Hiring a Finance Director – How to get it right first time

Finance Directors ensure that a business has a clear picture of its financial position and is integral to the financial planning and strategy of an organisation.

The role of Financial Director (FD) has also expanded in recent years to that of providing commercial advice and insight to the CEO and the board as a whole.

Given the level of responsibility attached to the role, ambitious and intelligent business leaders understand the importance of hiring the right Finance Director. They know that taking time to follow a process makes it more likely that this will happen at the first time of asking. The process involves several vital steps.

Understand what the role entails

There is no hope of acquiring the services of the ideal FD without having a complete understanding of what the specific role entails and what attributes and skills are required. In-depth research is vital, including speaking to top-level executives and key stakeholders to ascertain their thoughts about prerequisites for the role.

Once the research is completed, compiling a list of ‘must-haves’ helps to keep the recruitment process on track.

Write a stand out job advert

The skills, abilities, and qualifications determined from an understanding of the role help to guide the compilation of a stand out job advert including a clear job description that outlines expectations in the coming months and years.

When creating an FD job advert, a focus on creating the right impression is essential. What are the highlights of the role? Why is it so prestigious? What are the perks and benefits? What does the organisation  have to offer the successful candidate?

It’s a competitive market and it’s vital that the advert attracts top-quality professionals.

Cast a wide net

Searching within a wider pool of candidates provides access to more professionals who are suitably qualified. It’s worth remembering that restricting the net to being sector specific may provide an advantage of detailed prior knowledge and experience.

However, this practice can also be restrictive. Being open to hiring high performing FDs from other sectors can provide a completely new perspective and invigorate the business. So, this type of move can be advantageous for some organisations.

Pay attention to the screening process

Screening resumes may be time consuming but it helps the organisation to concentrate on the most suitable applicants. There are points to look out for that help to streamline the screening process making it more efficient and less time consuming. These points include:

• Concise information about qualifications and background.
• Prior experience and career history that is relevant to requirements.
• Accomplishments that the candidate has highlighted to catch the eye showing that they are organised and understand how to present information well.
• Achievements that are backed by quantifiable data.

Carefully construct interview questions

Asking the right questions is vital to ascertaining which candidate is the best choice for the organisation. The best FD recruiters understand that interview questions should cover:

• Technical skills
• Management/Leadership
• Commercial awareness
• Professional ethics
• Problem solving

Inviting relevant executives and key stakeholders to participate in the interview process gives them the opportunity to be part of the selection process.

Consider the background and personality of candidates

Ensuring the honesty of a candidate is an essential part of the hiring process. So, gaining the applicants consent to complete background checks makes sense. This includes checking criminal and civil issues, professional affiliations, credit history, and employment history.

Having this information makes it easier to reach sound hiring decisions. In addition, careful attention  needs to be paid to the personality of an individual to ensure that they will be a good fit in an organisation.

Following these steps as part of the recruitment process makes it more likely that the right decision will be made first time.

If you are an FD/CFO looking for your next role, register with us. If you are on looking to hire an FD/CFO, get in touch.