Valuations professionals are critical in lots of industries. If you’re in accounting, consulting, private equity, or investment banking you’ll understand the value of your valuations staff (pun entirely intentional!).
They’re responsible for assessing and determining the value of assets, businesses, and investments; an exciting role that’s key to any company’s success. Yet finding qualified valuations professionals can be a challenge right now. Here we’ll explore some of the reasons why and what you can do about it.
(1) Valuations is a niche specialism
Firstly, valuations is a highly specialised field that requires extensive training and experience. Individuals who work in valuations typically have a background in finance, accounting or economics and have gone on to pursue further education to become a valuations specialist. Add this to the fact it’s a complex role, and it means that the search for qualified professionals can be testing. Firms are searching for people with both specialist qualifications, and the right skills and knowledge to undertake pretty complex work – so it’s not easy!
(2) There’s a limited talent pool
Following on from above, the talent pool for valuation professionals is very limited when you compare it to other areas like audit, accounting, or tax. Again, this is partly due to the specialised nature of the work and the advanced and specific skill set required. But it’s also because valuations teams are needed in just about every industry, so there’s vast competition from corporate finance, consulting, etc. when searching for these kinds of professionals.
(3) You’re not maximising your network
Are you networking? If not, and you’re struggling to find valuations talent, it’s time to get yourself out there. Networking plays a significant role in the recruitment of valuations professionals. Due to the limited talent pool, you’ll need to seek out individuals who may have experience in the field, even if they’re not actively searching for new opportunities (more about that in point 4 below). These individuals may come from a range of backgrounds, like corporate finance, consultancy, or corporate accounting. Think about getting involved in industry groups, professional bodies, or other events to identify and build relationships with potential candidates to make things easier when the time comes for you to grow your valuations team.
(4) You’re not considering passive candidates
The fact is that many of the best valuations candidates will not be seeking new opportunities at the exact time you’re hiring. In the recruitment industry, these individuals are referred to as passive candidates and when you’re searching for hard-to-find talent, it’s important to tap into this group.
Remember, passive candidates won’t be on job boards or responding to job ads. They may be content in their current role and not actively searching for opportunities with other companies. But the key to finding the best valuations professionals for your business is to identify and engage with these professionals. Reach out to them via social media, at events, or via your network. If you have a great employer brand and benefits package, you may just be able to persuade them it’s time for a move. At the very least, you’ll be on their radar for the future.
Overcoming the challenges
Talking of employer brand and your offerings, they’re a great place to start in overcoming the challenges of finding qualified valuation professionals. A huge 75% of jobseekers consider an employer’s brand before even applying for a job, so it’s especially important if you’re hiring for hard-to-find valuations roles. It’ll help you stand out from the competition. Culture, salary, benefits, and career progression are all key in successful talent acquisition.
Asides working on your employer brand, the secret to filling your valuations roles lies in looking outside the box and casting the net wide. You may want to consider hiring candidates who don’t meet all your requirements, but who have transferrable skills and experience that can be applied to the specific role. Investing in development and training programs can provide these candidates with the additional skills and knowledge they need to be successful – plus you’ll retain them for longer as they feel valued.
And a final solution is to work with a recruitment partner that specialises in this area, like Apollo Solutions. You’ll be able to tap into our extensive network of qualified candidates, plus we’ll provide you with advice and guidance throughout the end-to-end hiring process. We know the market in and out: have a look at our blog on attracting and retaining valuations professions for more tips.
Finding qualified valuation professionals can be daunting in any industry. The complex and highly specialised nature of the work means that the pool of qualified candidates is limited. The solution? It’s being flexible and creative with your recruitment process.
Want to learn more about how Apollo could help you with your Valuations role/s? Contact us to tell us more about your specific challenges.
