The VP of Finance of any company is an important executive, who has a lot of decision-making power within a company. This role is largely responsible for the financial health and future of your company. Without a person in this position, things can go south within an organization fast. Which is why if you have a vacancy, you need to hire fast but effectively. But what do you ask someone of this caliber?
To help you prepare, below we’ve included our favorite VP of Finance interview questions.
VP of Finance Interview Questions to Ask Candidates
Describe your leadership style.
Your new VP of Finance will be, as their title suggests, largely in charge of your finance department. On top of being responsible for all of your companies financial happenings, they will also be in charge of teams of people. Knowing their leadership style and how it will mesh with your current management team dictates future team building.
Tell me what our company does in your own words
You are looking for a VP of Finance who knows your company and your industry. A VP level leader requires a candidate with a solid track record and thorough understanding of how finances in your industry work.
Pitch me our company like you would in a sales meeting.
Finance and sales can often go hand in hand. Your new executive needs to have an understanding of this. As an executive, they will also be having a lot of face-time with important internal and external stakeholders. Being able to sell your company to others is a skill they will need for this. All in all, you are looking for someone who would be a positive representative.
Have you ever had a major ethical dilemma in your job? How did you handle it?
Bad financial practices, embezzling, and other illegal practices are all unfortunate, yet preventable occurrences in the business world. As much as we would like to believe that even well seasoned executives have higher ethical standards, ethical dilemmas are bound to happen. You are looking to see how your candidate handled this problem in the past, or how they would handle it in the future.
What is the one thing you would change about our company tomorrow if you could?
This question shows serious thought about your company. Did the VP of Finance candidate do their research and know exactly what they would tweak? Do they have insightful reasoning behind it? All of these are great indicators if they will be a great member of your executive team. A well thought out answer with specific points is what you are looking for.
What are you most proud of accomplishing professionally?
This question allows you to see what the candidate views as an accomplishment, as well as where they derive satisfaction in their work. Do they prioritize work accomplishments? Or are they most proud of outside work accomplishments? There is no right answer to this, but your company culture will dictate which answer you would prefer.
The interview is one of the most important steps of the hiring process. Use these questions in your next VP of Finance interview, and set yourself up for success!
Hiring a new executive can be an arduous process. From identifying the right candidate to convincing them to join your team, the whole process can be laborious and time consuming. When you narrow this search down to hiring a Vice President of Finance, this process can seem impossible. If you are in the process of hiring a new VP of Finance, look no further for help.
Read on for our tips on how to hire a VP of Finance!
Define the Position’s Scope and Responsibilities
In order to bring on the best candidate possible, you need to know exactly what your candidate needs to do in order to be successful in their job. Will they need to proof and approve budgets? How big of a team will they be leading? What certifications should they have to be successful? Survey your finance department to see what skills are absolutely necessary to be successful at your company. Take note of what the previous VP of Finance did the most and their qualifications. Having a solid job description is a great way to make sure that you start your search for your new VP of Finance off on the right foot.
Consult Your Network
Now, where do you go to figure out what exactly your perfect candidate should look like? A great place to start is LinkedIn, but in general, you should consult your personal and professional networks. In your network of colleagues, there will most likely be finance professionals or other VP of Finances. Look at their qualifications and job descriptions. Take note of the qualifications that you really want your new candidate to have and the characteristics you don’t place too much stock in. Survey those candidates and see what they value in a fellow finance professional. Knowing what is and is not important for your next candidate is a crucial step in the hiring process.
Bring on Executive Recruiters to Assist
At the end of the day, you, your network, and your HR department can only do so much to find your next VP of Finance. It is an extremely important yet difficult position to hire for. For a position of this importance, an executive recruitment firm can help mitigate the time and cost on your internal HR team. Executive recruiters are specialized companies whose entire purpose is to find the perfect candidate for your executive team. With their extensive networks of candidates, they are the perfect solution to your recruiting needs. Think of this recruiting team as the specific arm to your human resource department dedicated to finding your new VP of Finance.
These are only a few of the steps necessary to hiring a VP of Finance. If you are in the process of hiring a VP of Finance and need recruiting help, feel free to contact our recruiting professionals to find your best hire!
