Within an already tight labor market, finance and accounting hiring in the consumer products and retail sectors presents some unique challenges. With new lease standards, changes in the tax code and increased reliance on data and technology, it’s critical to identify what skills are must-haves. It’s also smart to know when you can rely on contract and consulting services to meet immediate needs.
Then comes the really tough part — finding the right candidate.
We spoke with Aston Carter Account Manager Kevin Magee for insights.
Cover the Basics
Knowing the exact skills that are required will inform how wide to cast the net in the screening process. Are there other sectors that develop transferrable skills and experience?
“The consumer product side is close to manufacturing in that it has a tangible product, and similar to distribution, because that product is going out to customers,” says Magee.
So, the search for consumer product talent can extend to candidates with distribution and manufacturing experience, which helps to increase the prospect pool.
In retail, the focus is on sales and property — either owning or leasing. That puts a premium on knowing how to depreciate and account for fixed assets, and on the valuation of leased assets.
But regardless of sector, everyone is concerned with cost and inventory, which places a premium on analytical skills.
Magee notes, “Finding people who have a strong skill set in looking at how much it costs to manufacture something and in seeing where you can find savings — whether it's savings or just more efficiency so that cost goes down — those are the candidates everyone is looking for.”
Know What’s New
It’s no surprise that technology is impacting the retail and consumer products space, just as it is everywhere else. Magee cites the ability to use data as a particularly emerging requirement.
“As data becomes more and more prevalent, the ability to use that data effectively to make business decisions is going to become almost a non-negotiable for large companies to be successful,” he says. “Having people who can utilize data effectively and quickly will be a real competitive advantage for companies if they're well equipped to handle it.”
Already non-negotiable is dealing with the new leasing guidelines that went into effect for publicly traded companies this year, and will expand to privately held companies in 2020.
In the retail space, revenue recognition for online sales is an emerging area that accountants will need to address, along with the ever-present thicket of local, state, federal and international tax laws.
Contract work and consulting can be an efficient and cost-effective way to navigate the changing landscape.
“We can provide consultants who understand changes in the tax laws, or issues with revenue recognition accounting,” says Magee. “We’re able to provide a resource with that specific skill set and subject matter expertise.”
Magee adds that contract hires can be a highly efficient and cost-effective way for companies to manage temporary projects. And the right consultant can get an internal team up to speed on changes in tax laws or accounting standards without having to add overhead and hire someone full-time.
Don’t Neglect the Soft Skills
While hard skills will always be important, it’s often the soft skills that separate the great hire from the merely adequate one.
Despite the temptation to reduce finance and accounting to number crunching, the ability to communicate effectively matters too. This is especially true in consumer products, which involves a heavy dose of branding.
“Clients look for people who not only understand money, they also want somebody who has the ability to speak to customers — someone who can actually have a conversation as opposed to just crushing data,” says Magee. “If they're using a logistics company for distribution, if they're working with a third-party logistics company for warehousing, they have to interface with different customers and internal stakeholders through the accounting and finance process.”
And there is always the elusive “fit” — knowing how well a candidate will mesh with the company culture and the team they’ll be joining. That’s difficult, if not impossible, to assess from buzzwords on a resume.
Work with a Partner Who Digs Deeper
A top-notch recruiting partner can help take the guess work out of the search process. At Aston Carter, that starts with understanding the client’s needs.
Magee explains, “In our screening process, we ask, ‘Can this person work effectively with people inside and outside the organization? Does this person understand the actual business structure of the company, how the company makes their money so they can be properly involved in the process they're being hired for?’”
He believes that taking some extra time upfront pays off: “Doing a little extra work on the front end to make sure we don’t waste the client’s time is worth it, instead of just sending people that we hope might be able to do the work and then wasting time with 15 interviews before we find that right person.”
Aston Carter also invests in research to enable account managers to better understand and anticipate their clients’ needs. That work shows in obvious ways – knowing that the fourth quarter will be crazy for sales and retail – and in more nuanced understandings of where the business pain points are and what talent is available to address them.
In the end, the best recruiting partner isn’t just filling a request, they’re helping to meet a challenge or solve a problem.
If your company could benefit from a free conversation about finding the right retail finance and accounting talent, contact Aston Carter now.
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