Recruiting Right: A Guide for Companies

Recruiting top talent is a critical success factor for any organisation, particularly in specialised fields like finance and accounting. In today’s competitive business environment, where 75% of HR leaders report that talent shortages pose a significant risk, adopting an effective recruitment strategy is vital. Companies that can efficiently attract, hire, and retain the right individuals are more likely to achieve long-term growth and sustainability. This article offers comprehensive recruitment strategies for HR professionals, through which companies can secure individuals who will meaningfully contribute to their success. 

Why Effective Recruitment Practices Matter To Employers

In today’s business environment, the cost of a bad hire can be significant, impacting both the financial standing and overall morale of a company. A report from the Society for Human Resource Management (SHRM) estimates that the cost of a bad hire can be up to five times the individual’s annual salary. Some possible impacts include -  

1. Rise in HR costs: HR industry studies show that a significant amount of staff turnover (possibly as high as 20 percent) typically occurs within the first 45 days of employment, necessitating constant rehiring and incurring substantial costs. 
2. Damage to Team Morale: A poor hire, particularly in specialised fields like finance and accounting—where precision, compliance, and accuracy are essential—can have lasting consequences, including financial misreporting and regulatory fines.
3. Loss of Productivity and Wasted Resources: Costs related to training, recruitment processes, and management time are wasted when the wrong individual is hired. This issue is compounded when positions are repeatedly filled with unsuitable candidates. 

Therefore, it is essential that companies invest in structured and well-planned recruitment processes that ensure the best candidates are selected. 
Addressing these challenges early on – by improving screening processes and providing thorough onboarding – can reduce turnover and avoid unnecessary recruitment costs.

Key Recruitment Tips for Human Resource Personnel and Recruiters

Crafting Clear Job Descriptions and Requirements

The first step towards attracting the right talent is drafting an accurate, clear and precise job description. It is important to: 

1. Be Specific: Detail the job’s responsibilities, the qualifications required, and the key competencies needed for success. For example, in accounting roles, proficiency in software such as QuickBooks, SAP, or Oracle may be required. 
2. Highlight Cultural Fit: As 45% of workers fail within the first 18 months due to poor cultural fit, mention qualities that align with the company’s work culture, such as adaptability and the ability to thrive in a fast-paced environment. 
3. Tailor the Description: Candidates may need to be familiar with specific regulations depending on the organisation’s operating regions. For instance, those in finance should have expertise in GAAP, IFRS, or local tax laws—knowledge that is particularly advantageous in Singapore.

Structured Interviewing and Assessment Process

A structured interview process ensures that candidates are assessed on a consistent and objective basis. Studies show that companies using structured interviews see a 24% improvement in employee performance. A standardised assessment process includes: 

1. Standardised Questions: Ask questions tailored to the role, such as those exploring a candidate’s understanding of financial reporting standards or tax laws. 
2. Objective Assessments: Incorporate skills tests, such as balance sheet preparation or problem-solving scenarios, to determine whether candidates possess the necessary technical skills.
3. Elimination of Bias: Structured interviews help reduce unconscious biases, promoting fairness and ensuring the best candidate is selected based on qualifications rather than subjective factors.

Behavioural Interviewing Tips

Behavioural interviewing evaluates a candidate’s past behaviour to predict future performance. Research shows that 55% of companies who use behavioural interviews experience higher retention rates over time. Key tips include:

1. Ask about Specific Past Experiences: Request examples of how candidates have dealt with challenges, demonstrated leadership, or addressed financial discrepancies. 
2. Assess Problem-Solving Capabilities: Evaluate how the candidate performs under pressure or handles complex financial regulations and projects. 
3. Focus on Ethical Alignment: Finance professionals often manage sensitive and confidential information, so it's crucial to gauge whether the candidate can uphold ethical and compliance standards. 

Assessing Cultural Fit

Cultural fit is crucial for ensuring long-term job satisfaction and retention. Poor cultural alignment leads to turnover in 89% of cases. To assess this, HR professionals should: 

1. Gauge Cultural Compatibility: Include questions that reveal whether the candidate’s work style aligns with the organisation’s values. For example, in high-stakes roles like finance, a candidate who is comfortable with tight deadlines and attention to detail is ideal. 
2. Be Transparent: Outline the realities of the workplace, such as long hours during the fiscal year-end or compliance-heavy periods. 

Focus on Candidate Experience

Providing a positive candidate experience is essential for enhancing a company’s reputation and attracting future talent. According to LinkedIn, 83% of candidates say a negative interview experience can change their opinion of a role or company. Keyways to improve candidate experience include: 

1. Clear Communication: Keep candidates updated on the status of their application. Prompt communication shows professionalism and respect for the candidate’s time.
2. Providing Feedback: Offering constructive feedback to unsuccessful candidates leaves a positive impression and keeps the door open for future roles. 
3. Foster Long-Term Relationships: Even if a candidate isn’t hired for the current role, maintaining a positive relationship ensures the company builds a strong talent pool for future positions. 

Singapore Trends in Recruitment Practices

In Singapore, the talent market is evolving, with several key trends influencing recruitment strategies. Companies must stay agile and responsive to these trends to attract top talent effectively. 

1. Employer Branding

Employer branding has become a vital component of successful recruitment strategies. In Singapore, 75% of candidates are more likely to apply to a company with a strong employer brand. Organisations invest in building a positive public image by highlighting company culture, benefits, and career growth opportunities. Firms such as DBS Bank and Singtel have shown that strong employer branding can reduce turnover by 28% and lower cost-per-hire by 50%. 

2. The Role of Technology in Recruitment

With Singapore being one of the world’s most digitally advanced nations, AI-driven tools and big data analytics are becoming indispensable in recruitment. Currently, 80% of Singaporean companies leverage AI to screen resumes, identify top candidates, and streamline the hiring process. Automated recruitment tools not only save time but also minimise human error and improve candidate matching. 

3. Compliance with Tripartite Guidelines

The Tripartite Guidelines on Fair Employment Practices (TAFEP) ensure that companies adopt fair, merit-based hiring practices. These guidelines promote equal opportunities regardless of race, gender, age, or nationality - an essential consideration in Singapore’s multicultural workforce. Adhering to these principles not only enhances the company’s reputation but also broadens the talent pool by focusing on merit and skills rather than personal characteristics. 

4. Diversity and Inclusion

A report by McKinsey & Company highlights that companies in the top quartile for racial and ethnic diversity are 35% more likely to outperform competitors. Additionally, gender-diverse companies are 15% more likely to achieve financial success. These findings underscore the importance of diverse leadership teams, which build innovation and generate 19% higher revenue through increased creativity and efficient decision-making. In Singapore, diversity is an integral part of recruitment, supported by TAFEP guidelines that stress equal opportunity hiring. Companies that embrace this diversity benefit not only from a positive brand image but also from improved financial performance and innovative growth. 

Achieving Recruitment Success With RSM

Implementing these strategies can significantly improve a company’s ability to attract and retain top talent in a variety of industries. In a competitive labour market like Singapore, where 89% of employers are concerned about talent shortages, building a strong employer brand, embracing technology, and aligning with legal frameworks such as TAFEP are essential.

By partnering with recruitment agencies like AccountStaff, companies can gain access to the best talent available, accelerating business growth and ensuring long-term success. Adopting the right strategies is no longer just about filling positions, it’s about building a sustainable workforce that drives innovation and business performance. 

Contact us for more information.