When you have to hire a new employee, you know that the interview process if often the most important part. It is where you get to meet your candidates, and get a feel of who they are. An unstructured interview process can throw off the whole hiring process. Potentially leading to the wrong hire being brought on. In order to avoid this, we advise coming up with a set interview structure. This involves coming up with your questions for candidates beforehand.
To help you prepare, below we’ve included our favorite accounting manager interview questions.
Accounting Manager Interview Questions to Ask Candidates
Describe your management and accounting experience.
A fairly basic question, but one you need an answer for. Your new accounting manager should have at least five years experience in accounting as well as some managerial experience.
What has been the biggest mistake you have made, or that was made under your leadership? How did you handle it? Was it resolved?
Everyone makes mistakes, and in accounting these makes are extremely easy to make if you are not careful. A candidate who cannot answer honestly in this scenario, is not one you want. You also want to see how they problem solve. Look for ownership of mistakes, and effective steps taken to resolve those mistakes.
Tell us about a major change that you have made within an accounting department.
Sometimes effective accounting means instituting change. Which is often a hard concept for accountants to come to grips with. Your new accounting manager should be familiar, and fine with, instituting change. The perfect candidate might also have ideas of how to best change your accounting department already!
Have you ever had a major ethical dilemma as an accountant? How did you handle it?
Dirty accounting is something that we all would like to think doesn’t exist, but sadly, it does. Accountants will often face ethical dilemmas in their jobs. You want an accountant with ethical reasoning, and one who has made the right decision before.
What role do you think accounting managers play in companies? What role would you like to play?
This question will allow you to see your candidate’s understanding of your company coming in. An accounting managers role at a large firm might be different than the accounting manager of a small business. Your ideal candidate should know the difference, and want to work in your work environment.
What accounting software do you prefer? Why?
Your new manager should have a solid understanding of accounting softwares, and should have a preferred software. To me, expertise in accounting means you have a preferred way of doing this, and are able to articulate why it should be done that way.
The interview is one of the most important steps of the hiring process. Use these questions in your next accounting manager interview, and set yourself up for success!
When hiring new employees, the interview process is often the most important part. It’s where you really get to meet the candidate, and get a feel of their personality. Mess up this interview process, and you could be bringing on someone who isn’t the right fit for you company. In order to avoid this, we advise coming up with a list of tried and true questions to ask during an interview. To give you a head start, below I have included my favorite account executive interview questions.
Describe a current, or a former, sales role to me. What were your responsibilities? How was your success measured?
With this question, I’m trying to get a sense of how well the candidate can explain their current role and responsibilities. A big part of sales is selling yourself to people as trustworthy, and worth their time. I need to know that you are able to do that to me, before I let you loose on potential clients. Additionally, I like to see that candidates know what their metrics for success were. An unclear sales goal isn’t a goal that is ever being hit, and it a major red flag.
What is your biggest accomplishment in sales?
This question to me really ties into how they answered their first question. I am looking for an answer that ties into their role and responsibilities, and hopefully aligns with how their success was measured in their previous position. I also like to see candidates that take ownership for their successes.
Alternatively, what is your biggest failure in sales?
Every deal isn’t a win. That’s the plain truth, and the candidate should be very familiar with this thought process. I also like to see how a candidate would go back and change how they did something. It shows that they have learned from this drawback, and apply it to how they do their job now.
If I was to call your current team lead or manager, how would they describe you?
This question shows me if the candidate as received adequate coaching from their current employer. As well as shows me how self aware they are. Someone who has not received a lot of coaching, but is still very aware of what their weaknesses are and how to adjust to them is someone I want on my team. A candidate who has received coaching, but does not apply anything that they are being told is not someone I want.
What is making you want to move on to other opportunities?
The candidate’s answer to this question is very telling to me. Are they running to a great new opportunity? Running from mistakes made? Fleeing a toxic work environment? Their answer should be succinct, and it will ultimately be telling of if you want them on your team or not.
The interview is one of the most important steps of the hiring process. Use these questions in your next Account Executive interview, and set yourself up for success!
There’s a better way for you to recruit. Let us show you how. If you have a nonprofit recruiting need and would like to fill a mission critical role, contact Recruiterie or call us at 602-326-6820.
