Strategies for building performing teams in Bulgaria's financial market

Bulgaria, as an emerging economy within the European Union, has witnessed significant growth in its financial market. However, this expansion has brought to light the critical need for robust financial oversight mechanisms to ensure transparency, accountability, and investor confidence. The Financial sector in Bulgaria is always expanding the need for good professionals in terms of knowledge and experience.

This case study explores the challenges faced by building an experienced professional team of consultants in accounting and proposes strategies for searching, recruiting top talents and addressing the challenge effectively so Antal International to overcome and successfully execute the project.

Client Challenges  

Bulgaria's financial market has experienced rapid development in recent years, fueled by increased foreign investment and domestic entrepreneurship. As businesses expand and diversify, the demand for qualified accountants has grown substantially. These professionals play a crucial role in ensuring the accuracy and reliability of financial reporting, thereby facilitating informed decision-making by investors, creditors, and other stakeholders.

Our multinational client who is just entering the Bulgarian market trusted Antal International with the not-easy task of expanding the whole financial team of experts and IT professionals to achieve their goal.

ANTAL INTENRATIONAL Solution

Antal International provides full services for the client so our partnership to be at the most efficient and with added value.

• Personalized Bulgarian market mapping

Since the client is new to the Bulgarian market and lacks knowledge of the specifics in the sector, Antal International provided personalized market research – the number of professionals existing on the market categorized by seniority level of expertise, the main competitors for the client, salary ranges for every seniority level, information regarding social package and organizational culture. This first step is crucial for more transparency of the situation, setting up realistic goals and tasks and timeframe to be achieved.

• Give advice and contacts for clients’ office place

As professional consultants dedicated to delivering exceptional service, we consistently strive to enhance the value we provide to our clients. In that recent project, we went above and beyond by conducting an exhaustive search to identify the most optimal locations for our client's upcoming office expansion. Leveraging our extensive network and industry knowledge, we meticulously curated a list of contacts tailored specifically to their needs and preferences.

This personalized approach not only demonstrated our commitment to understanding and meeting the unique requirements of our client but also showcased the depth of our expertise and resources. By offering tailored solutions and going the extra mile to ensure their satisfaction, we succeeded in fostering a deeper level of trust and confidence in our capabilities.

Our proactive efforts not only facilitated a smoother decision-making process for our clients but also positioned us as trusted advisors, ready to provide invaluable guidance and support throughout their business endeavours. Through such collaborative and client-centric initiatives, we continuously reaffirm our reputation as reliable partners dedicated to delivering exceptional results.

• Setting up the conditions, requirements and recruitment process

After conducting comprehensive research made by Antal, together with the client, we defined the conditions under which the project would operate, ensuring clarity and alignment from the outset. We carefully outlined the specific requirements that needed to be met, taking into account the objectives and expectations. Furthermore, in close consultation with the client, we meticulously crafted a realistic and achievable timeframe for the project. This involved considering various factors such as resource availability, dependencies, and desired outcomes, to ensure that the timeline was both ambitious and realistic.

• Sourcing the top talents

Antal successfully met the deadline by employing a diverse range of sourcing strategies. These methods included:

1. Leveraging our extensive internal database of candidates who view Antal as a trusted partner in their career advancement journey.
2. Utilizing the Antal job board, which serves as a centralized platform for job seekers, facilitates efficient matchmaking between talent and available positions.
3. Engaging with local job boards to expand the reach and visibility of the job opportunities offered, ensuring that they reach the right candidates.
4. Promoting the project across various social media platforms to attract attention and generate interest among a broader audience. This approach allowed Antal to tap into the vast networks of professionals present on platforms such as LinkedIn and Facebook.
5. Establishing personalized connections with individuals identified as having potential for the roles being filled. This involved reaching out directly to candidates through networking events, referrals, or other means to establish rapport and explore potential career opportunities with Antal's clients.

By employing this multi-faceted approach, Antal maximized their chances of identifying top talent and bringing quality services to the client.

• Efficient pre-screening and selection process

Antal International's recruitment strategy optimizes the hiring process, preserving both time and resources. Our team carefully scrutinizes candidates' CVs, cover letters, and supplementary materials, evaluating their qualifications, experience, and alignment with job specifications.

In addition to this initial screening, recognizing the significance of soft skills, our experts conduct behavioural interviews to evaluate attributes such as communication, attention to detail, problem-solving attitude, and teamwork skills.

Furthermore, during the pre-screening interviews, we are aware that for a successful team, the organizational culture is a crucial point especially when the team is just establishing so we assess candidates' cultural fit and capacity for effective collaboration within the clients' organization.

• Introduction of the shortlisted candidates 

Antal ensures that only the most suitable candidates are presented to our clients by introducing a comprehensive evaluation report. We place a strong emphasis on highlighting candidates' exceptional qualities, skills, and expertise that align closely with our clients' needs and aspirations.

• Results

Through diligent effort and strategic planning, Antal successfully built a high-performing team. Because of the professionalism of the experts in Antal for both understanding the needs of the client and the personal approach to the candidates for a short period, the team managed to:

Build and earn trusted partnership

This is a result of extensive communication and sharing of key information between the Antal team and the client. The result is achieving mutual benefit and trust.

Achievement of Project Milestones

The team consistently met project milestones and delivered high-quality results within budget and timelines.

Innovation and creativity

The diverse expertise and collaborative environment fostered innovation and creativity, leading to the development of novel solutions.

Positive Impact on clients' culture

The success of the project and the cohesion of the team had a positive ripple effect on clients's overall culture, fostering a sense of pride, ownership, and camaraderie among employees.

Conclusion

Building a high-performing team requires a strategic approach, effective leadership, and a commitment to fostering a positive team culture. Company X's experience underscores the importance of investing in recruitment, onboarding, continuous learning, and fostering collaboration to achieve success in team-building endeavours. By prioritizing these principles, organizations can assemble talented teams capable of achieving their objectives and driving sustainable growth.

Source

Case study by our team in Bulgaria, January 2024 – led by Managing Partner, Vassil Pavlov and Head of IT Recruitment and Corporate Functions Unit, Vanesa Zlatanova.

If you need a trusted partner and support building a team, don't hesitate to contact us at:

Vassil Pavlov – [email protected]

Vanesa Zlatanova – [email protected]