Hiring Strategies to Avoid Bad Hires for Your Finance Jobs

Five Tactics to Identify Top Talent  Interviewing

When you make a bad hire for a finance job it usually costs your company. A lot.  An average of $240,000 per bad hire when costs of hiring, compensation and retention are considered, according to a study by Undercover Recruiter.

Bad hires are more common than you might suspect. After compiling the results from a survey of more than 5,000 hiring managers, Leadership IQ found that almost half of new recruits fail within 18 months. Equally bad, fewer than one in five become the indisputable successes you expect when you hire them. The main reasons for failure include:
● Inability to accept feedback (26%)
● Poor emotional intelligence (23%)
● Lack of motivation (17%)
● Poor temperament (15%)
● Lack of technical skills (11%)
To combat poor hiring for finance jobs, you need a strategy to help identify the real person behind the interview mask. These five interview tactics will help uncover the perfect candidate when it is time to hire.

Tactic #1: Give Them a Problem to Solve

Describe a problem that the candidate may face in their work, and then ask them to describe how  they would resolve it. This will enlighten you as to the candidate’s behavioral norms and demonstrate if they have the technical skills your finance jobs require.

Tactic #2: Introduce Them to the Team

You need your new hire to get on well with their new team. An early introduction – before any job offer is made – will help you learn how they are likely to interact with your existing employees. An informal lunch or social gathering would be ideal for this, though you could also invite the candidate to a pre-planned team building event.

Think about the behaviors you want to see, and the behaviors that you would consider as red flags. Watch to see how the candidate interacts, listens and engages with your team. You’ll learn much about their personality and ability to assimilate into your organizational culture.

Tactic #3: Test Their Passion

During the meeting with your team, encourage team members to talk about their passions and learn about what exhilarates each candidate away from work. This will give you the opportunity to learn about the genuine person behind the façade they may put on in the formal interview situation. You’ll learn if the candidate enjoys team or individual activities most, if they have a sense of community, and how they manage responsibilities. Leading the candidate into their comfort zone helps them drop their guard and show their genuine self.

Tactic #4: Give Applicants a Project to Design

Before interviewing your candidate, design a project that applies to your finance jobs, and ask the candidate to write a report or prepare a presentation that details how they would tackle the project. This will give you the opportunity to learn about their hard and soft skills.

Tactic #5: Ask What Others What They Think

Candidates will be on their best behavior during an interview. Outside the interview room, they may
act differently. Ask others to help test the employee. For example, ask:
● The receptionist to consider how the candidate behaves when waiting to be called into the
interview room
● One of your team to escort the candidate to the interview room or conduct an office tour for
the candidate
● An employee to sit alongside the candidate while they are waiting in reception

The key is to describe to these partners what behaviors you expect of the candidate and ask them to
observe if the candidate meets these expectations.

Finance Job Hiring Summary

The best interviewee is not always the best candidate for your finance jobs . The five tactics we have covered here will help you identify if an applicant is who they present themselves to be in their initial interviews. A creative approach to testing them across their hard and soft skills helps you avoid making bad hires, and to hire the finance professional your recruiting efforts, time and expenses deserve. To tap into finance talent that could transform your business, contact Coast Personnel today.