Chief Financial Officer’s Recruitment and Selection
Human resources are primarily responsible for hiring new employees—an essential part of HR’s role in attracting and choosing the right people for the company. HR is also in charge of managing employee data and providing training and development opportunities. The survival and growth of the firm are impossible without every one of its employees. A bad hire may impact the performance of an inclusive organization; thus, it is critical to choose the proper person for the job. Enrolment is not only a tactical move but one that must be carefully considered.
Consequently, a comprehensive screening and hiring procedure is required. In attracting and keeping the most outstanding employees, the ideal strategy reflects its organizational competency and shows how it has progressed through time. As a result, the organization’s long- and medium-term objectives may be furthered by using a practical approach. Enrolment is a multi-party process that may be time and money-consuming, depending on the number of parties involved. Consequently, it is imperative that the process is clearly defined and simplified to fulfil the needs of all stakeholders. Recruitment sources, screening, and re-employment testing will be discussed in this article to find a competent CFO.
Sourcing
Both recruitment methods can be used to find a new Chief Financial Officer. To get an idea of who could be a good fit for the position, they should first look at the company’s internal recruitment staff (Hmoud & Laszlo, 2019). As a result, it might save money, as there would be no need for post-employment marketing online or in the newspaper. When a company hires employees internally, it boosts employee satisfaction and benefits the organization. It’s still possible that management will use an external hiring firm to identify the right CFO candidate. An external recruiting firm will help the business gather and choose qualified candidates for the available position. Going external can ease the burden on the internal recruitment employees (Hmoud & Laszlo, 2019). Recruiting from outside the company can help motivate current employees to work harder to obtain the next promotion, new ideas, and innovation that will help the company compete. External recruiting can provide you with a pool of highly qualified individuals for this role. There is a large pool of talented applicants in the financial industry, and outside recruiting can assist the organization in locating a suitable candidate.
Screening
Candidate’s Educational Background
The applicant must possess the necessary educational credentials (Herschberg et al., 2018). In other words, the candidate has a far greater understanding of financial concepts than graduates in the requisite field. Applicants must demonstrate exceptional achievement in their papers to be considered for employment in the area.
Same field experience
This is an essential part of the certification since the Chief Financial Officer position is not often held by members of the rank and file, where the responsibilities are more obvious (Rozario et al., 2019). The applicant will detect the differences between their previous job and the financial applications more quickly if they have relevant work experience.
Capabilities of a Supervisor or Manager
As Chief Financial Officer, you’ll control your department’s employees; therefore, you’ll need to be a good manager (Herschberg et al., 2018). This will impact the way you manage the employees in your department.
Working Knowledge of Legal Requirements
Taxes and government financial reporting are only two examples of legal criteria that must be satisfied regarding finances (Hmoud & Laszlo, 2019). It will be simple to monitor if the candidate is already familiar with this aspect.
Detail-oriented
You should be meticulous if you want to be a candidate for the position of Chief Financial Officer because one of the chief officer’s primary duties is to verify and submit reports (Hmoud & Laszlo, 2019). These reports must be accurate, especially regarding financial issues, since this will represent the organization/status.
Interview questions
- Which of the following is the pinnacle of your academic career? What classes did you enrol in while attending university? Why?
- What motivated you to submit your resume for this position? What do you believe is the most relevant qualification you have? Please tell me if you have any relevant experience. Let me know more about your professional background.
- As a former employee, have you ever dealt with other people? What methods did you use to oversee the work of your employees? What type of a boss do you have?
- What regulations should the company’s financial department be aware of or adhere to?
- Does this job sound like something you’d be interested in?
Pre-Application Evaluation
Personality, aptitude, abilities, and moral character are the ones I want to focus on. I believe that personality tests should be part of the selection process, as they will help discover the type of personality that each candidate possesses. Your personality, conduct, and behaviour in a particular situation will also be affected by this. The interviewer might use this test to see if the candidate’s personality is compatible with the company’s culture. On the other hand, an aptitude test measures a person’s ability to respond appropriately to a given situation.