The interview process, the telling moment where you decide whether or not a candidate will be a good fit for your company. This is arguably the most important step of the hiring process. Mess up, and you could have an unqualified new hire or one that just isn’t a good company fit. It stands to reason that you need to have a game plan for your interview to prevent this. To give you a head start, I have included some of my favorite starter questions for a VP of Sales interview.
Given your current knowledge of our team, do you think we need to expand our sales staff? There isn’t a right or wrong answer to this question. What you’re really looking for is that they’ve done their research on you, and they’ve envisioned how they would make the team successful.
What was the hardest deal you have ever closed, and how did you do it? Asking candidate what their biggest win is is one of my favorite questions. Sales is often viewed as a individual job, but with higher level sales it often becomes a team effort. What I’m really looking for in this answer is their acknowledgment that while it’s their success, it wouldn’t be without their team.
Alternatively, what was a deal you lost and you should have won? What did you learn from that? I love this question because we all know that every deal isn’t a win, but there are some that should have been. Your ideal candidate should be able to identify this former deal, tell you why it fell through, and be able to tell you how they’d do it different now. You want a leader who can learn from their mistakes, and be able to apply them to their new team.
What sales tools do you prefer? Which ones do you avoid? If you are going to be the leader of someone’s sales department, you need to know your tools. I am looking for a well thought out, methodical, answer to this question. I need to know that you’re an expert in whatever software you love, and I need to know why you don’t think that others work. For a VP of sales, we’re looking for an expert.
How should your sales team and client managers work together? A VP of Sales candidate who does not acknowledge that your sales and account management teams are integral to each other’s success is not one you want working in your company. I find that this question will really weed out the candidates that will definitely not fit.
Your interview process is essential for getting the right candidate for your company. Let these questions be a guide for your perfect interview!
There’s a better way for you to recruit. Let us show you how. If you have a nonprofit recruiting need and would like to fill a mission critical role, contact Recruiterie or call us at 602-326-6820.
This seems like a no-brainer, right? Obviously, spreading a wider net seems like the solution to finding the needle in the haystack. The problem here is that you’re not looking for a shiny needle among a pile of hay – you’re looking for a special needle in a pile of needles.
A thousand people searching might not be the right strategy. Are these people qualified to find the needle you want? Will they give it the same level of importance and care you would? Are they looking for other needles at the same time, splitting their attention? Wouldn’t you rather use a trusted and experienced specialist that is committed to finding you the one needle you’re looking for?
Seeking qualified job candidates can often seem like a crapshoot, and this is an understandably unnerving position for business owners and hiring managers to find themselves in. Employees are an investment. It takes time and money to find qualified candidates, hire and train them, and integrate them into the existing team. You want to be sure that the person you choose will be a good fit, do the job well, and show a return on investment over time.
One of the best ways to go about finding the right candidates for open job positions in your company is to partner with a reputable and results-driven recruiter. Of course, you might be tempted to work with several to improve your odds of finding the right candidate, but there is a fallacy in this logic.
Finding more candidates doesn’t necessarily increase your chances of finding the right one. This is why it’s so important to work with the right executive recruiter, one that has the skill, commitment, and track record to deliver your perfect candidate on a platter. Here are just a few reasons why using one recruiter, instead of many, could be your best strategy.
Grappling with the Concept of Exclusivity
The word “exclusive” can denote a certain level of favor, which is always desirable, but it also has a connotation of limit, and this can scare business owners who want to keep their options open. However, there are several benefits to be gained by using an exclusive recruiter.
For one thing, it really cuts down on the amount of work a business owner or hiring manager has to do, insomuch as he/she only has to communicate with and review candidates submitted by one recruiter, instead of dozens. At that point, you may as well perform a standard hiring process, because the workload is roughly the same.
More importantly, however, you’ll have the full attention and commitment of an exclusive recruiter because this professional knows that you’re going to hire one of the candidates he/she delivers. If you work with multiple recruiters, there’s a good chance you may not choose their best candidate. This could not only motivate them to split their time between you and other clients, but also to submit candidates to multiple clients at once in the hope of getting a nibble.
