7 in 10 Finance Leaders in Singapore Failed to Hire the Best-fit Talents

March 19, 20189:59 am1331 views

Most leaders will agree that positive working relationship and team cohesion among coworkers are essential elements to support employee satisfaction and ensure business success. However, recent survey commissioned by Robert Half revealed that majority of Singaporean CFOs are still struggling to source and hire candidates who can fit well in the team and company culture.

More than 7 in 10 (71 percent) finance leaders admitted that they have employed the wrong hires who did not fit in well within the team. When asked about the reasons why these employees are deemed as unfit into their new roles, almost half respondents said that it was due to lack of team spirit (45 percent), inability to collaborate with others (45 percent), as well as inability to get along with the team-mates (38 percent). Some leaders surveyed also mentioned overconfidence (36 percent) and underperformance or lack of skills (36 percent) among the main reasons.

According to Managing Director of Robert Half Singapore Matthieu Imbert-Bouchard, a company’s culture is represented by its internal teams’ cohesive ad collaborative teamwork. New team members who disrupt the existing team dynamics could potentially reduce productivity and lower team morale. Therefore, leaders should not underestimate the value of teamwork and positive working environments.

“For finance leaders, team cohesion and dynamics are an essential part of delivering results, which is why the hiring process for new finance staff needs to extend beyond identifying a candidate’s ability to do the job in question. Assessing a candidate’s personal and  professional qualities to ensure they will get along with their team members and fit in with the corporate  culture is  just  as important  as assessing their technical abilities,” he said.

See: Promoting Wellbeing: Tips to Manage Employees’ Mental Health in the Workplace

When finding that an employee is unable to fit in the rest of the team, majority of Singaporean CFOs choose to talk to the mentioned employee and address the issue (64 percent), while the other opts to find him a more suitable within the organisation (45 percent). Meanwhile, the most effective measures to deal with the issue include getting feedback from fellow team members (43 percent) and seeking support from senior business leaders (38 percent).

Only one in four (26 percent) of finance leaders surveyed said that they had to let the employee go because of their incompatibility.

Further, the study also provided three key methods to gauge candidate’s cultural fitness during the hiring process. First, leaders should have a thorough understanding of the company culture as it will help them determine what type of employee will fit in best. Managers should assess the culture around them and communicate this clearly to candidates through an Employee Value Proposition (EVP), in order to minimise the chances of a misunderstanding between manager and potential candidate.

Second, managers should look for a cultural fit in the job interview by asking questions that reveal insights into how the candidate works in different environments, with other people, and the management styles that suit them best. For example, they can dig into the candidate’s previous experiences while paying attention on their body language.

Third, leaders should not ignore their instincts when hiring. If hiring managers think there’s something about a candidate’s response or conduct that raises a red flag, it is a good idea to pursue further investigation before making a decision. For example, if there’s a mismatch between the candidate’s body language and comments, it could indicate that their responses might be not genuine.

Read also: Welcoming the Industry 4.0: How to Prepare the Workforce for Automation

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