Overcoming Challenges Faced by Non-Profits Recruiting Financial Talent

One of the biggest challenges faced by non-profit organisations is how to attract and retain key talent, particularly financial talent. Like many sectors the cost-of-living crisis and ongoing economic recession is beginning to bite. Nearly 81% of charities have experienced an increase in demand for their services due to the crisis. However, unlike many sectors, the charity and non-profit sector relies on making the most of every penny. Which is why finding and securing skilled financial expertise is so important. 

Understanding the Landscape of Non-Profit Financial Talent Recruitment 

Filling accountancy roles in non-profit organisations can be challenging because you are looking for candidates who not only have financial expertise but who resonate with your organisation’s cause, ensuring that decisions are made with that mission and values in mind. This mission alignment is critical in attracting and retaining financial talent, highlighting one of the key challenges faced by non-profit organisations in recruiting accountancy professionals. 

Challenges in Recruiting Financial Talent for Non-Profits 

Besides finding candidates who align with your mission and values what makes recruiting talent in the sector so difficult? Other challenges faced by non-profit organisations when hiring include: 

1) Justified Spend and Compensation Constraints 

Attracting top financial talent poses a challenge when competing with the for-profit sector's higher salaries and extensive perks. Non-profit organisations, while not always limited in budget, must still maximise as much value as they can from their resources. Balancing attractive benefits within budget to appeal to candidates is crucial to compete effectively for talent. 

2) Perception of Career Growth and Advancement Opportunities 

Many wrongly perceive non-profits as offering limited avenues for advancement. However, they can be a place where professionals can hone their skills and assume leadership positions, contributing significantly to organisational growth and social impact.  

3) Lack of Awareness about Non-Profit Financial Careers 

Theres is also a lack of awareness among finance professionals about career opportunities in the sector. Many remain unaware of the roles available and the meaningful impact they can make. Educating candidates about these opportunities is essential alongside efforts to overcome the stigma associated with sector salaries.  

Strategies to Overcome the Recruitment Challenges Faced by Non-Profit Organisations 

So, what can you do to overcome these challenges faced by non-profit organisations and ensure that you attract and retain the best financial talent? Here are our top strategies for appealing to skilled finance professionals: 

• Building Strong Employer Branding  

  Employer branding can help organisations emphasise the non-monetary rewards of a role in non-profit finance such as personal growth and social impact to attract candidates seeking purpose-driven careers. By showcasing employee success stories and using testimonials you can provide authentic insights into the meaningful contributions employees can make and reinforce your reputation as a rewarding and fulfilling place to work. 

• Offering Flexibility 

  The sector often provides greater flexibility to finance professionals compared to the for-profit sector, making it an attractive option for candidates prioritising work-life balance. Employers should emphasise this advantage in job descriptions, highlighting flexible work schedules, job share and remote work options. By highlighting your ability to accommodate diverse work-life balance needs, you can appeal to talented finance professionals seeking a supportive and adaptable work environment that enables them to thrive both personally and professionally. 

• Providing Opportunities for Professional Development 

  Investing in training and creating clear pathways for career progression are crucial for attracting and retaining finance talent. Providing opportunities for skill development and leadership roles not only improves employee satisfaction but also ensures a highly skilled and motivated workforce. Organisations that prioritise professional growth and development demonstrate their commitment to candidate’s long-term career success, making them more appealing to finance professionals seeking opportunities for advancement and personal growth. 

• Fostering a Positive Organisational Culture  

  A positive organisational culture and a supportive and inclusive work environment will significantly appeal to top finance talent. You should reinforce your commitment to a values-driven culture throughout the hiring process and highlight the importance of values alignment in your job descriptions, interviews, and onboarding. This will ensure you reach candidates who don’t just have the expertise you’re looking for but who are as committed to making a meaningful impact as you are. 

Implementing effective strategies to attract and retain finance professionals is key to the success of non-profit organisations in difficult times. By addressing challenges faced by non-profit organisations, such as competition with the private sector and misconceptions about career growth, you can build a talented and dedicated workforce and create an environment where they can contribute to the impactful work you do every day. 

Boston Hale specialises in helping non-profit organisations recruit for mid-senior level, interim and permanent roles across the Accountancy & Finance and Data & Technology and sectors.  

To find out more about how we can help you find the talent you need, or to discuss your vacancies, get in touch with us today.