You want a recruiter that’s devoted to finding the perfect candidate for your company and your available position, and you definitely don’t want the best candidates submitted to your competitors. An exclusive recruiter can also keep your activities confidential, which is essential if you’re trying to lure top-level employees from competitors, for example.
Of course, having an exclusive recruiter can also make you more appealing to candidates. What if your top pick is approached by multiple recruiters for the same job? It could make your company look desperate and cause the candidate to shy away. You might also receive multiple submissions from the same candidate via different recruiters, which is a waste of time and resources. In short, there are plenty of benefits to be gained through exclusivity.
Building a Strong Relationship With Your Recruiter
Suppose there are a dozen different coffee shops in your area. You can certainly try them all, but there’s a good chance you’ll find one you prefer and start going there exclusively. In time, the employees will get to know you. They’ll learn your order and make it when they see you walk in the door. They’ll call you by name, greet you warmly, and make you feel at home. You’ll build a trusting and fulfilling relationship.
The same is true of using an exclusive recruiter. Over time, your recruiter will get to know your company, it’s values and ideals, and learn what you’re looking for in a suitable job candidate, including hard and soft skills and even a particular attitude or disposition. You’ll create a partnership that results in greater chances for successful recruiting and long-term results.
Setting a Goal and Creating a Plan
An exclusive recruiter sees clients as a long-term investment and takes steps to nurture a strong and durable relationship. This includes ongoing goal-setting. Naturally, your goal is to hire the best candidate for a given position, but you also need someone who will fit your company, mesh with a team, and become a part of helping your company grow and succeed.
A long-term, exclusive partner in recruiting can work with you on setting immediate and long-term goals and creating a plan to meet them by finding and hiring the right people. This professional can learn about your company and lend expertise to the process of setting and accomplishing goals through targeted recruiting strategies. You need a recruiter that understands you, and this can only be accomplished through the time and commitment associated with an exclusive, long-term relationship.
Achieving Targeted Results
Once a recruiter gets to know your company, your values, and your goals, you’ll begin to see the targeted results you seek, rather than a mountain of candidates that are unqualified in some way. In other words, your recruiter will stop delivering a stack of needles and find the exact needle you want faster and more efficiently.
More isn’t always better. Sometimes it’s just more. If you want the best opportunity to get the right candidate for the job every time, your best bet is to partner with an exclusive recruiter that understands your company and is committed to helping you achieve targeted results. If you are looking to hire, learn more about how we can help you. https://recruiterie.com/
You know just what you want in a candidate for a crucial position at your company. Not only do you need someone who can perform the duties of the position, fulfilling hard-skill requirements, but also someone who is motivated, a self-starter. You want someone interested in learning, doing more, moving up, and contributing to the overall success of the company. Well-developed communication and leadership skills couldn’t hurt, either. Obviously, you also want a team player, someone personable who will fit right in with your existing team.
Incredibly, this type of well-rounded candidate isn’t the mythical unicorn you might expect. There are probably dozens of candidates that would fit the bill, even for top-level positions. The real problem is finding such highly qualified candidates that aren’t already gainfully employed, especially during a time of low unemployment.
More professionals than ever are earning college degrees and entering the workforce with the expectation of learning on the job, gaining valuable skills and experience, and climbing the ladder to earn better titles and compensation. However, you either have to nab these desirable workers straight out of school and spend the time and money developing their talents, grooming them for greater responsibility, and retaining them, or you have to figure out how to tempt them away from their current jobs.
Both can be difficult in the current job market. Unemployment rates in the U.S. have been declining in recent years, coming out of the recession, and recently hit historic lows. In July of 2017, the unemployment rate was at 4.3%. It dropped to 3.8% by May of 2018, marking the lowest rate since April of 2000. In June 2018 it rose slightly to 4.0%, but the overall trend of low unemployment across America is so far holding steady.
This can make it incredibly difficult to attract top talent, and worse, it can mean that your preferred candidates are already working for competitors. What can you do when the top contenders for a position are currently employed and ostensibly unavailable? With the right recruitment strategy and help from a qualified recruiting partner, you can still come out on top.
Identifying Top Talent
Right now we’re in a seller’s market, so to speak. As of January this year, there were an estimated 6 million jobs available at U.S. companies, matched against incredibly low unemployment rates. This gives top candidates with the right education, skills, and experience the leverage to pit potential employers against each other in order to negotiate the greatest possible benefits.
