When a business needs to fill vacant finance positions, there are a few ways to source candidates. While posting online may be the most common and cost-effective, it’s time-consuming and can produce mixed results. Word-of-mouth can be useful, but it often takes time to find the right candidate.
For companies with the budget for it, partnering with a staffing agency can simplify the hiring process and help you build a stronger team. But how do you choose the right agency?
Below, 17 Forbes Finance Council members share their insights on what to consider when selecting a staffing agency for your finance roles.
1. Alignment Of Values
Ensure the staffing agency understands your company’s culture and values. This alignment is crucial for finding candidates who not only have the right skills but also fit seamlessly into your team, fostering collaboration and long-term success. – Marlon Sanchez, Skyway Pacific
2. Integrity Of The Firm
Before you commit to using a specific staffing agency, it’s best to find out if the firm has good integrity. One must retain it; otherwise, forget it. – Jehangir Raja, JR Dallas Wealth Management
3. Understanding Of Your Needs
It’s vital to choose a staffing agency that invests time in thoroughly understanding your organization and its hiring needs. A reliable staffing partner will source and vet candidates not only for hard and soft skills but also for cultural fit and verified credentials, ensuring a successful placement with long-term impact. – Alan Chaffee, Turning Point Strategic Advisors
4. Industry-Specific Experience
The agency’s dedicated focus and proficiency in the finance sector are essential to ensure that the agency possesses a comprehensive understanding of finance roles, industry-specific requirements and a demonstrated history of effectively placing well-qualified candidates in comparable positions. It facilitates the identification of candidates with requisite skills and cultural alignment for your organization. – Pankaj Vasani, Cube Highways InvIT
5. Underlying Incentives
Be mindful of misaligned incentives. Most external staffing agencies are incentivized to get someone (anyone) in the seat, so you need to bear in mind and test for the weak spots where their incentives misalign with yours. – Sabrina Castiglione, Pento
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6. Knowledge Of Your Business Model
It’s imperative to determine the agency’s familiarity with your specific business model. For instance, our organization operates on a fully distributed model, with all team members working remotely. In a previous engagement, we partnered with a staffing agency that lacked experience in sourcing for a fully remote company, resulting in challenges in filling the role. – Jeorgia Brown, The Budgetnista
7. Your Team’s Capacity
Hiring for any role can be a hard process. It’s essential to think through your capacity as a manager and how delegating to an expert partner (staffing agency) could maximize your time and efforts. Not all search firms are created equal, so I highly suggest vetting multiple teams to understand who is best able to identify quality candidates. – Gregory Clifford, The Clifford Group
8. Reputation And History
When choosing a staffing agency for finance roles, consider their specialization in your market segment, as well as their track record and reputation. Opt for an agency that fosters a long-term partnership and demonstrates flexibility to handle urgent needs. Ensure they provide thorough onboarding support and clearly define your staffing requirements to find the best candidates. – Gomathy Periathiruvadi, Alita Systems
9. Cultural Fit
If you’re partnering with a staffing agency to fill a finance position, ensure they understand your organization’s specific needs and culture. Look for agencies with expertise in finance and compliance, as well as a track record of placing candidates with both technical skills and the ability to align with your company’s values, ensuring a seamless fit and long-term contribution to the team. – Andre Pennington, Universal Wealth
10. Talent Pool Access
When selecting a staffing agency for finance roles, prioritize those with proven industry expertise and access to top-tier talent. An agency with deep financial acumen ensures candidates possess critical technical skills and regulatory knowledge and are a strategic fit for your organization’s needs. – Sumeet Grover, Alliant
11. Long-Term Partnership Potential
When partnering with a staffing agency for finance roles, prioritize their expertise in the finance sector and understanding of your organization’s culture and needs. Opt for an agency that values a long-term partnership to ensure more effective candidate placements that align with your team’s goals and values. – Thomas Hartmann, Funded Unicorn GmbH
12. Firm’s Potential Reach
I would look at the firm’s track record in the finance space to see how active they are and its reach. This can easily be done through references and an interview process. Fees, of course, are also something to consider. – Richard Okon, St Nicholas Hospital, CEO AcquireEdge Partners LLC
13. Grasp Of Necessary Qualifications
One key factor to consider is the staffing agency’s expertise in the finance industry. Ensure they understand the specific skills and qualifications needed for your roles. – Joseph Lustberg, Upwise Capital
14. Keeping Current With Trends
When collaborating with a staffing agency to find talent for finance roles, it’s crucial to ensure they know the finance industry and are up-to-date with the latest tech and automation trends. You want an agency that understands the skills needed today, including proficiency with modern fintech. This way, they’ll match you with candidates who are both finance-savvy and tech-savvy, helping your team stay ahead. – Nick Chandi, Forwardly
15. Cost Versus Effort
When dealing with a staffing agency, they are likely experts with a proven track record. Consider the cost of posting an ad on a well-known platform versus using an agency. Agencies deliver results but at a cost. If you have the budget and are short on time, this is the right route. If you’re bootstrapping and seeking finance roles, try posting the job yourself to see what your efforts yield. – Zach Brody, Lumiere Financial
16. Risk Awareness
Think about how well candidates fit your particular risk management style. Given the significance of risk awareness in finance, an agency that recognizes and values this cultural fit can guarantee that the candidates they offer not only have the technical ability but also the attitude required to flourish in your company’s risk environment. – Neil Anders, Trusted Rate, Inc.
17. Insight Into Team Dynamics
Do they understand and embrace the importance of culture and team dynamics, and do they have diverse networks to ensure you are getting a cognitively diverse candidate pool for you and your team to pull from? A staffing agency that takes a little time to understand who you already have on your team and what cognitive diversity may best complement that team is extremely valuable. – Shannon Power, Scope AR
The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
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