About The Project:
Many companies can forecast their busy seasons throughout the year and prepare themselves accordingly when they have the proper resources in place. But when every day feels like a day in busy season—high stress, little support, constant interruption—it’s a recipe for high turnover. Such was the case in the tax department of an international banking firm until they reassessed their staffing strategies with The Execu|Search Group.
Prior to our partnership, the firm’s Tax Department had a reputation within the accounting/tax community that included low morale, exhaustive hours, and lack of leadership, which posed a significant challenge in attracting new talent. As a result, the firm’s new Head of Corporate Reporting and Capital Market Finance made it a priority to implement changes in the way the department was organized moving forward. That was when he turned to The Execu|Search Group’s Accounting & Finance division, for help.
A Department In Unrest - Prior leaders failed to plan for the department’s future, resulting in excessive hours and quantities of work for employees, slow productivity, and high turnover. Expansive changes needed to be made while still allowing for productive workflow.
High-Level, Specialized Needs - The department needed highly specialized candidates, including CPAs with Big 4 accounting experience and professionals with Master’s Degrees or Juris Doctorates. In addition, candidates had to possess soft skills, such as a strong work ethic and a team-oriented mentality.
An Impaired Reputation - In order to attract the right candidates, the firm’s reputation first needed to be repaired. News had gotten out within the industry that the tax department was difficult to work within and offered a poor work-life balance. With this reputation, it would be hard to find experienced and specialized candidates who would be willing to take a gamble on the new-and-improved department.
Such a sensitive situation required teamwork between The Execu|Search Group’s Accounting & Finance team and the client in order to mend the issues at hand and identify the right talent over the next twelve months. The project required hard work on both sides to create continuity within the group, restore their reputation within the accounting community, and eventually re-staff and stabilize the department. By preparing the client for the road ahead, our team was able to ensure that workflow would remain smooth during the transitions.
“In our recruiting efforts, we really made it a top priority to understand our client’s goals for the future and their strategy to reduce turnover,” the team explains. “Our objective was to identify candidates who not only met the requirements of the jobs we were filling but who would also thrive within the department’s culture and would have a future within the firm.” To do this, the team promoted the firm’s new culture when reaching out to their contacts, stressing that the client was making positive changes, rebranding themselves, increasing morale, and creating a better overall work environment. As a result, The Execu|Search Group successfully re-staffed the entire tax department with seven new professionals within twelve months. Over a year later, all seven placements continue to grow within the firm’s new environment.
“Not one hiring mistake has been made,” explained the client. “Every person has assimilated into the company well and they have all been able to function as a uniform team. The tax industry is constantly changing and every single member of our new tax team has been able to adapt and meet these challenges head on.”
- Re-Staffed Entire Department
- Increased Firm Reputation
- Decreased Firm Turnover