This leaves you in the unfavorable position of having to offer more money, greater benefits, increased opportunities for advancement, a desirable corporate culture, and other incentives to compel top candidates to accept your offer. Still, it might not be enough if your favored candidate has myriad offers to choose from. Plus, you may have to make same-day offers to desirable candidates without fully vetting them, just to remain competitive.
A better strategy may be to consider an alternative to candidates actively seeking jobs. By looking at potential candidates that are already employed, you can gain the time you need to properly vet them, including tracking past and current job performance, to a degree. You also take your time courting them to see if they are interested in the prospect of alternate employment opportunities.
The beauty of this strategy is multifold. Candidates that are interested in new opportunities but not actively seeking work are more likely to be forthcoming about both their talents and their desires, giving you the chance to gain a foothold to woo them, but also to understand exactly what you’re getting for your money.
In addition, those who aren’t in need of a job may be enticed by incentives other than money, such as opportunities for leadership, creativity, autonomy, and so on. This could make them a real asset to your company while reducing the potential cost of hiring.
The Poaching Conundrum
The biggest problem with this approach to hiring top talent is that there are ethical concerns related to poaching from competitors. Even if you’re attempting to gain the best advantages for your company, you’re simultaneously harming competitors by stealing away their talent. Both you and the employee could earn a negative reputation in the long run, despite the initial advantage.
Making the wrong move could cause problems down the line, potentially putting the kibosh on profitable partnerships if other companies find your recruiting tactics questionable, just for example. In addition, competitors may declare open season and turn the tables by attempting to poach your top talent.
What’s the ethical solution? There are a couple of strategies you might pursue. If you find talent that you think would be a good fit for your company and fill a needed role, you might inquire as to whether any current employees are personally or professionally connected to that person. An employee referral system is generally considered an ethical way to present job opportunities to those employed by competitors, but it requires existing connections, and if you interfere too much, it can still be ethically problematic.
A more reliable and productive solution is to work with a recruiting partner that makes it their job to connect companies and professionals that are a perfect fit. In this way, you can avoid courting competitor employees directly, eliminating an ethical conundrum. You can deliver your requirements, your goals, and your offer to a recruiting partner, who can then approach potential candidates and negotiate on your behalf.
Partnering with a Qualified Recruiter
An executive search firm not only offers you an ethical way to find and obtain top talent, but also the best opportunity to retain hires. When you find the perfect fit for your company, and you’re able to offer the proper enticement, the result will be a lasting union that profits both parties moving forward. Further, you’ll maintain your good reputation in the process.
Finding and hiring top candidates the traditional way isn’t always easy, especially in a market with low unemployment rates. However, with the assistance of a qualified recruiting partner, you have a chance to increase the scope of your search to include candidates that are already employed and potentially interested in the opportunities you have to offer.
It has long been said that you have to spend money to make money. We invest in education to increase knowledge, improve skills, and make ourselves more marketable, improving opportunities for jobs, advancement, and earnings. We put money into portfolios of stocks and bonds to increase earnings through interest so that we can comfortably retire one day. These things have a cost, but the high likelihood of increasing returns is what makes them a valuable investment.
When it comes to filling top-level positions at your company, you’re going to find that it not only pays to hire the right candidates, but to do so expeditiously. Naturally, filling a top-level executive or upper management position is a delicate endeavor. This person has a lot of responsibilities and plays a leadership role, so you need to make sure he/she has the qualities and skills required for the position.
There’s certainly something to be said for being choosy when filling these pivotal roles in your company, but that doesn’t necessarily mean you should take too much time deciding. When you wait too long to hire for key positions, your company could suffer some serious setbacks and losses in the process.
Even though there is a cost associated with hiring a recruiting company to assist you in finding candidates for high-level positions, you’re better served to view this partnership as a valuable investment. A dedicated, professional recruiter can help you find the right people quickly and efficiently, saving you time and money in the long run. If you’re worried about the “cost”, you first need to consider the price you’ll pay when you fail to hire top-level staff for an extended period of time.
