7 Essential Steps to Hiring Finance Professionals: Your Ultimate Guide
Is your company looking to hire a finance professional? You want the process to be as efficient as possible, and, of course, you want to ensure you hire the best candidate.
Here’s everything you need to know about filling a finance role at your company, from job descriptions to interviews to final offers.
Step 1: Know Your Needs
Before you set down the path of hiring a finance professional, you need to understand your needs as a company. Figure out the following:
- The role(s) you’re filling. Finance roles can include, financial manager, payroll, accounts receivable/payable, business analyst, financial analyst, etc.
- Timeline for filling the position(s)
- Type of hire you want (ex. Direct hire, temp-to-perm, contract, etc.)
- Whether you want to handle the process yourself or outsource (more on this soon)
Understanding your needs helps you write accurate job descriptions and streamline hiring. You’ll avoid confusion later and set off on the right foot.
Step 2: To Outsource or Not
It’s up to you whether or not you want to handle recruitment and hire in-house. You can outsource the hiring process to save time and money and find the best candidates.
Recruitment agencies offer several advantages. They give companies access to higher-quality candidates and can place them quickly. They also provide guarantee periods, so if the new hire doesn’t work out, you’re off the hook for replacing them.
Working with a recruitment agency isn’t necessary, but it’s extremely convenient. If that’s the route you choose, Quest Financial would love to be your partner. We have over 50 years of combined experience matching companies with the best finance talent. We offer a 90-day replacement guarantee for direct hires, so you can rest easy knowing that your open position will be filled to your satisfaction. Learn more today!
Step 3: Job Description
The exact contents of your job descriptions are dependent on the role you’re looking to fill. That said, some general job description guidelines apply to all positions.
The importance of a highly accurate JD includes:
- Attracting candidates you’d actually hire
- Setting expectations correctly
- Giving prospective hires a great first impression of your company
- Helping candidates prep for interviews
- Establishing a baseline for when a candidate is hired
Here is an outline you can use for all finance job descriptions:
- Job title: be clear and to the point. Include specific terms, but don’t overuse industry jargon. Simpler is better.
- Company mission: Once again, be concise and specific. A few sentences are sufficient. What makes your company’s mission stand out?
- Role summary: Offer a brief overview of what the candidate will do and any qualities you’re looking for in a new hire.
- Job function: List 5-10 bullets that outline what a candidate can expect from the role. Be accurate and thorough, but not excessive. Listing too much can turn away candidates who may be qualified to do what the position truly requires.
- Must-have skills: List a few bullet points of what a candidate must have. Be bare bones here so you don’t turn away qualified candidates. Make clear what education and experience level are required. Also state what a candidate needs to apply (application, resumé, CV, recommendations, cover letter, etc.)
- Nice-to-have skills: This isn’t necessary, but if there are any other skills you’d like to see in a candidate, put them here.
- Time and location: What working hours are required, and where is the position based? Are you open to remote?
- Compensation: Listing compensation information can help you attract the best talent. 61% of job seekers feel compensation is the most essential part of any JD. Note that the average finance professional’s starting salary is $54,994; This will vary considerably depending on position, job location, and past experience. A recruiting agency such as Quest Financial can help you determine the best compensation based on all factors.
- Disclaimers: The legal stuff, as required.
If you’re curious, here are some sample finance job descriptions across various roles.
Step 4: Recruitment
Now it’s time to begin attracting talent. Post your job descriptions on major hiring sites, including LinkedIn, Indeed, Monster, Glassdoor,Careerbuilder, and more. You can also look for more niche hiring sites that appeal to the finance sector, such as eFinancialCareers, CareerBank, OneWire, etc.
Ask employees if they can refer anyone to open positions. You can also ask them to share the openings informally with their networks.
Recruiting agencies streamline this part of the process. These agencies have years of experience sourcing for your type of open role and have a network of talent to access. Quest Financial is one of those agencies, and we’d love to help!
Step 5: Interviews
Once recruitment is underway, and you have candidates applying, it’s time to ensure you’re prepared for interviews:
- The interview process should be standardized across all candidates. Use a rubric to score people based on qualities you value for the job and ask everyone the same questions.
- You’ll want to prepare many types of interview questions. These should evaluate a candidate’s skills and experiences. You’ll also want behavioral interview questions that understand how this person acts in certain situations.
- Consider how many interviews you want a candidate to go through (no more than 4-5) and with whom.
Step 6: Selection
Once interviews are complete, it’s time to review your materials. Assess each candidate’s application materials, skills, qualifications, and potential fit with the team.
You’ll also want to check references to get a clear idea of who this person is in work settings. Verify factual information and ask job-related questions. Do the references match up with the candidate’s materials and interview?
Step 7: Offers & Final Details
Once you’ve made your decision, do the following:
- Prepare an offer letter
- Conduct any background checks as needed
- Close all job postings
- Reach out to candidates who didn’t get the job and let them know. You can also give them feedback
Now, It’s Up to You
We hope this guide to hiring finance professionals helps you on your journey. If you’ve read this guide and feel like working with a agency is right for you, give Quest Financial a shout. We’d love to help you find the best candidate possible.