When you need to fill a vacancy in your accounting department, what kinds of steps do you take to ensure that the right person gets the job? This is trickier than it may appear, and that’s not just because it takes a while to get new hires up to speed. The biggest issue when hiring new employees for your accounting department is the cost that’s involved in doing so. It’s crucial to hire the right person the first time. Every time a new employee doesn’t work out, it’s money down the drain.

How Well do You Vet Prospective Employees?

Like many business owners, you may not dig very deeply when investigating prospective employees’ backgrounds. That’s not the right way to hire someone. Research shows that 17 percent of executives lie about their qualifications and 9 percent lie about their salaries. Fact-checking someone’s resume takes time. It also requires extensive resources, and you may not have them at your disposal. One way around the issue is to use finance recruiters like Accounting Principals to hire temporary workers as needed. The burden of vetting prospective employees will be lifted from your shoulders and placed onto the recruiters’ shoulders.

Why it Matters

Let’s say you’re not careful about confirming a new hire’s credentials. If the new hire has an annual salary of $15,000, replacing him will cost your company around $6,000. If the new hire makes around $20,000 per year, replacing him will cost around $40,000. In the case of an executive who makes $100,000 per year, replacing him will set your company back a whopping $300,000. Can you afford to throw away that kind of money?

Protect Your Investments

Every employee you hire is an investment. After all, you probably provide training of some kind to each employee. According to studies, companies have been training new hires more than ever in the last three years. 65 percent more employees receive training these days, and companies are spending 70 percent more on that training. If you hire and train the wrong person, all of that time and money will be for naught.

Attract the Right Employees with Excellent Benefits

You can’t hope to attract qualified, competent employees without offering a competitive benefits package. One way to figure it out is by learning about what’s standard and what isn’t. To that end, consider this:

  • 46 percent of companies offer bonuses
  • 49 percent offer education assistance
  • 60 percent offer retirement plans
  • 71 percent offer health care
  • 77 percent provide vacation pay
  • 90 percent offer life insurance

Without offer similar benefits, you’re really going to struggle to find the best employees.

Finding Employees in Your Area

A great way to keep the costs of hiring a new employee down is by hiring someone from the local area. Unfortunately, this isn’t always possible. That’s especially true if you don’t have the kinds of resources that are needed to conduct a truly thorough search. A finance recruiter will have connections that will prove to be invaluable in this regard.

If you have to relocate a current employee who is also a homeowner, you can expect to pay around $90,000. Doing that for a new hire who owns a home will set you back $66,000 or so. Relocating renters can be costly too. Relocating a current employee who rents will cost around $20,000, and relocating a new hire who rents will cost around $17,000. Finding a great employee in your area will save you money, and a talented finance recruiter can make it happen.