Financial Hiring Managers, does this sound familiar?
“We won’t really know if they’re a fit until we get them on the job.”
It may be tempting to say this even more now that most of us are conducting largely virtual hiring processes.
According to CareerBuilder, 74% of employers admit to making bad hires. Top reasons included a negative attitude (53%), they didn’t work well with others (50%), or they lacked abilities they claimed to have when hired (45%).
But it doesn’t have to be this way.
Why accept a high level of hiring risk, when each hire must add maximum value in this high-stakes economy?
We at FiSource Search Group have incorporated best practices into our process that de-risk the hiring process, particularly in a virtual hiring environment.
Tips to De-Risk Your Next Hire
- It’s tempting to think there is a ton of great talent available on the market right now. And there are some great people looking. But the bulk of the top 10% of the market are employed and clinging to secure, safe jobs. So don’t skimp on building a complete market map of all the potential talent for your open position. Then conduct a full court press campaign to the entire list to spread the word about your opportunity and narrow it down to a list of the very best who are open and interested.
- Be uber-prepared for virtual interview, hiring, and onboarding. This may take some up front work if you haven’t done it already. Map it all out in detail so there are minimal surprises, including all the technology tools you will use, and train everyone involved in the process.
- If possible, ask for work samples, including redacted writeups, models, or reports, etc., or if confidentiality is an issue, propose a mock situation for use in preparing a work sample.
- Incorporate a working interview . This could be a mock prepared presentation; a live exercise performing an analysis or solving a problem typical to the work the person will be doing; or participation in a live team meeting during which they will be asked for their input.
- Ask the individual to prepare a business plan detailing how they would approach their first 90, 180, and 365 days on the job.
- Discuss early and often your company’s WFH and/or in-office policies and procedures, and future location expectations, so that everyone is on the same page, and there are no disappointments.
Financial Hiring Managers, these may seem like a lot. But when we execute these for our clients, they feel so much more confident in their hiring decisions. And they end up with hires that stick!
If you need some help or advice, book a call with me and let’s discuss!