Attracting, hiring and retaining NQ talent

When hiring a newly-qualified (NQ) accountant, the biggest challenge has been and remains to be, the candidate-short market. A reduced number of candidates coming through training schemes has meant that there is a basic supply and demand issue in the sector. This, combined with the fact that newly-qualified candidates are presented with more opportunities than at any other time in their career means that a good candidate might have upwards of three interviews a week. In some cases, they may also receive three or more offers. As an employer, when you are faced with this situation, it’s difficult to know where you stand against your competition once you are in the process.

After attracting and hiring a newly-qualified candidate, employers are faced with the challenge of retaining their best performers. Among this pool of talent, 'boredom' is the most common reason for leaving a role within the first 12 months. However, it’s usually a candidate feeling that they are doing work that is too junior for them or not seeing enough variety which often comes in the form of projects. If this is the case, top performers will quickly feel like they aren’t adding value. Additionally, it has become a feature of the ACA newly-qualified market that financial or group accountant roles are considered to be a stepping stone which means that candidates are often thinking about what’s next before they’ve truly mastered the role. So, how can you overcome these challenges when sourcing talent this qualifying season? 

Attracting NQs: what are newly-qualified accountants looking for?

Newly-qualified accountants, like millennials in general, want to add value and feel valued. This manifests itself in the majority looking for commercial or forward-looking positions, typically analyst roles. This is a challenge as their skill set does not traditionally lend itself to these roles. Many, however, are seeking a learning opportunity so will look for the chance to move into the broadest role possible. This has meant that many SME opportunities have become much more attractive to newly-qualified professionals.
To ensure that your NQs are kept engaged it is crucial to ensure that they keep learning and are given the opportunity to work on larger projects so that they feel like they are being challenged. A clear, tailored learning and development (L&D) plan highlighting what their role will enable them to achieve and what skills they will build up, is a great asset when trying to attract newly-qualified candidates. When you hire an NQ, it is very important to make sure that their development plan ties back into what they were interested in at the interview stage and aligns with their long-term ambitions.

Hiring: assessing your candidates’ suitability 

If you plan to hire an NQ, you might be wondering when the best time is to start looking. The summer months, while generally quieter, are a good time to be proactive about the candidates who may be coming to the end of their training contract in September. These candidates preparing for their search earlier, often show higher levels of proactivity, organisation, and commitment. The market becomes highly competitive around September/October when the majority qualify and start searching for opportunities. 
During an interview, generally speaking, it’s the simpler questions around when a candidate has helped to drive revenue, saved cost, or identify process improvements which will help to identify a candidate’s ability to problem solve, influence stakeholders, and think commercially – here you’re starting to identify potential rather than if they can quote you an accounting standard. With ACA qualified candidates, asking them to run through their clients and probing their knowledge of different business models can showcase how a candidate thinks and uncovers their level of commercial thinking/understanding.
Assessing top talent in an interview is a growing challenge at the newly-qualified level as you need to remember to sell your opportunity to the candidate, not just test. If a candidate feels like they’ve been tested and challenged but had no engagement with you as an individual or improved their understanding of the business, they may lose interest.

Winning and retaining talent: stand out as a top employer

To help ensure you leave a positive impression on your candidates, it is important to provide an overview of the role and business during the interview. This will allow you to highlight why the role offers a good opportunity to learn, add value, progress, and be valued in return. It’s then a case of being open to questions from candidates about benefits, corporate social responsibility (CSR), and any other queries they may have. 
As highlighted above, offering career pathways and learning opportunities is absolutely vital, so ensure that you are promoting your L&D strategies, wider opportunities in finance, and projects that they will work on. Additionally, workplace culture is another key factor for candidates, so have evidence of how your business can offer an environment that will support the talent you are looking to attract. Similarly, ensure you know your benefits package inside-out. Dynamic working, breakfast in the office, and even team charity days are all little things that add up to a more comprehensive benefits package. Your CSR policy may be a lot more important than you might think!
If you choose to work with a recruiter to help in your hiring process, be clear on how you expect the relationship to work and how your business is marketed to NQs. It is crucial that your EVP is effectively utilised in the process to reinforce your company vision and mission. Remember, you can also ask your recruitment consultant for more detail on why a candidate is interested in the role/business so you can tailor your sell of the employer value proposition (EVP). A more bespoke interview will naturally lead to better engagement.
If you are looking to bring in a newly qualified hire into your team, why not get in touch to discuss how we can help with your processes?
Joseph Park
Manager, Michael Page Finance 
T: +442072692503