How to Make Your Next Compliance Officer Hire

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Last updated at 09-18-2020 12:36:29

Overview

Methodology

More than 10,808 companies advertise 48,119 Compliance Officer jobs on SimplyHired and its partner sites each year. After analyzing job postings and salary information from these companies, as well as direct job seeker feedback, we’ve compiled a list of insights to show you how to attract and hire your next Compliance Officer most efficiently.

Hiring Process

In the past quarter, we’ve seen 11,892 job posts from 4,489 employers in the United States. This is a increase of 5.2% compared to the previous quarter. On average, there are 86 Compliance Officer job seekers for every active Compliance Officer job, which shows that it is a job seeker's market.

Writing a Job Description

In the past quarter, Compliance Officer, Customer Service Representative, Administrative Assistant, Analyst, Receptionist, Call Center Representative, Specialist, Office Manager, Data Entry Clerk, and Director Of Compliance seem to be the most sought after jobs amongst the Compliance Officer candidates in the United States. This differs from the last six quarters, where the most popular titles were: Compliance Officer, Administrative Assistant, Customer Service Representative, Analyst, Receptionist, Business Analyst, Specialist, Office Manager, Operations Associate, and Data Analyst. If you use one of these currently popular titles in the job description, you'll likely be able to attract a lot more candidates to apply.

For the Compliance Officer candidates who are actively applying to jobs in this same period, we see that 3.6% of the active Compliance Officer candidates have less than 3 years of experience, 7.0% have between 3-5 years of experience, 21.6% have 6-10 years of experience, and 67.8% have over 10 years of experience. The average years of experience has shifted from an estimated 12.1 years to 12.1 years. If you're posting a job in today's market, expect candidates with about the same experience level to apply to your job compared to the last 2 quarters.

In the previous quarter, the most popular skills that employers are looking for include communication skills, Microsoft Excel, Microsoft Office, Microsoft Word, analysis skills, Microsoft Powerpoint, project management, writing skills, organizational skills, and computer skills. Demand for fair housing regulations, English, windows, writing skills, information security, technical writing, employment & labor law, cgmp, computer literacy, and Spanish has significantly increased. If you are looking for a Compliance Officer with a similar skill set, be sure to follow industry best practices in skill requirements.

Job posts with salary information received about 1.7 as many applies as those without it. In the past quarter, less than 15.9% of the job posts displayed salary information. By adding salary information to your job posting, you could potentially increase the number of applicants by approximately 70.0%.

Example Compliance Officer responsibilities

  • Conducting internal and external audits
  • Negotiating with vendors and internal departments for contracts, purchasing, and operations
  • Guarding information that is sensitive to the company
  • Tracking potential liabilities and reporting significant financial events to the management team
  • Correcting misquotes and inaccurate information in either the company's or competitor's files

Recruiting

Active Recruiting

When reaching out to candidates, it’s best to understand where to look. We’ve identified hiring trends in states as well as companies regularly hiring for Compliance Officer positions. This should provide a good place to start looking for qualified candidates. According to our data in the last quarter: Texas, California, Florida, New York, and Illinois are the states that have the highest demand for Compliance Officers. California, Texas, New York, Florida, and Illinois are where most job seekers are searching for Compliance Officer jobs. If we look at the Compliance Officer to job ratio, Texas, Alaska, Wyoming, Arizona, and Delaware have the lowest number of Compliance Officer applicants per job. Maine, Vermont, Arkansas, Rhode Island, and Mississippi have the most active Compliance Officer job seekers per job.

Passive Recruiting

While actively recruiting candidates for your role, you should also post your job to SimplyHired. By posting for free and paying only for the qualified applicants you want, your post will automatically go to a network of job boards to reach millions of qualified candidates. With SimplyHired, it doesn’t end with the post. You can track your applicants throughout the hiring process with our simple and easy to use Applicant Tracking System (ATS).

Review Candidates

In the last quarter, we estimate there are 967,290 job seekers interested in Compliance Officer opportunities in the United States. That’s a 19.1% increase compared to the previous quarter with 860,936 active job seekers. Around 3.6% of the active Compliance Officer candidates have less than 3 years of experience, over 7.0% have between 3-5 years of experience, 21.6% have 6-10 years of experience, and 67.8% have over 10 years of experience. The average experience level of the available Compliance Officer candidates is 12.1 years. Active candidates in the Compliance Officer profession most commonly have bachelor's degrees, followed by master's degrees, high school diplomas, and associate's degrees. When setting education requirements for your position, aligning with the industry standard makes it easier to find potential candidates. Application rates indicate that Compliance Officer candidates are likely experiencing a market in which applicants have less negotiating power. From an employer perspective, you'll have a greater selection of candidates to choose from and may want to invest in automated screening tools.

Interviewing Candidates

Interview Process

*Self-reported data collected from 4,682 Compliance Officers from 1/1/2020 to 6/30/2020, via online employer reviews for companies including Citi, Wells Fargo, JPMorgan Chase, ADP, HSBC, UnitedHealth Group, Amazon.com, U.S. Bank, United Ground Express, and American Housing Consultants, LLC.

After analyzing post-interview data from Compliance Officer candidates in the last 6 months, we see more than 27.5% of the candidates self-reported being hired within 1 to 2 days. Around 73.9% of the candidates for this job reported being hired within 2 weeks. If your process takes longer than 2 weeks in the recent market, you'll likely lose these candidates to other employers. Most of the Compliance Officer candidates are expecting a on-site interview, phone call/screening, background check, and group interview. Most employers do not require a problem solving exercises, drug test, or presentation. If you are trying to hire your next Compliance Officer quickly, consider simplifying and streamlining the hiring process. As for the interview experience, more than 64.4% of the candidates had a good or great interview experience, and more than 34% of the candidates thought that the interview leaned more towards easy.

Example Interview Questions

  • Where do you see yourself in five years?
  • Why did you leave your last job?
  • What salary are you looking for?
  • What can you offer us that someone else can’t?
  • What things are you working on in your current role that demonstrates your ability to do this role?

Final Review and Offer

Reference Check

Checking references is a quick and easy way to check for any red flags that didn’t arise to this point in the hiring process. Great insights can be provided by former colleagues and employers.

Crafting an Offer: Salary and Benefits

The average Compliance Officer salary offered by employers increased for 4 out of 6 consecutive quarters in the United States. In the last quarter, we see a decrease of 5% from $90,332.44 to $85,716.28 compared to the quarter before, which is the biggest decrease in the past 6 quarters. For Compliance Officer positions, the most common benefits job seekers reported being offered by employers include: paid time off by 80.0%, healthcare insurance by 79.0%, dental insurance by 75.0%, vision insurance by 68.0%, a 401k plan by 61.0%, discounts by 23.0%, and stock options/grants by 14.0%. While still relatively rare, more and more employers now offer flexibility benefits, including mostly remote, somewhat remote, paternity leave, location variety, fully remote, flexible working hours, maternity leave, and sabbaticals, to attract and retain Compliance Officer candidates to their organization.

Background Check and Drug Test

According to self-reported job seeker feedback, 43.6% of the employers conducted a background check, and 18.7% of the employers conducted a drug test prior to the hiring of their Compliance Officer candidates.

Onboarding

When you’re ready to hire a Compliance Officer, SimplyHired is here to help with your next steps. Our Human Resources Information System (HRIS) provides onboarding tools and other essential HR tools. From document signing to time off tracking, our HRIS will help you seamlessly move a Compliance Officer candidate through the hiring and onboarding process.

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