Finding the right team members to do the job is something that all finance leaders need to do from time to time.
Hiring the wrong person can have disastrous consequences: at the least, it could mean that your strategic goals are less likely to be met earlier, while at worst, it could lead to fraud and crime. Investing time in the process right now, then, could make all the difference.
Take Brexit into account
For a finance professional looking to expand their staff team at the moment, perhaps the first thing to think about is the impact of Brexit. Currently, skilled finance professionals from across the EU can come and work in Britain without any friction.
These include people from economies with thriving finance sectors of their own such as the Republic of Ireland, and also people from areas with well-recognised training and education sectors such as Germany.
However, with Brexit on the horizon, you may soon find that your pool of potential talent dwindles – especially if you work in a geographical location such as London, where there are many immigrants working in high-level finance jobs. As a result, it may be worth using a modelling tool to attempt to forecast what your resourcing needs could be in six months, a year or perhaps three years’ time.
Use recruiters – or initiative
Using a recruiter is a good way to help ease any recruitment challenges you might be experiencing. Recruiters often have networks of candidates and databases that chronicle which candidate can offer what, so they are plugged into the candidate market. They also often have the resources to do the sets of repetitive tasks needed for effective candidate sourcing.
It’s worth remembering, however, that not all good candidates are registered with recruiters – and that some may only be found through an aggressive marketing campaign by your firm’s communications team, or perhaps by giving a member of finance team staff the job of trawling LinkedIn.
If your data system shows that there’s some capacity for searching or some leftover budget to put towards marketing, then, it’s a good idea to consider using it to invest in people.
Could automation help?
Many finance tasks, such as supplier order management or the monthly salary payment rounds, are often repetitive – or, in some cases, identikit from month to month. As a result, it may be worth looking into whether or not software can do them for you via the process of automation. It’s an upfront cost now, but it’s likely to save you much more than the price of an expensive staff member in the long run.
Finding the staff to get the job done is a headache in most sectors from time to time. However, for the finance sector, it’s vital to know that the staff you’re looking for are available – otherwise, you may find yourself worrying about security, team development and growth.
With Brexit posing a particular threat at the moment, now is the time to use data to take stock of your situation and find the right staff or systems for your needs.