Hiring to Build: A Strategic Framework for Long-Term Success in Accounting and Finance

There is a time and a place for both short-term and long-term hiring solutions.

If you have a hiring strategy in place and contractors or temporary solutions are part of the mix, that's great -- these options offer flexibility, cost-savings, and immediate relief for an overworked accounting team. However, the real challenge arises when companies lack a clear hiring strategy and rush into decisions to fill positions as quick fixes, rather than thinking about the long-term impact.

While short-term hires may solve immediate needs, adopting a “hire-to-build” strategy for permanent positions allows companies to focus on sustainable growth, preparing for future challenges and opportunities.

The high cost of a mishire

Hiring is high stakes! The energy, synergy, and creativity of a great team can propel your business to the next level. However, drop one wrong person in the mix – a mishire – and you’ve poisoned the well.

Our data shows that hiring a mishire can cost a company up to 15 times the salary of the mishired employee, significantly impacting the company’s bottom line through damaged morale, declining productivity, customer dissatisfaction, and potential financial risks associated with poor performance.

Key tips for building your accounting team for long-term success

Think beyond the immediate need

Filling a current gap in your team is essential, but it’s equally important to consider your company’s future when making permanent direct hires. Whether you're hiring an executive leader, manager or individual contributor, focus on individuals who can help drive the company's mission forward. Successful organizations hire for the future by aligning new hires with the long-term vision of the company.

Create a culture of growth and opportunity

To build a lasting team, your organization should foster an environment where continuous growth and corporate culture are celebrated.

A culture of growth does not just make employees feel valued, it ensures that the company is prepared to take on new challenges and opportunities. Employees who see a path to advancement will be more invested in their work and more likely to stay long-term.

Focus on cultural fit, not just technical skills

A great hire is 75% culture fit and only 25% technical skills.

Hiring in accounting and finance is often about finding someone with the right technical skills for the job but beyond the technical qualifications, it’s even more important to look for candidates who show an ability to learn, adapt, and fit in with the excellent culture you have created.

A culture fit is a significant factor in determining whether a candidate will thrive and contribute effectively. It’s like finding a strengths-multiplier for your organization.

At Accountants One, our MATCH process evaluates not just the technical abilities of candidates but also their alignment with your company’s culture. By focusing on cultural fit, you ensure that new hires will thrive, contribute effectively, and strengthen your team’s dynamic.

Evaluate success beyond the role

Instead of evaluating hiring success solely based on the current role a candidate fills, consider their potential for long-term contribution.

Is the candidate gaining expertise in areas that will benefit your company in the future, such as adapting to new financial regulations or market conditions?

Do they demonstrate leadership potential?

Hiring with a focus on future contributions ensures that you’re preparing your team for ongoing success, not just addressing immediate needs.

Invest in employee development

A key component of hiring to build is recognizing that talent needs to be nurtured. In Accounting and Finance, where regulations, software, and industry standards are continually evolving, professional development is essential.

Offer ongoing training on new financial technologies, changes in tax law, or advanced financial modeling. Implement mentorship programs, leadership development opportunities, and pathways for obtaining certifications like CPA or CFA. By providing avenues for growth, you are not just hiring talent for today but cultivating skilled professionals who will contribute to your company’s financial success for years to come.

Building for the future: the "hire-to-build" strategy

Adopting a "hire-to-build" approach involves a shift in mindset from short-term solutions to long-term investment, and it is certainly an investment worth making for the future of your organization.

By hiring both for current needs and future growth, you will ensure your teams are adaptable and resilient to meet current needs and take on the challenges of tomorrow.

Our team at Accountants One can help you formulate a hiring strategy that works and aligns with your organization's goals. We are available to help guide you through the process to make informed, strategic decisions that set your company up for lasting success.