Culture or competency? Which one bears more weight when it comes to selecting candidates for your firm?
Under normal circumstances, companies hire the most qualified person on paper. Someone who has an impressive educational background and extensive work experience is most likely to get hired over someone who is average.
These candidates are the perfect fit for companies searching for the most suitable person for a specific role.
But are they fit for your company for the long-term?
Cultural Competence In Hiring
The conundrum is, will you pick someone who has all the skills you need but isn’t culture-fit over someone who isn’t exactly the most suitable but has the potential to be trained and, more importantly, can blend in well with everyone?
Addressing Skills Shortage
Skills shortage is a major disruptor in the accounting industry. It’s one of the reasons why many firms come to offshore providers, like The Outsourced Accountant; they don’t have enough staff with the right skills to accomplish the stuff they want.
The success of firms also relies on the quality of hires you make. Selecting the ones with suited skills will help get work done. That means improved productivity for the entire team, which often leads to higher efficiency.
Attracting and developing talented employees are valuable for companies as these will determine the firm’s ability to deliver quality output. But there’s one equally important thing that business owners and managers need to pay attention to: retaining these talents.
The Rise Of The War For Talent
A study conducted by global management consulting firm, McKinsey Co. almost a decade ago, showed that, in the years to come, talent will be the most important resource for companies. It was also the resource companies are in dire need of.
Fast forward to today when companies really pay attention to recruiting the most suitable candidate for clients.
While offshore providers have done companies well in finding the perfect candidates, the work doesn’t end there. New challenges are coming and one of those that require attention is keeping employees happy.
The war is fierce. There is an increasing demand for the right people for certain jobs and companies are just not getting finding the perfect fit for their firms. In a poll conducted by The Outsourced Accountant in a previous webinar, 75% of companies are facing difficulties finding candidates with the right skills.
This is one of the reasons why firms choose to outsource certain tasks. Offshoring accounting not only helps companies find the most suitable candidates. It also offers other benefits like cost-savings, improved productivity and enhanced capacity.
The War On Talent
Some experts believe that a new war has come. This time, it is a war on the talents. After seeking them out for specific roles, organisations may have forgotten about one vital aspect of retaining employees: keeping them motivated.
If firms need to focus on improving client experience, they also need to make sure that the staff enjoys a good experience. People who are unsatisfied can be miserable at work, which means they can severely affect productivity, which is a building block for success.
A 2017 Gallup poll showed that 85% of people all over the world hate their jobs. This level of job satisfaction reflects that instead of adding meaning to their lives, work becomes a source of frustration for many.
In countries like the United States, the rate is lower (only 70% of people hate their jobs) but it’s still a significant figure. In fact, Gallup revealed that there’s a worldwide employee engagement crisis.
This is worth paying attention to because disengaged employees are most likely to leave.
Choosing Culture Over Competency
Firms are now seeing the importance of maintaining employee engagement and hiring people who are not just competent but can fit culturally with the team.
William Vanderbloemen, in his Forbes article, said that “culture trumps competency.” He hires people who fit a company’s culture instead of focusing only on core competencies. He shared that talent can be learned.
He shared that managers and leaders who hire around their company culture are more likely to see benefits in the long run. Similarly, professionals looking for the right jobs for them will go with a company whose culture they can fit into.
Hiring culture-fit individuals is equally important as hiring one that possesses impressive skills. This is because recruiting people who can’t fit well with the existing (or desired) company culture can lead to poor motivation, which affects quality of work and the relationship with co-workers. It will affect productivity and efficiency.
Employees who fit well with the organisation are found to have better job satisfaction and are more likely to stay. And that’s what most firms want.
Looking to scale your business by getting the right people to do specific roles? Call our global offshoring specialists at 1300 896 522 or click here to download our blueprint on how to build a global accounting team.