Recruiting in the finance industry can be a difficult challenge for many organizations as it is a vast industry covering many areas. Hiring the right candidate for the job therefore requires careful thought and examination of a number of factors.
At MultiMind we are more than happy to help you with this process. For those of you who plan to handle the recruitment internally, we have now compiled a few tips that you should keep in mind when recruiting and/or staffing in finance-related positions, whether it is a controller, financial assistant, internal auditor or accountant.
Set up a requirement profile for the role
The first step in the recruitment process is to identify where your team and company is headed in order to figure out which role/skill you need to reinforce.
Having a clear requirement profile and job description for the role you are looking for will make it easier to identify the right skills and save you time when looking for the right candidate. If you have established a requirement profile for a critical role where the skills are hard to find and require a long recruitment process, it may be a good idea to staff it with an interim consultant while you search for the right candidate. This can help you avoid unnecessary risks associated with high workloads such as sick leave and redundancies.
Write an attractive and clear advertisement for the role
To find the very best candidates, you should not rely on advertising, but manual searching is required in your own network and on platforms such as LinkedIn. Regardless, a good ad is required as this is what you will refer to when contacting candidates on, for example, LinkedIn. The ad should create an interest in your company and the position, but also be clear about what is required.
If you have created a concrete role description according to the previous tip, you can also write a clear advertisement, which increases the likelihood that people with the desired skills will be interested in the position as they feel more met and suitable for the role. Put an extra focus on distinguishing what experience/education is meritorious and what is a requirement, and be clear about which skills you value most.
Check the candidate's educational background
Education can be a good indication of the candidate's ability to perform in the role you are seeking. The candidate should have a degree in economics or another relevant field, such as finance or mathematics. Make sure to confirm that candidates have the level of education they mention in their CV.
Ensure relevant work experience
In addition to examining relevant education and training, the candidate's previous work experience is also an important aspect of recruitment in finance. You should check through interviews and reference checks that the candidate has the relevant work experience in economics that you are looking for.
Analyze their technical skills
Digitalization has changed the role of the economist and economics is now a data-driven industry that requires good technical skills. Candidates who are experienced in statistical programs, such as R Studio or Stata, or languages such as Python, will certainly be confident in using data to generate insights.
Don't forget this important feature
After all, economics is not only about numbers and data analysis, but also requires effective communication, including insights and recommendations. It is therefore important that the candidate has good communication skills, both oral and written. Experience with data visualization software such as Power BI and presentation tools such as PowerPoint can also be very important for different economists.
In summary, recruiting in finance requires thinking through a number of factors. Define the specific role you need, ensure the candidate's education, professional background, technical and communication skills. Also, don't forget to look for a candidate who shares your values.
By taking these factors into account, you increase your chances of finding the right candidate and building a strong and effective team.
At MultiMind, we have extensive experience in recruitment and staffing in finance. If you need more tips or help with recruitment or staffing in finance, we are happy to help you further.
Do not hesitate to contact us today!