It’s no secret that the current US labor market is tight.
As we enter the final quarter of 2022, Minnesota continues to have one of the lowest unemployment rates in the country. According to the Minnesota Department of Employment and Economic Development, the unemployment rate in August 2022 was 1.9% — only 0.1% higher than in July 2022.
Despite a labor shortage due to the pandemic fallout, decreasing population growth, and retirement of baby boomers — employers are rapidly hiring. So, if you’re on the hunt for candidates willing to work 100% on-site or hybrid, understanding what they want — and don’t want — is crucial to attracting talent.
What the Data Reveals
The Minneapolis/St. Paul Business Journal shed light on a survey of 3,000 workers by Blackhawk Network Holdings Inc. earlier this year. Here are the four best (and worst) incentives reported from the data:
It can’t buy you love, but it can buy that $4.41 gallon of milk that only cost you $3.57 in 2020. According to the survey, 62% of remote workers are open to returning to the office in exchange for higher salaries.
Less motivating than a stack of Benjamins, but still impactful. “49% of workers said a four-day workweek would encourage them to return to the office.” For employers concerned about reduced productivity, let The New York Times put your mind at ease.
Only 25% of workers said company-provided snacks and coffee would lure them to the on-site offices.
Unsurprisingly, the Minneapolis/St. Paul Business Journal reported only 11% of remote workers said free company swag would motivate them to work on-site. Let’s save the mugs and unisex Gildan tees for the trade shows.
An Alternative Approach
Imagine this. You found the perfect candidate who checks off all your boxes. After they share their salary expectations, you sigh, knowing your budget doesn’t align with that. You may already feel discouraged by the current shortage of talent, and with the clock running out, what do you do?
TO ATTRACT THE BEST TALENT, ADJUST YOUR STRATEGY.
Instead of basing your hiring decisions purely on skills and experience, consider hiring a top performer who can grow into the open role. Most accounting and finance positions require previous technical knowledge, but there are many opportunities to engage great candidates with aptitude.
Here are a few examples our recruiters often see from strategic hiring teams:
- Hiring an experienced Senior Accountant with management potential as an Accounting Manager
- Hiring an Auditor from Public Accounting with an interest in FP&A as a Financial Analyst
- Hiring an Audit Manager from Public Accounting with excellent leadership skills as a Controller
- Hiring an experienced Senior Financial Analyst as an FP&A Manager
HOW THIS BENEFITS YOU AND YOUR FIRM.
While an experienced candidate may seem like the best option, hiring for potential can offer benefits you may not have otherwise considered. These benefits include faster hiring processes, improved employee loyalty, and increased company diversification.
Final Thoughts
As the workforce continues to change, having a recruiter in your corner isn’t an option anymore — it’s a necessity.
In the last two years, Ambrion has continuously evolved how we work to stay current with the market. We’re not good at drawing in candidates — we’re great at it. Our vast professional network makes your search for talent faster, easier, and better.
Don’t wait to be fully staffed for year-end. Now is the time to reach out to our recruiters. Let’s chat.