The Cost of a Missed Opportunity
Top-level executives don’t get where they are by failing. The vast majority have worked their way to the top through ingenuity, tenacity, leadership, and large-scale successes. This means they tend to be in high demand. If you’re not on the ball, you could miss your opportunity to land a big fish, so to speak.
Naturally, you want to vet candidates before hiring. You don’t want to jump the gun and end up with someone who is not actually qualified for the position or who simply isn’t a good fit for your company. That said, you can’t draw out the process to a degree that your company suffers undue harm in the process.
This is why having a reliable and qualified recruiting partner is so essential. This person can pinpoint and feed you appropriate candidates much more quickly than you can find them on your own, helping to speed the process and ensure immediate results and long-term success. If you are looking for a recruiter, check out our services.
Impact of Vacancies on Company Finances
Sure, you won’t have to pay a hefty salary for a while, but there is a financial downside to vacant executive positions that could more than offset this temporary boon. In 2016, the Society for Human Resource Management (SHRM) reported that the average time it takes to fill a vacant position is 42 days and the average cost-per-hire is $4,129. Of course, this is just an average. When you’re hiring for an upper management or executive position, the costs and timetable are likely to be far more significant.
How can you determine how much you’re losing financially as top positions remain unfilled? You can use cost of vacancy calculations/formulas to figure it out. They may include fields like salary, working days per year, and the time it takes to fill a vacancy, just for example.
A Harvard University study found that an employee generates revenue or value at 1-3 times his/her salary, depending on the position. This information can be used to create a simple formula for determining financial loss when a position goes unfilled.
Suppose an executive position includes a salary of $200,000 and 230 working days per year. This high-level position probably infers the top value multiplier of three. If the position goes unfilled for the 42 days SHRM cites as average, the cost to the company is $109,565. Add another month to that equation and the cost jumps to $187,826.
Within just a couple of months, your company has lost the value of nearly an entire year of salary for the position. This is the tipping point at which you stop saving on salary and start losing big time on potential revenue and value, and it is compounded by the fact that you’re simultaneously shifting unfulfilled duties to other employees, disrupting their productivity and morale in the process.
Impact of Vacancies on Remaining Staff
When someone leaves the company, their workload doesn’t vanish with them, and it can only be put on hold for so long before it starts to impact planning and forecasting. Invariably, the workload, or at least certain responsibilities, will have to be shifted to other employees in the interim.
This can damage productivity and profit in a number of ways. For one thing, shifting duties to employees unfamiliar with them means the job will take longer and it won’t be done as well. In addition, this takes experts away from their assigned duties, potentially resulting in subpar performance or at least delays.
In the meantime, employees directly and indirectly affected by this shift in duties can begin to feel overwhelmed, overworked, out of their depth, stressed, and frustrated by the situation and the demands placed on them, further compromising output. In short, the ripple effects extend far beyond the vacant position.
Saving Time and Money with a Recruiter
Now the good news. You needn’t go it alone. A qualified recruiter that specializes in finding top-level talent can significantly reduce the amount of time a position is left vacant. Utilizing expertise and a network of trusted connections, an expert recruiter can not only deliver candidates for your consideration expeditiously but also serve up qualified contenders that are a suitable fit for your company.
This, in turn, can save you money, not only on the lost value provided by a properly filled position but on the productivity and morale of remaining staff. There is a cost to partnering with a skilled recruiter that delivers results, but the investment will save you an incredible amount of time and money in the process. Contact us today: recruiterie.com
Companies decide it’s time for new hires based on various factors including expansion into different services or products, retirees who leave gaps in key roles, a need to be more competitive and/or attempts to inspire current employees to be more productive.
Many organizations turn to their HR hiring staff to spearhead the efforts. Since this staff typically knows which current employees are eligible to fill the new positions, they often start in-house in their recruitment efforts. They have often known prospective candidates since their initial hire and have defined opinions about their assets and shortcomings based on observation and performance reviews. If no current employees are qualified, they expand their search outside the company.
External recruiters have access to a brand new pool of appropriate candidates with assets and accomplishments typically assimilated through working for industry competitors. Working in tandem with internal recruiters, they can analyze what’s missing, what’s desired, and how to hire the best candidates. The advantages to external recruiters working hand-in-hand with a company’s HR department or hiring manager are significant, and most companies find the related expense money well spent.
