As the economy improved over the past several years, many businesses began hiring to expand their finance departments. That's positive news in general, but it has resulted in a recruitment environment where companies have to compete for top talent. Job candidates are in the driver's seat right now. A recent Robert Half survey reveals the extent of the problem: 93 percent of the finance leaders who responded said recruitment today is either somewhat challenging or very challenging.

For employers, this means that the strategies which worked before may no longer be best practices. Filling vacant positions now requires companies to up their recruiting game. Conversely, job seekers are at a definite advantage. Companies are rolling out the red carpet for skilled finance professionals with in-demand expertise.

Those tasked with hiring for such positions should be aware of these four trends in finance recruiting:

1. The recruiting process is accelerating.

Hiring managers and job seekers have differing thoughts about how long recruiting should take. The average candidate expects to hear back within two weeks of the interview. Candidates who have to wait longer might be tempted to move on because they know they'll have other opportunities. Many employers, on the other hand, remain wary of rushing the process and possibly making a bad hire. That's one reason they take an average of four weeks to fill a staff-level position, and longer for a senior-level role. It's not hard to see how too much caution can backfire in this environment.

More and more businesses are wising up to the importance of acting decisively and streamlining the recruitment process. They are beginning to understand that the best talent will sign with the company that moves the fastest. Job seekers can expect a brisker pace of hiring, which could include video interviews, online aptitude tests, and speedier offers of employment—but contingent on successful reference and background checks.

2. Companies are expanding searches' geographic reach.

Depending on a city's economy and demographics, there may not be enough job seekers to meet the local demand for finance talent. That's why 51 percent of the CFOs in our survey are looking farther afield when filling open positions. To entice highly skilled professionals to apply for jobs far from home, some employers are offering to cover relocation expenses and/or are providing job placement assistance for spouses.

Another option is to allow employees—locals and non-locals alike—to work remotely, bringing them all in for the occasional departmental and all-company meetings. This strategy is significantly less expensive than paying for a move. Not all jobs are suitable for remote work, however; only 1 in 10 HR managers surveyed for the Robert Half 2019 Salary Guide said their company gives workers the option to telecommute.

For job seekers, moving to a new city can make sense in the right situation. Salaries and opportunities vary greatly from region to region, and a well-planned geographical move can be a smart career and money move, too, especially if the new job is in a place with a low cost of living.

3. Some businesses are hiring entry-level workers to fill midlevel roles.

CFOs are increasingly hiring students and recent graduates to fill positions that historically required more experience. This underscores the pressure many managers face today when filling accounting and finance vacancies. Opening these positions to a broader pool of candidates makes recruiting easier.

Companies can bring less-experienced hires up to speed with intensive training and sufficient supervision. A well-run mentorship program is one effective way to guide recent grads and teach them aspects of the job that normally come with time—such as how to network, navigate office politics, and communicate well with a range of different personalities and age groups.

For the recent graduates themselves, this hiring environment is good news, especially for those with a bachelor's degree, solid grades, and internship experience. They can aim higher than college graduates did just a decade ago, which means climbing the career ladder that much faster.

4. Must-have criteria are loosening.

In a tight recruitment market, employers can't be as choosy as they used to be. In addition to considering non-locals and less-experienced candidates, 43 percent of the CFOs in our survey are relaxing hiring criteria in other ways.

They are not necessarily lowering their standards; rather, they're using a slightly different yardstick. For example, hiring managers in many businesses are emphasizing the importance of soft skills—valuing traits such as communication, attention to detail, leadership, and negotiation as much as (if not more than) educational accomplishments and technical proficiency. They are also looking for candidates who would fit well into their organization's workplace culture, and who possess sought-after interpersonal skills and qualities.

Finance Recruiting Requires Vigilance

In selling candidates on their open positions, hiring managers should be focusing more than ever before on their company's offerings of professional development opportunities, such as:

• Help paying for study materials and exam fees to attain a CTP, CPA, or other job-related certification
• Tuition reimbursement for an MBA or other advanced degree
• Mentorships
• Available in-house training
• Formal periodic reviews with potential for advancement

The hiring environment won't always favor candidates as much as it does today, but there will always be stiff competition for top talent. CFOs and other managers responsible for hiring finance staff need to stay on top of shifting employment trends, regardless of which way the recruiting winds are blowing.

Steve Saah is the executive director for Robert Half Finance & Accounting, the world's first and largest specialized financial recruitment service. A division of Robert Half, the company has more than 300 locations worldwide. Saah is responsible for leading worldwide operations, based in the Washington, D.C., metropolitan area. Prior to joining Robert Half in 1998 as a recruiting manager, Saah worked as an internal auditor and assistant controller.