The type of financial manager you have can make or break your business. Keeping up with all legal requirements—and finding effective ways to cut costs—is a difficult job. The position requires attention to detail and strategic thinking. Finding and recruiting finance candidates with the right education and experience to fill the position can be a difficult task.
Sometimes, when employers are going through the hiring process, the perfect potential employee slips right through their fingers. The inability to find a good fit for your company can be extremely frustrating. This is especially true when you aren’t sure what is preventing you from finding the right candidate. As you go through your finance recruitment process, there are a few mistakes you should be aware of and avoid.
Using Traditional Hiring Sites
High responsibility management positions are often difficult to fill with traditional hiring sites such as Glassdoor and Indeed. Reliable finance managers are an important resource for any growing company, so you don’t want to hire just anyone. If you haven’t had any good results from the same hiring sites everyone else uses, it might be time to find a different method.
One way to avoid using broad stroke hiring sites and find the necessary specialist is to hire a recruiting agency. Agencies often have contacts in each industry, allowing them to find skilled candidates and match them with your company. In other words, an agency is often worth it since it helps companies to save money and time by taking over the finance recruiting process.
Dragging Out the Process
A nationwide recruiter survey found that the hiring process for most companies can take anywhere between two to four weeks1. For a candidate looking for work, that can be far too long to wait for job confirmation. Because of the elongated process, 60% of recruiters regularly lose a candidate before they are able to schedule an interview. By the time a company reaches out to an individual, they have already committed to another company that has a faster hiring procedure.
Streamlining the hiring steps increases your chances of scooping up that specialist you were hoping to snag for your team. Lacking structure for your hiring plan makes hiring and onboarding take much longer than necessary. It can also add the risk of attracting the wrong candidates. Extended procedures and ill-fitting candidates can become expensive for a company, leading to a high turnover rate.
Asking Too Few Questions
When job candidates meet with finance recruiters, it is important to make them feel like you are invested in them as a person. Make a clear effort to get to know their personalities. Asking too few questions makes the candidate feel like you don’t care about the interview or if they will fit with your company. Not enough questions will harm your business as well because you risk unknowingly hiring an ill-suited person for your team.
Not only should you be asking a decent amount of questions, but you also need to focus on asking the right ones. An interview should establish that a candidate has the necessary job skills and determine if they can withstand the work environment. High-stress, fast-paced companies need to know that potential employees can keep up and not crack under the pressure.
Questions to ask might be:
- What motivates them?
- Have them describe a tough financial analysis problem they solved.
- How do they handle conflict on a team?
- Have them describe a high-stress situation they experienced and how they handled it.
The people hired to work for you are your most important assets. Unfortunately, finding the right candidate for your company can consume a large amount of time and resources. If your business needs help with recruiting and taking care of employees, KSM has the expertise to guide all-size businesses with their HR needs. Visit our webpage today to learn more about our finance recruiting team and other resources.