Recruitment diligence for finance candidates checklist
When looking for a new position make sure you don’t make the same mistake other finance candidates make… do your due diligence! Due diligence for finance candidates is one of THE most important elements of the job search process.
Why it’s important to check out the details on your new employer?
When you receive a financial job offer you can feel compelled to accept swiftly. Make sure you give yourself enough time to do sufficient due diligence to understand whether the opportunity is right for you. Often you’ll do some surface level of research, but only seek verifying evidence and overlook red flags, often since you’re so determined to accept an offer. These hurried acceptances can swiftly result in you leaving because, “The firm culture isn’t what I anticipated,” “My manager did not show any leadership,” or “The position was temporary”. Carrying out recruitment due diligence will help you to suss out these details 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 roles is to give yourself sufficient time to carry out the recruitment due diligence process, failure to do 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 your next finance position that will ensure your next job is better than the one you are choosing to leave…
Your 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? 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, that’s not a good sign! Was it clear, efficient, and transparent? Did you mainly speak with the hiring manager or a recruiter? When you ask for information you need to help you 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 fit in with 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 experience-building standpoint. Even if you are a great worker, if you are hidden in an unimportant part of the business, you will certainly have a vastly decreased impact… and experience.
Background check your new boss
Does the new boss have favourites, 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 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’s 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.