Marketing For Accountants In Practice

Recruiting in the public accounting domain: The State of the Union.

Using a recruiting service for your public accounting firm saves you one of the most precious resources available… time.

Although a fee will be involved, using the right firm can usually save you money overall.

When compared to the cost of an advertising campaign coupled with the cost of dealing with the number of responses that are generated, reading each and every resume to determine who should be interviewed and who should not, and then spending more time conducting preliminary interviews to whittle down the number under consideration to present to the hiring Partner, using a recruiting service seems like a great idea.

But which firm should you select?

The number of recruiting firms available to choose from seems endless, so here are some pointers to help you make your decision:

· Does the search firm work only in public accounting?

· Do the people you will be dealing with come from the public accounting profession themselves?

· Do they have quality search firm experience?

· Do they have a communication system that keeps you informed of progress during the search?

· What type of guarantee do they give? The industry ‘standard’ is six months – look for a firm that is prepared to go beyond the industry standard.

· Is there a money-back guarantee if you are not satisfied with progress?

· Does the firm offer a comprehensive salary survey on the public accounting domain? (Or is their survey very vague and general?)

· How deeply involved in the public accounting profession are they?

The answers to these quick and simple questions will usually eliminate the vast majority of choices, leaving you maybe with two or three firms, at best, who are well suited to help you with your recruiting needs.

Then it’s more a question of personal preferences.

‘Can I work with this person?’

‘Do I like this person?’

‘Is their guarantee solid?’

‘What do other clients say about them?’

These are natural concerns and questions that you should answer next. Check out their web sites and marketing materials and if there are any doubts about the potential business partner in question, move on to the next firm.

Similar to the reputable Executive Search firms, some of us work on a retained basis and some on a contingency basis. Others will give you a choice.

Look for something in return for paying a retainer – if you’re parting with money up front, it’s sometimes a leap of faith.

Make sure you get a reduction in the fee for paying something up front – this is simply a sign of fair play on the recruiter’s behalf and any resistance to a suitable reduction in the fee should be seen as a red flag.

But why pay a retainer?

Well, the simple truth is this: most recruiting firms have a large number of clients and a limited supply of candidates.

Paying a retainer up front is a sign of commitment on your part. This should be matched by a money-back guarantee from the recruiter to give you some peace of mind.

It also gets the recruiter’s attention and commitment to fill the position.

In short, it’s a fund that provides resources to finance the tailored recruiting effort of the search firm, it funds their work in process, just like you might ask a new client for a part payment before you commence the compilation of their financial statements.

So why do firms rates vary so much?

Like public accounting firms, rates vary from firm to firm, but the generally accepted rate is somewhere between 25% and 30% of the successful candidate’s first year’s salary as the search fee.

Unlike dealing with a Fortune 500 company, working with a public accounting firm, the recruiter does not have a limitless coffer of a public company to dip into. In this business, we’re dealing with clients who are investing their own personal funds – from the Partnership income - into a search.
So, some reputable search firms will acknowledge this and offer a lower rate to a public accounting firm, but not all firms.

From the Candidate’s Perspective

It’s a very big deal, changing firms. You need someone who you can talk to, in total and complete confidence, for some sage advice.

Someone who has been in your shoes, been successful and can pass-on the benefit of their experience is worth their weight in gold.

You seek someone who will be more of an advisor and career coach – not simply looking at you as ‘product’ to be turned around as quickly as possible to make a quick buck.

Yes the recruiting industry, like any other, does have its share of, shall we just say ‘unscrupulous individuals’ but they never last long.

Look for a consultant that you can ‘connect’ with, who speaks your ‘language’ and takes the time to listen to your career objectives before showing you a selection of career opportunities.

Like all things in life, you reap what you sow, but you must sow first.

The recruiting business in Canada is full of small boutiques, branches of public companies, and large private firms. Each has their own market specialty and area of expertise.

Take the time to get to know several, then choose the one you feel understands the public accounting dopamine better than the rest.