What Financial Managers Should Look For In a New Hire
As you factor in the state of the financial job market, the unique needs of your company, and your available position, what kinds of traits should you consider valuable in a potential candidate? Which qualities should you consider red flags? When you see signs that seem promising, should you act fast and make a decision? Or should you consider the depth of your candidate pool and hold out for more? Keep these considerations in mind as you move through the selection process.
1. First, review the hiring successes and failures of the past. Gather a few profiles for careful examination, including those of the best candidates hired in the past five years and the worst (those who stayed for only a month, were difficult to get along with, or were dismissed after expensive mistakes). What made the great ones stand out? Why did the weak ones fail? And were there any signs of either success or failure that were visible before the candidates were brought on board?
2. Second, separate cultural considerations from technical knowledge and skill. A great candidate means a great “fit”, and fit includes a combination of both attitude and aptitude. Technically skilled candidates won’t thrive if they resist the culture, and likeable candidates will only prosper if they can master the job without excessive stress.
3. Choose candidates who will stay. This may mean letting go of the highly qualified or overqualified superstars, and turning instead to slightly less trained or less experienced applicants. These applicants can be hired at a premium, trained while on the job, and end up just as skilled and a little more grateful and loyal than their superstar counterparts. No matter who you hire, superstar or not, be sure to implement retention strategies to keep your valuable employees.
4. Choose candidates that are flexible and ethical. New regulations affect the financial industry on a regular basis. Are your candidates ready to let go of old models and embrace new ones quickly and fluidly? Are they interested in doing what’s right and going the extra mile to stay aboveboard? Or are they entrenched, entitled, sullen about change, and reluctant to break old habits and patterns?
5. Choose candidates who show respect—Not just for the company, but also for its business model, its customers, its clients, its stakeholders, and the larger community. Look for candidates who consider the big picture and are interested in how the entire company works, including revenue generation.