Not As Advertised II

A few days ago, I posted a piece on a trend that’s starting to emerge from 2023 after a prolonged period of low unemployment: the inadvertent overselling of roles (in this case, finance roles) and the damage it’s causing (for reference, the original post is here). It led to some conversations about what happens on the other side – when professionals (or anyone for that matter), present themselves as more qualified than they are. My guess is that this is just as prevalent.

I've been interviewing Finance Professionals for ourselves (as part of our Finscription in-house Finance service) and our customer's in-house finance positions for more than 15 years and so what’s below is what we’ve experienced, both first-hand in the early days, and from picking up the pieces with customers post their previous hire.

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So as part of the other side of the story, what happens when someone oversells their financial skills, experience and task understanding to secure a finance role and how can it be avoided? To clarify, much like organisations overstating the benefits of a role which can cause disappointment and a breakdown of trust, this is not usually intentional. In large part, much like organisations overselling a role, it’s driven by need, the need for someone to get the best for themselves in their next role and is human nature. In a world that’s become increasingly individualistic, many more seem to be out for themselves at all costs. This is also coupled with the ‘fake-it-til-you-make-it’ ethos which fools everyone into thinking they can be ANYTHING they want to be if they watch enough You Tube or complete enough ‘mini-(fill in the blank) courses that promise mastery in the blink of an eye.

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I can’t speak for other roles, but in finance roles the fall out can be disastrous and the damage it causes SMEs in particular (our area of expertise) cannot be understated. I imagine, though, that no matter your size or sector, the ramifications of someone engaged in a finance role who’s in over their head would be the same regardless of your size or sector. At the end of the day, we’re dealing with other people’s money.

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So as an organisation, how do you protect yourself or at least limit the chances of employing an inadvertent imposter in the finance seat? The following are not foolproof in isolation but completed together are a start to protecting you far better:

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1.??? Ensure that part of your recruitment process includes a technical assessment that's relevant to your role and is not general in nature. This shouldn’t be a pass or fail test but will show both parties where the areas for further development are needed that should be part of the conversation before someone is hired. We all have knowledge gaps. Many people don’t know where these are and on the basis that finance skills are a lot like language skills, sometimes they just need to be brushed off and updated. Better to know what they are going into a new role and for everyone to use them as a learning experience, if you have a tick in every other box

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2.??? Check qualifications thoroughly. This means using a third party to corroborate all the finance qualifications you are relying upon to make your final decision. There are lots of ways of checking quals including post-grad and association licences and achievements. Make sure all association memberships are current (not a ‘I had this 10 years ago’) if this is really important to you. Our experience is that if a qualification is vague on someone’s resume, it definitely requires a conversation. Anyone who can stand by their quals will list specifics (school, location, dates, member numbers, etc.) as a proud mark of the effort that's gone into achieving them

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3.??? Weigh the opinions of others in reference checks accordingly. References are useful and should always be done but it’s almost impossible to gauge whether a referee’s opinion (ultimately this is all a reference is) is relevant. How can someone who doesn't understand the finance role provide the assurances you seek on someone's capacity in your finance role? The only asterisk I would place on this is a CFO or Accountant’s reference of someone who worked closely under their management. The rest should be given as little weight as possible with regards to their hard skill capacity

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The tips above, and more, are something we use for every hire, for both our own Teams and for the Teams we provide for organisations. Ultimately, skipping these steps means that the hire you thought you were getting can turn out not to be the burger you went in to get. But, isn’t that what probation’s for? In finance roles, it’s a very expensive way to find out. Sure, the wrong hire can be diplomatically let go in probation, but in extreme cases, the wrong person in the role can lead to all sorts of legal trouble.

Damage done.

FinMatch.me by Better Business Basics uses AI to assess and qualify Finance Professionals based on a number of factors relating to their skills, expertise, and experience, so that everyone starts their new finance role with a clean slate. Our software is in beta for the month of January 2024 and we have a limit of 50 places for any organisation who wants to use this tech to futureproof their next hire before they place their ad on SEEK. To secure your place, please DM me here on LinkedIn or email me at [email protected]

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