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Recruiting Compliance Talent Takes Creativity

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PricewaterhouseCoopers (PwC) recently shared a new study which echoed the importance of a strong compliance function in helping businesses innovate and expand to new frontiers. According to the 2015 State of Compliance Report, broadening the mix of compliance talent can help business leaders see the importance of the compliance function in a business1.

A business’ compliance function can play a more strategic role if the talent has a background in business, technology and complex data analysis2. But some survey respondents admitted there is a challenge when positioning the compliance function as an attractive option for potential employees. For example, one respondent stated: “Ethics and compliance is not viewed as an attractive functional rotation. In order to recruit talent, E&C must be able to demonstrate that people can come in and get promoted back to the business.” 3

However, the survey shows that most companies may not be thinking creatively as they try to recruit qualified candidates for these compliance roles. The most common approach to recruiting compliance talent, as reported by 32 percent of survey respondents, is to offer competitive compensation and benefits.4

Some businesses are looking beyond compensation and executing strategies like:

  • Establishing formal career paths from key compliance roles to senior-level positions (23 percent of survey respondents).
  • Adding compliance experience as a key success factor for executive promotion decisions (13 percent).
  • Encouraging short-term job rotations from the business into the corporate compliance function (13 percent).
  • Actively recruiting talent from specific undergraduate and graduate programs (13 percent).
  • Offering attractive tours of duty for compliance personnel into the business (9 percent).5

However, 30 percent of respondents said they aren’t doing any of these things to attract talent.6

PwC suggests developing a more innovative way to recruit talent for compliance teams to gain an advantage in the talent market. How has your company approached identifying and hiring compliance talent? Have any particular methods been effective?

 

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The information provided in this blog post is for informational purposes only and not for the purpose of providing accounting, legal, or tax advice.  The information and services ADP provides should not be deemed a substitute for the advice of any such professional.  Such information is by nature subject to revision and may not be the most current information available.

 1,2,3 PwC State of Compliance 2015: Moving Beyond the Baseline – http://www.pwc.com/us/en/risk-management/state-of-compliance-survey/assets/pwc-2015-state-of-compliance-survey-final.pdf [Page 14]

4,5,6, PwC State of Compliance 2015: Moving Beyond the Baseline – http://www.pwc.com/us/en/risk-management/state-of-compliance-survey/assets/pwc-2015-state-of-compliance-survey-final.pdf [Page 15]

 

 


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