with clients, making sure they understand the dangers of counteroffers, as well as the need to work with us to ensure that we ’counter the counter’ offers and get those candidates on board,” Demitri concludes.
T op finance professionals also tend to earn above marketrelated salaries. In this context, DAV believes companies are not doing enough to attract and entice people to join their organisations; a mere lateral offer or an offer of between 5-10% above the candidate’s current salary are often no longer enough to entice these top level candidates to make a move. DAV also believes we need to open our minds as to the value of different qualifications in the finance field.
Typically recognised in South Africa as optimum is the CA (SA) - Chartered Accountant qualification. However, DAV advises its clients to take cognisance
of alternative qualifications such as the ACCA (Association of Certified Chartered Accountants) qualification and CIMA (Chartered Institute of Management Accountants), to enhance their
placement prospects. Tarryn points out that job seekers who have either of these qualifications, combined with an MBA, would be recognised as exceptional candidates, providing an entry opportunity to key executive positions.
Some 42% of the placements made last year by DAV’s executive division were in the expert area of finance, underlining the organisation’s ability to place suitably qualified candidates in this specialised field. In the area of “hot skills,” DAV has successfully found placements for qualified individuals who have for example worked for multinationals, with specialised knowledge in technical finance aspects such as US GAAP (Generally Accepted Accounting Principles), Surbanes Oxley and the IRFS regulations. Such job seekers are well positioned to deploy their highly marketable skills in sectors such as manufacturing and FMCG (Fast Moving Consumer Goods). This is an area in which DAV has experienced a notable increase in executive finance placements in recent months for candidates with solid track records and stable employment records.
A nother challenge facing employers in a skills short market is the need to meet legislative requirements for employment equity, in addition to formulating Broadbased Economic Empowerment forecasts. DAV is well positioned to assist: Last year alone in DAV’s finance division, 60% of the placements made were with Black, Indian or Coloured candidates, comprising some 128 executives – in a country that is chronically short of top black management executives. “The value of using us as recruiters,” Tarryn emphasises, “is that while corporates are becoming more specific in terms of requirements - we have the proven expertise and track record to meet those needs. “Our value proposition, tailored for today’s business environment, is that not only do we find the best people, we find them in the shortest amount of time. Furthermore, we assess the worth of those candidates - and we deliver them. “We are impartial in our approach and last, but not least, confidentiality is part of our trade”.