Moreover, as a candidate for Chief Finance Officer, this would help the company better understand how he responds to various financial crises. Integrity tests are pre-employment evaluations that allow the employer to examine job applicants about essential habits and issues that might hurt the organization. The exam questions include honesty, drug and alcohol use, integrity, and a tendency toward wrath of violence. Candidates for financial positions will be tested on their knowledge of specific subjects and financial software, their ability to do particular tasks, and the principles of on-the-job performance.
4’C On-boarding Process
Proactively addressing The Four C’s is essential to a successful on boarding process. Compliance, clarity, culture, and a sense of belonging are all represented here.
Compliance: At a minimum, ensuring compliance entails studying the organization’s core principles and techniques and completing all necessary administrative tasks (Herschberg et al., 2018).
Clarification: Clarification helps new employees understand their roles and responsibilities. It can help them see upcoming endeavours in which they’ll be involved and how they can participate.
Culture: A company’s culture serves as a guide on how employees conduct themselves. Providing a tour of the offices and explaining how things function and integrate into the more significant business may help foster this kind of attitude.
Connection: When new employees join a company, they feel like a part of the group and form relationships with other employees. As much as possible, get them to know their co-workers. Encourage your co-workers to clarify what they do and keep the new hire in mind for both official and informal workouts, such as going to lunch together. In this way, a mentor or friend may be assigned to the new employee, who will answer any questions or resolve any conflicts that may arise between the new employee and their co-workers.
My Favorited On-Boarding Memory KEO International Consultants in Doha, Qatar, has the most OK boarding process of any firm I’ve worked for. The process began at the corporate headquarters, where members of the HR department escorted me to a conference room equipped with a wide-screen projector and used slides to introduce me to the organization. Detailed instructions were provided for each stage. As soon as the slides were delivered to my email account, I received all the relevant packets, such as leave application forms, Request for Bank certificate letter, ESS User Guide, Email Signature Format, PRO Work Order Form, etc. When I arrived on-site, I received the phone number of the Senior Resident Engineer I would be reporting to and a geographical map. The Senior Resident Engineer welcomed me and introduced me to the rest of the crew, making me feel right at home. When I was a new employee, I didn’t have to worry about finding a place to have lunch because my employer bought and entertained us for several days. It was a pleasure to work with the other team members, and things got off to a great start right away. I had the most pleasing boarding experience of my life. Preventative measures were taken at all levels of the on boarding approach.
Conclusion
As part of our recruitment process, we may get fantastic outcomes by promoting specific job-related criteria such as a list of needed skills and preferred talents that are not mandatory, which increases the candidate’s chances of being hired. We risk having a low-quality pool of candidates and fewer options for filling available positions if we don’t apply consistently. We will find the best candidate for the job if we focus on the candidate’s background check, interview, CV, and work history. We base our decisions on the facts rather than our personal feelings about a specific candidate. We will be more productive and provide better service if we hire people capable of doing their job well rather than relying on a personal connection. Global higher education nowadays may be described as basification and marketization. As a result, student recruitment is becoming increasingly popular, and the battle to attract the best candidates is tough (Rozario et al., 2019). The employment of hired recruitment agents, which has lately appeared, is one of the most contentious topics in the world of higher education. Many colleges and universities lack the resources and workforce to conduct their recruitment operations, so they turn to third-party vendors like third-party recruiters for assistance. The lack of transparency, training, and monitoring mixed with the competition of being paid on commission can lead to severe challenges in dealing with recruitment agents.
Reference
Herschberg, C., Benschop, Y., & Van den Brink, M. (2018). Precarious postdocs: A comparative study on recruitment and selection of early-career researchers. Scandinavian Journal of Management, 34(4), 303-310. https://doi.org/10.1016/j.scaman.2018.10.001
Hmoud, B., & Laszlo, V. (2019). Will artificial intelligence take over human resources recruitment and selection. Network Intelligence Studies, 7(13), 21-30.
Rozario, S. D., Venkatraman, S., & Abbas, A. (2019). Challenges in recruitment and selection process: An empirical study. Challenges, 10(2), 35. https://doi.org/10.3390/challe10020035
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