The Big Four accounting firms – Deloitte, KPMG, PricewaterhouseCoopers, and Ernst & Young – are able to attract a top-notch talent based on name recognition alone, but they also do a great job of managing the hiring process. If your firm is looking to bring on new talent, you can learn a lot from how they handle this all-important business process.

Useful Tips for Effective Hiring Practices

Hiring can either be seen as a huge nuisance or a fantastic opportunity for growing and improving. This is often determined by your outlook, but also by how you conduct the process. Here are some tips to help you make the most out of hiring.

• Understand your needs. You have to start with a clear understanding of your needs. Are you looking to hire a full-time employee that will be a part of your company indefinitely? Or are you only interested in hiring temporary work for tax season? Whatever the end goal, make sure you keep that in perspective and clearly explain your motives to potential hires.
• Utilize your current staff members. Your very best tools may be your current staff members. Reach out to your employees and let them know you’re looking to add additional help. Ask if they have any potential people in mind and follow through with their leads if you trust their opinion. Not only does this give you access to people you wouldn’t have discovered otherwise, but you also have a leg up on the competition since they already know someone who works for you.
• Work with a recruiting firm. If you’re looking for a permanent hire, it may be worth using the services of a professional recruiting firm. These companies give you access to a wide variety of job applicants and can help you find the best fit. However, if you’re tight on resources, you’re better off handling it on your own. Recruiting firms can charge thousands of dollars for their services.
• Use LinkedIn. One of the best free tools you can use is LinkedIn. If you’ve done a diligent job of maintaining your profile and building connections over time, you should be able to use it once it comes time to hire. Stay on top of your account year-round and reference it when need be.
• Carefully consider benefits. The salary range between a comparable position at your practice versus one at another isn’t going to be much different. However, you can differentiate yourself by carefully considering the benefits you offer. These may include things like extra vacation days, the ability to work remotely, health insurance, a private office, or a number of other things. The more you can offer, the better the chances are you’ll be able to attract good talent.
• Build relationships with local schools. Are you located in the vicinity of a reputable university or school? Building relationships with accounting departments and the professors within those departments can pay dividends for your hiring. This gives you a “pipeline,” so to speak, and allows you to hire young, cost-effective talent.
• Ask the right questions. Finally, you have to ask the right questions when interviewing applicants. Go beyond standard questions and look for valuable insights that say something about their motivation and work ethic. Some good examples include: Why do you want to work with this specific practice? What’s the most difficult thing you’ve ever been asked to do, and how did you handle it? What will motivate you to wake up and come to work each morning?