With recent changes in accounting regulations and the enactment of the Sarbanes-Oxley Act in 2002, accountants have become a profession that is in high demand. While this is great if you are an accountant, it has posed considerable challenges for accounting firms and organizations that staff a large number of accountants.
Simply put there is a talent shortage when it comes to hiring accountants.
As a result of the increased demand for accounting professionals it is critically important that you hire the right accountant the first time, every time, to give your organization the best chances of retaining these high demand workers.
When it comes to hiring the best accountants - the true high performers - it is imperative that you look beyond educational background and work experience. While these hiring criteria are important to consider, they represent a minimum "hiring threshold" that does not take into account how well a candidate actually fits the job, which has been shown to be the single largest predictor of future performance and retention.
Determining job fit can be done with a scientifically validated process called job benchmarking. Job benchmarking starts by carefully identifying what traits the job requires for success - i.e. the necessary behaviors, motivating values, and personal attributes. After these traits have been identified they can then be measured in a candidate using a validated pre employment hiring assessment to see how well a candidate really fits the job.
In our years of experience helping organizations of all sizes and in all industries, we have found that there is a unique set of behaviors, values, and personal attributes that are highly predictive of success in the accounting profession.
Behaviors
- Organized Workplace - Accounting is a highly detailed orientated profession that relies on an individual's ability to catch things before they "slip through the cracks". For this reason it is very important that any accountant you hire be naturally inclined to maintain a highly organized and systematic workplace.
- Analysis of Data - Accounting is a numbers and data orientated profession. High performing accountants have a natural ability to carefully analyze data and draw out actionable insights.
- Customer Orientated - Whether it is a business client, an individual filing their taxes, or another department in one's organization, accountants must have a strong customer orientation.
Values/Motivators
- Regulatory / Traditional - Accounting is a highly regulated and structured profession. For this reason accountants must place a high value on consistency, regulation, and adhering to an established system of standards and norms.
- Theoretical - There is always something new to be learned in the accounting world and changes to tax and securities law and new accounting standards and regulations are just the tip of the iceberg. A high performing accountant will have a sincere desire to continue their education as a business professional.
Personal Talents and Skills
- Self Management - Accountants are often assigned projects that require a high degree of independence and self management. It is important that you hire an individual who is capable of working and thriving in such an environment.
- Organization and Planning - The organization of data for use in business planning is important to the success of an accountant.
- Flexibility - Accountants are often called on to do a number of different tasks within their organization. For this reason, hiring the best accounting professional requires the identification of an individual who able to take on a variety of ad hoc assignments.
Resiliency - Accountants must have a high degree of personal resiliency when it comes to analyzing data and problem solving.
Understanding the make-up of successful accountant is only one part of hiring the best possible candidate. To hire the best accounting professionals and maximize your organization's bottom line these traits must be measured with a personality profile before a hiring decision is made.
