Recruiting Top Talent in the Financial Sector
The only thing constant in the business world is change.
Certainly, the last few years have proven this true time and time again. Across all disciplines, organizations are adapting to shifting expectations and new and unique challenges that would have been unimaginable just a decade ago.
Those that can adapt to these changes and present bigger and better solutions will rise above the competition as we continue down the path of innovation.
The financial world has felt these changes in a very particular way as senior level executives in the field have had to adjust their thinking about where finance fits into the overall organizational puzzle.
No longer are finance professionals simply the ‘money people’; instead, expectations for these workers have evolved to include an all-encompassing understanding of most functions of business, as well as forward-thinking visionaries who can do more with less.
It should come as no surprise then that, given the shift in expectations, recruiting in this field can be highly competitive. In addition to strong financial qualifications, candidates for high-level financial roles are now expected to possess knowledge across a number of disciplines and exhibit a variety of soft skills that make them successful not just in managing a budget, but in working with teams across the organization to get things done.
When looking to fill a coveted role on your finance team, consider how you can include the following in your hiring strategy:
“When we are looking for CFO credentials, all of the normal CFO credentials elements apply as far as reporting, compliance, complex financial understanding, deal structuring, etc. But what CEOs are particularly relying on their CFOs is to have insights inside the numbers and to extrapolate the story the numbers are saying,” Mark Fisher, TZR president.
Finding the right fit
Having a firm grasp on the needs of your organization and the culture you have created internally will help identify those finance professionals who can make an immediate impact while also building and maintaining relationships that will help keep the department in the conversation. Prioritize candidates with a diverse range of experience, educational background and specialties.
“While differing perspectives can make communication challenging, they also contribute to an organization’s success. Valuing the diverse expertise everyone brings to the table can help companies stay resilient and innovative.”
Provide opportunities for growth and learning
There’s nothing like on-the-job experience when it comes to promoting growth within your organization.
The next generation of CFOs are building their resumes as we speak and they know that a degree in one field of business isn’t going to be enough. Bringing in new talent means being willing to help them continue to build their career and develop new skills that might not always seem finance-specific.
Be prepared to answer questions from candidates about what else they can do and learn while working with your finance team.
“…include tying incentives to knowledge and capability development, setting explicit targets for internal promotions to finance leadership positions, and explicitly recognizing the accomplishments of managers who foster skill development by coaching their teams.”
Acknowledge the bigger picture
Whether your organization is ready to admit it or not, the finance department of the future plays a much bigger role in the overall function of a business. While they will always be first and foremost, the ‘money-people’, to bring in the best talent, you must be prepared to give them access to all facets of the company. Professionals in the field know they will be expected to contribute outside of budget meetings, and, in turn, they want to know their voices will be heard.
Mark says “Being able to interpret the numbers and notice trends, see shifts and weave a “story” makes a difference between a good CFO and one that is a partner in fueling growth for a company. A great CFO, will partner with the CEO to tell the financial story and set up the CEO to take that story to investors, board members and the stock market.
Ready to talk numbers? Reach out to us today.