If you think finding and keeping good people is tough in the finance and accounting business, then you probably haven’t been reading the papers … or listening to clients.

Today, all businesses on a global scale, are reporting labor shortages.

Manpower staffing agency conducted a survey of nearly 32,000 employers across 26 nations; the survey suggests that the shortage in professional talent is undermining growth opportunities across the globe. Some 29 percent of employers worldwide say they would be hiring more professionals if they could, and about the same number are

also paying higher salaries than a year ago. Other reports suggest that India, typically considered as the first choice in outsourced professional talent, is facing a looming crisis in talent, which could push the next wave of outsourcing into China. Maybe the world really is flat.

The problem is worse in the United States. Here, half of the employers surveyed said they’d hire more people if they could, and 38 percent said pay scales are rising because of it.

While the survey findings are encouraging to those seeking new or better positions, the news should serve as a wake-up call for employers to work harder to retain their existing professional employees and develop innovative ways to recruit top talent.

"The shortages are only going to get worse as more people reach retirement age," said Jonas Prising, President of Manpower North America. "The companies with the strongest employer brands will be the big winners in the competition for talent. They will be able to attract and retain top people with appealing work environments, and salary and benefits packages that reflect the contemporary world of work."

Speaking of “brands,” have you noticed that acquiring and keeping talent is looking more like marketing every day?

"Candidates are in a very powerful position — organizations need to think about hiring as a competitive practice if they want to attract the best people," said Scott Erker, senior vice president of Development Dimensions International, a human resources consultancy. In a DDI study, more than half of all staffing directors say they are finding fewer qualified professional candidates compared with two years ago.

The DDI study says companies must incorporate marketing strategies, such as branding into recruitment campaigns, to increase the likelihood of reaching and connecting with their target market. "Right now, there is a significant gap between what candidates want and what employers think they want. That's dangerous for organizations because many don't understand the motivations of the candidate sitting right in front of them," Erker said.

How bad is it?

According to a study from benefits provider MetLife, it’s so bad that more than half of all employers say keeping key workers happy, challenged and motivated is becoming more important to U.S. businesses than controlling costs.

Overall, employee retention was identified as the most important priority by more than half of employers polled, with retailers (62 percent) and the service sector (59 percent) placing an even greater emphasis on the need to retain people.

So, employers beware, you’re probably running out of time if your new hires have been with you for six months or more. According to talent management firm Kenexa a vast majority of new hires get itchy for a new job after six months, and by 12 months, the honeymoon is forgotten.

NOW IT'S YOUR TURN: Join the tax season tracking survey. Check the Stress-O-Meter.

COMMENTS: Rants, raves, idle thoughts or questions? Contact Rick Telberg.

COMING SOON TO A CITY NEAR YOU: Rick Telberg will be appearing around the country this year. You’re invited to connect while he’s in a town near you.

• Orlando, Fla., May 13-16, Sage Insights 2007, Sage Software’s annual business partner conference.
  
  
• New York, May 16-17, CPA Business Tech Expo, the New York State Society of CPAs’ annual business and technology Conference.
  
  
• Secaucus, N.J., May 23-24, The 13th Annual New Jersey Accounting, Business & Technology Show.
  
  
• Kissimmee, Fla., May 30-June 1, Florida Accounting and Business Expo, for a presentation, “Trends in Accounting: Challenges and Opportunities.”
  
  
• Savannah, Ga., June 5-8, Association for Accounting Marketing Summit 2007, for a panel discussion, “How You, as a Marketer, Can Help Your Firm.”
  
  
• Rosemont, Ill., Aug. 21-22, Illinois CPA Society, Business & Technology Solutions Show.

Copyright 2007 Bay Street Group LLC. All Rights Reserved. Used by Permission.