5 Tips for Speeding Up Your Hiring Process
By Traci Cetraro, President of ConnectPoint Search Group
Speed to Market Is Key When Hiring Accounting/Finance Executives
Strong financial leadership has always been a critical factor for the success of companies and 2020 was certainly no exception. With the onslaught of changes required to navigate the chaos ensued by the pandemic, the reliance on savvy financial leadership to guide the way heavily increased last year and is expected to further uptick throughout the recovery process over the coming years. What does this mean for companies? With the inflated necessity for leading talent, time is of the essence for companies who need to hire. Although unemployment skyrocketed last year, accounting and finance professionals were amongst those least affected by layoffs, creating a supply and demand dilemma that often leads to bidding wars for top talent.
It is a candidate-driven market for accounting and finance professionals and speed to market for hiring is key to securing the talent you need. Is it time to refresh your hiring process?
Why Is Speed of Hire Important?
Have you ever heard the saying “the early bird gets the worm”? A slow-moving hiring process comes at a cost for companies and may deter a candidate’s interest or be surpassed by a competitor’s offer. Differentiate yourself from competitors by improving the candidate’s experience and act quickly. In today’s market, most high-quality candidates are currently employed, and it is not uncommon for accounting and finance professionals to have multiple offers on the table; to attract and attain leading talent, it is imperative to move swiftly through the interview and hiring process.
Speed It Up
Whether you are in the midst of the hiring process or anticipate a future hire, implementing these five tips will help to speed up your hiring process:
1 | Streamline
If you needed to hire today, can you confidently say that your hiring process is fully streamlined and all your ducks are in a row, ready to go? If you hesitate when answering this, it’s time to tidy up and address any setbacks in your hiring process. Start here:
- Determine who should be involved in the hiring process, who does what, and how. Involve the key decision-makers but avoid inviting too many cooks to the kitchen to avoid unnecessary confusion. Areas to consider include screening, interviewing, references, background checks, decision making, offer negotiation, and onboarding.
- Eliminate any unnecessary steps that add time to your hiring process. For instance, consider a panel interview for leadership to meet with candidates in place of multiple individual interviews.
- Prepare the employment terms and ensure that all hiring documents are up-to-date.
- Block your calendar and include time for interviewing, discussion, and feedback to avoid time gaps.
2 | Define
Clearly define your criteria and job description before beginning your search. Outline your ideal candidate with a list of “must-haves” for skills, experience, and characteristics. Include only what is non-negotiable, followed by a list of “nice-to-haves” to avoid mapping out an unrealistic search. Next, create the job description. If you are refilling a current role, review that job description and make any necessary changes to reflect the functions of the new role. If you are hiring for a new position, start your job description by listing what you already know this role will need to do and fill in the gaps from there.
3 | Rely
Feeling buried by your search for the ideal candidate? Rely on the experts. There are very few active candidates available in the Accounting/Finance arena and partnering with a recruiter at ConnectPoint Search Group will widen your search to include a robust local network of passive candidates that you would not otherwise reach and the tools and talent to find who we do not already know. We know where to look, who to look for, and how to connect with them; hiring from a pre-vetted pool of candidates will save you an immense amount of time that you do not have to waste.
4 | Communicate
When it comes time to navigate through the hiring process, it is imperative to clearly communicate why your company and the position that you are hiring for is the best choice. What sets you apart from competitors? For some time before the pandemic, professionals began reprioritizing what is most important to them when considering new opportunities and that was kicked into high gear last year when many companies transitioned to remote work. Clearly define and communicate what makes your company and the position that you are hiring for an exceptional choice, highlighting company culture, connectivity, remote flexibility, benefits, bonuses, and any other perks. Passive candidates are open to considering new opportunities but require some enticing, so shine!
Also, communicating prompt, precise, and thoughtful feedback after meeting with a candidate will be a key factor in a speedy hire. This is true when deliberating with colleagues throughout the hiring process, but especially if you are partnering with a recruiter. Recruiters rely on your communication to best serve you; if the candidate is an exceptional fit, communicate your interest immediately. If the candidate does not align with your search criteria, be transparent and clearly communicate what is missing so that the recruiter can adjust the search accordingly.
5 | Don’t Delay
When you connect with a stellar candidate who ticks the boxes on your must-have list, act quickly and do not delay making a verbal offer. Once accepted, deliver the official written offer and begin your hiring process immediately. Start with any required background checks, reference checks, and other hiring procedures that may take time to complete to avoid unnecessary time gaps.
If your company desires to attract and attain top talent, your hiring strategy must include a commitment to speed. Time is truly of the essence and speed of hire is crucial for securing the talent you need.
Are you ready to hire? To begin your search, contact us today – we are here to help!<
Find out more about Traci Cetraro here: Meet CPSG