Strength In Numbers
Whether your company has 20 or 200 employees, in-house recruiters are not limited to promoting within that group. Posting open positions on reputable job boards is effective, especially if targeting specific candidate groups is an option. External recruiters also have a list of potential contenders at their disposal but they have the advantage of already knowing their specific qualifications through weeks or months of vetting. Logic dictates that choosing the best applicants from three groups will produce more qualified prospects than a limited group. Current employees can certainly be considered in the hiring and promotion process but fresh contenders often bring unique perspectives and talents unavailable in-house.
External recruiting provides access to employees of your competitors. While internal hiring staffs can’t ethically or practically poach star employees from the competition, external recruiters thrive on analyzing and cherry-picking up and coming employees from all companies they have ties with. If your company manufactures and sells whatchamacallits, an external recruiter normally knows who your competition is and how their top hires are keeping them one-step ahead of you.
Once word gets out that your company is using an external recruiter along with their own HR staff to fill positions, the motivation that sweeps through the ranks is palpable. Nothing inspires increased productivity and free-flowing creative juices like the prospect of a new person coming on board with great ideas and boundless energy. In fact, a study by Incentius, a leading business data analysis firm, found that while internal hires get more promotions during their first two years on the job, external hires get more promotions during their third and fourth years on the job, proving that the flames of external hires burn brighter over time.
Diversity is vital in today’s workplaces. Besides being a fundamental part of fair work protocols, the practice increases global respect and understanding and brings fresh viewpoints to the floor. External recruiters have instant access to candidates from all cultures, ages, and demographics, some of which they already have professional relationships with. This contributes to a clearer vision and understanding of the world’s changing needs and how to fill them for increased profits and expanded knowledge.
Promoting from within frequently stifles creative growth. Employees who are promoted internally often rely on old skills rather than developing new and more efficient and productive ones. External recruiters specialize in discovering new talents and approach your competition’s most qualified employees. This often increases your profits and lets new hires showcase their aptitude in a fresh environment with higher wages and better growth potential.
Bright New Ideas
Much like long-term personal relationships, long-term employees regularly fall into ruts that prevent professional growth and quash new concepts and ideas. External executive recruiters are generally already aware of candidates that bring fresh perspectives to the table, often from more than one former employer. These ideas inspire those around them to come up with innovative points of view and promote original thoughts among their peers. Rehashing stale ideas creates a pool of unfulfilled and frustrated workers that eventually decrease the bottom line of profits, a factor that new employees from competitors rebuff with “what if” thought processes.
When company promotions come from within, there are always whispers of favoritism and unfair practices as well as stories of currying favor with higher-ups by acting in a flattering or submissive manner. New employees drafted from the outside by external recruiters or a company’s existing HR department can’t possibly incur such wrath, so the petty atmosphere of hiring and recruitment gossip is squelched before its inception.
Growth and Inspiration
Not only are all employees individually inspired by new people with original thoughts, the stimulation traditionally spreads throughout the company, often accompanied by verifiable growths in profit. Uplifted spirits spawn hope and inspire people to produce beyond expectations. When everyone excels in their positions, company earnings typically rise. There is much less chance of this happening if all promotions are made from within, which often results in feelings of inadequacy and ultimately lower performance by those who are overlooked. On the contrary, bringing enthusiastic employees from other companies into the fold doesn’t tend to ruffle the feathers of existing employees as drastically as internal promotions.
Nothing inspires productivity, excellence, and creativity like competition. From grade school through college, rivalry has proven to win the unwinnable, date the undateable, and reach unimaginable heights in scholastic, sports and social contests. When new, unknown players are brought into the game, adrenaline starts pumping and suddenly formerly average employees conjure up performances that surprise and impress.
External recruiters are akin to professional counselors. Personal conflicts often last for decades when friends and family members are the only people asked for help in developing and implementing solutions. When an outsider steps in, they can often clearly identify the problem in a short amount of time and offer several viable solutions no one else ever considered. Hiring an external recruiter who can work in harmony with your internal hiring staff typically reaps substantial rewards in less time than you ever imagined.
There’s a better way to recruit, let us show you how.