How to Avoid a Bad Hire: The Benefits of Auditing Financial Capability

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A bad hire is costly, and not just financially. Recruiting and training a new employee takes a long time, rapid staff turnover has a negative impact on productivity and morale while poor performing employees can affect your reputation.

Assessments are a useful tool to ensure you’re giving the hiring process the time, objectivity and analysis needed to make a successful hire.

Why you should be auditing financial capability when making a hiring decision

By assessing a candidate’s financial capability before you even invite them in for an interview, you can ensure your next hire is right for the role and will add value to your organisation.

The needs of your business should be at the foundation of your hiring process. You should know which skills contribute to the success of your company. Assessment tools like The Acuity Measure™ can be used to highlight candidates who possess these skills, and eliminate those who don’t.

Naturally, it’s difficult to remain objective when interviewing prospective employees. Too often, employers fall into the trap of hiring people based on common interests and personality traits. Unfortunately, these are ineffective predictors of job performance.

Assessments remain 100% impartial and objective. You’re presented with accurate and reliable data which measures skills and capability – everything you need to know to make a successful hire.

Modern businesses are rapidly realising the benefits of hiring for capability over qualifications. Someone can look great on paper, but it doesn’t mean they have the ability or willingness to learn and develop the skills necessary for the role.

Assessments can help you to identify employees who have the potential to learn and grow, who are eager to tackle new challenges, can adapt to changing markets and who will excel in their jobs.

The Acuity Measure™ uses peer data to assess a candidate’s skills across a number of areas including Excel, accounting fundamentals, software literacy and other specialist areas of accounting so you will be able to understand how your candidate ranks compared to their peers.

It also measures how each candidate scores based on the five dimensions that make an effective CFO, as highlighted in the White Paper ‘5D FD: Benchmarking the Five-Dimensional Finance Director’

Crucially, auditing financial capability can also help you make the right hiring decision when you have more than one candidate to choose from.

When assessed through The Acuity Measure™, each candidate has a detailed report which will enable you to compare capabilities. The report details each candidates’ skills with regards to the attributes which have been assessed for the role. Displayed as a percentage, you can quickly and easily establish which candidate has the right skill-set for your role.

Find out more about The Acuity Measure™ or get in touch to find out more about accelerating your hiring process through innovative software solutions.

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