Recruitment diligence for finance candidates checklist
When looking for a new position there is one mistake all finance candidates make… they fail to do their due diligence! But did you know that recruitment due diligence for finance candidates is one of THE most important elements of the job search process? The most common answer to that question is NO.
When companies make a recruitment offer to a finance candidate, the candidate generally feels compelled to accept swiftly and they don’t do sufficient due diligence to understand whether the opportunity is right for them. (Or often, they do some surface level of research, but only seek verifying evidence and overlook red flags, often since they’re so determined to accept an offer.) These hurried finance position acceptances can swiftly result in the candidate leaving because, “The firm culture isn’t what I anticipated,” “My manager did not show any leadership,” or “The position was temporary”, but if recruitment due diligence for finance candidates had been carried out these details could have been sussed out well ahead of time.
“Never hire someone who knows less than you do about what he’s hired to do.”
– Malcolm Forbes, Forbes
Another important element of job hunting for finance candidates is not to leave yourself tight time restraints, that do not allow you sufficient time to carry out the recruitment due diligence process, as this will only result in you jumping from one poor employment situation to another.
Here we have put together a recruitment due diligence checklist for finance candidates that will ensure your next position is better than the one you are choosing to leave…
Due diligence checklist
Know the company’s financials.
This is very easy to see in a public company, but how about a private one? Some good indicators are the investors, whether the company has raised an appropriate amount of money for where it is in its lifecycle, whether the company is making many hires or just a few, how it stacks up competitively, and what industry analysts are saying about it. Also, where in its trajectory is it – has it hit its peak or is it sustaining itself steadily.
Use social media to dig deeper!
Take a look at Glassdoor to see what people are REALLY saying about the organisation and use social media platforms such as LinkedIn to get in touch with previous staff members. Connect and ask to have a personal, five-minute conversation. Ask why they left, what their experience was during their time at the company (even the biggest and best companies have dirty laundry!).
What does the workplace look like?
How do you really feel physically when you enter it? Exactly how do people behave toward each other? Do individuals look happy … or at least productive? Can you hear chatter, laughter, and the normal sounds of communication? What was the recruiting process like (because, if you think about it, much like dating, the recruiting period is when the company puts on its best behaviour so if that’s bad, you’re in for it later!)? Was it clear, efficient, and transparent? Did you mainly speak with the hiring manager or a recruiter? When you ask for the information, you require to review your offer, is it provided to you quickly, and ideally with a thorough explanation?
Ensure your job is core.
Where is the firm headed? What are its new initiatives? Where do you match those initiatives? Are those efforts well-funded? Are they well-resourced? Beyond just being part of the here and now, is the position you are being recruited for part of the company’s future? Being an important part of a corporate goal makes a big difference in what you get out of the job from an education and learning, as well as a resume-building standpoint. Even if you are one of the most kick-ass workers, if you are hidden in an unimportant or drowsy part of the business, you will certainly have a vastly decreased impact… and experience.
Background check your new boss.
Do they have “favoured” people, do they take credits for good work, or share with the team? What is your potential boss known for? What are their most significant drawbacks? How can you be most effective working with them?
Review the job offer extensively.
Is the offer specifically what you anticipated? Are the job title and description as promoted throughout the interview and recruitment process? If it’s a managerial position, is it clear who you are responsible for and to? What about your settlement? Is it comparable with industry numbers and if there are bonus offers, do you understand precisely how they will be paid and under what situations?
There are no magic tricks here, it really is all just common sense. Is your new position sustainable, is it a good working environment, are you being paid properly for the effort you are going to put into this new job, and do you know what is expected of you, if you can answer all of that positively you are in the right place.