I’ve listed below a few tips and considerations for businesses looking to recruit that hopefully come in handy.
Evaluate position requirements
- The size of your business and the makeup of your finance team will determine your requirements.
- Assess what the role looks like today but also where it will be in three- and five-years’ time so that you can consider candidate aspirations and development capabilities.
Establish a timescale
- Decide when you need the role filled by and work back from there.
- Know when applications will need to be in and set aside availability for interviews. Remember, candidates will be equally busy and will need notice of an interview.
- Ensure the process doesn’t stall as you risk candidates losing interest or not taking you seriously.
- Tell candidates when they will receive feedback and ensure it’s delivered.
Sector and experience
- Is previous sector experience invaluable, there might be similar sectors that might offer some parity and widen your search criteria.
- Do you feel an up-and-coming FC or FD, hungry for a bigger role would be best, or maybe someone seasoned who has been there and done it before.
- Would you prefer someone who can shake things up or someone just to steady the ship.
- The ability to translate figures to non-finance staff is important. A senior finance person will operate at board level, working closely with an MD or CEO. Junior staff will still have to business partner with other stakeholders. Think about what soft skills are needed.
The job description
- Ensure the job spec is detailed and accurate
- Break down what needs doing, and the responsibilities involved
- List the skills you are looking for. Include a person specification to fit your business and team
- Sell the role and the business and list all the benefits. Tell candidates where you foresee the success applicant in a few years’ time.
How to find your new recruit
- Do you want to do it yourself. Do you have the internal resources and know-how to attract the pool of candidates required. Be aware, the most talented people are always in demand; as a result, they probably aren’t sifting through job boards! If the role is important to you, then it is vital that you get access to the market’s highest calibre talent.
- If you choose a recruiter, use a specialist. A generalist recruiter will typically rely on adverts and jobs boards to compile shortlists. Industry specialists will spend all their time immersed in that network, getting to know the most talented professionals in their sector.
- The specialist recruiter will advertise every position as a matter of course but will fill a lot of vacancies via their network.
- To attract the right candidates, it goes without saying that you need to set a competitive salary
- Consider potential remuneration or bonuses that other employers could be offering
- Standard additional benefits include a car, pension, healthcare, and a bonus indexed to the success of the business.
- Typically, companies have two or three stages, depending on the level of role.
- We recommend at least two; an initial interview then bringing the most suitable couple of candidates back for a further meeting which could entail presentations, testing or spending time in the finance department.
- Decide who in your organisation you want to be involved and at what stage so their diaries can be co-ordinated in advance.
- Presentations can be an excellent stage of the process. You can set a task or a specific challenge to assess their abilities in key competencies of the job. Alternatively, you could set a case study to test a reservation you may have about their skillset.
- Give a thorough overview of the business and the finance team. Ensure the candidates are fully aware of any challenges for the business.
- Always sell your opportunity. The best candidates are not around for long, so you need to make your role appealing.
- Many employers offer standard nonspecific written references nowadays that are constructed in fear of litigation.
- Try and get two of three referees from your chosen candidates’ previous employers.
- Where possible source your own intel either via a neutral co-worker or intermediary.
Please get in touch if you need help with a vacancy.