Does your finance career require you to be involved in the hiring process? Knowing how to hire a successful candidate is an essential skill that should be picked up as you progress your career. If you hire someone who fits with your team and company, then not only have you added value to the company, but demonstrated your abilities and skills which will be seen by all.
One in 10 recruits are deemed as a ‘poor hiring decision’, according to research in Robert Half’s Management Insights: How to avoid common hiring mistakes. However as the report describes, there are steps you can take to minimise the risk of a bad hire. Below are 4 mistakes that you should try to avoid if you don’t want to end up hiring the wrong person:
- Avoid speaking to anyone about your hiring plans. If you are looking to hire someone, make the effort to speak to your team members. This doesn’t mean you have to consult everyone in the company, but at least take the time to speak to the team you work with. They may have valuable experience, or worked in a similar role and be able to provide further insight. Even if they haven’t it is worthwhile gathering their opinions on what attributes and what they think is needed and why.
- Don’t bother writing a good job description. That is if you aren’t looking for the top talent. Skilled professionals want to know about the team they will be working in, company values, their career path. The aim of the job description is to lure the ideal candidate that you want to hire. If the job description is bland and doesn’t cover many details, you may find the candidates applying might not live up to your expectations. By differentiating your company and job offer from your competitors, you stand a better chance of attracting the right talent.
- Offer a low salary. This is not to say you won’t have people applying for your advertised role, but the top skilled professionals will be looking at salary guides, assessing the top range and then searching for those respective jobs. If you are aiming to employ the best, you need to start thinking about offering the best. It may not mean the highest salary, but providing a comprehensive benefits package.
- The internet has all the answers. Relying on the internet to source talented individuals will only get you so far. It’s important to keep a talent pipeline, but you risk missing out on hidden talent by only using the internet to source professionals. By asking around, you increase your knowledge base, and you may find the right person through your networks. Remember it may also be useful to speak with a recruitment consultancy, they will likely have experience with similar roles and will be able to provide useful insights into sourcing the best of the best.
Making the right hiring decisions have never been more important. As companies look to increase their growth, the job market has become in demand. Because you can’t build a successful company without the right talent in place. To find out more about the consequences and other top tips read the report Management Insights: How to avoid common hiring mistakes.