3 Financial Hiring Mistakes to Avoid

In the world of financial hiring, selecting the wrong candidate can be costly, potentially setting a team back months.

To help ensure that you make the right decision, here are 3 financial hiring mistakes to avoid.

The Gut Response

It’s not that using your intuition to help inform your decision making process is a bad idea, it’s just that backing it up with data helps you to feel confident in your decision. Sometimes, our gut response is influenced by the likability of the candidate. And while we all want to work with someone that we like, at the end of the day our success rests in the candidate’s ability to deliver. If they’re likeable – great. If they’re likeable and have a track record of meeting objectives – even better.

No Scorecard

We’ve all had it happen – we’re tight on time, can’t talk to the key stakeholders and move straight into the interview process. But, by not talking to those most impacted by the hiring decision (stakeholders) and getting their feedback on what is important to the role, we may limit buy-in at a critical juncture (think needing to move on top talent quickly). Instead, by creating a scorecard based on feedback we can compare candidates across a variety of factors, injecting objectivity into the process and increasing buy-in from our colleagues.

Poorly Constructed Interview Questions

Interview questions that are poorly formed will not elicit the type of answers you need to make informed decisions. Ensure that your questions are open-ended, requiring the candidate to elaborate. Create questions that drill down into outcomes. For example, ask the candidate how they specifically contributed to a win. This gives you insight into their thought processes and their ability to execute– valuable information when you’re determining if they’ll be a cultural fit.

By avoiding the 3 financial hiring mistakes outlined above, you stand a much greater chance of bringing someone on board who can be an immediate contributor and a quality, long-term asset.