When it comes to C suite finance employees, ensuring that you are recruiting people who will be effective and successful is crucial. Here are some of the steps you can take to make sure you hire the right people.

Internal promotion of long-term employees

When it comes to gaining access to the C suite, the most consistent path is internal promotion. This can be attributed to the fact that the process involves less cost and time than hiring a new employee.

Typically, a company will pay its existing employees a small percentage more for onboarding a new hire. However, a formal strategy must be put in place to ensure equity amongst employees.

For example, an organization may decide to implement an internal promotion program to increase productivity. The chosen candidate could be the second in command in a department before being promoted to a C-suite position.

In other words, a successful promotion will not only benefit the employee, but also the company. Promoting from within sends a strong message to other entry-level hires, which in turn increases retention rates.

A good promotion will improve an individual’s performance and increase his or her overall satisfaction with the organization. Internally promoted workers tend to perform better than external hires in the first two years.

External recruitment

There are two primary ways of reaching the C-suite. One is through external recruitment, which means hiring an employee from outside your company. This will help your firm fill a vacancy, while also bringing in fresh ideas and new perspectives.

External hires are generally more expensive than internal ones. They also tend to be more likely to be fired. However, they are more likely to receive higher compensation packages. Moreover, they have a larger pool of candidates to choose from. These people are not infiltrated by the politics of the organization. In addition, they will not be married to strategies that aren’t working.

External recruitment can help a company turn around a failing business. It will also bring in a large talent pool. However, it can be difficult to find great candidates. To make the search more effective, companies should invest heavily in complementary recruitment strategies.

For many organizations, internal promotion is the most effective route to the C-suite. However, this isn’t the case for all firms. Companies with a poor culture may be unable to attract top candidates.

Sponsorship and attention

Sponsorship and attention are important components to the puzzle that is a successful career. In the business world, a good sponsor is worth its weight in gold, and is a coveted prize amongst executives of all stripes. Whether it’s a promotion or a raise, sponsorship is one of the best ways to ensure you remain on top. A savvy sponsor will reward you with a little extra swag and the opportunity to demonstrate your chops. Depending on your organization, this could mean a free dinner at a fancy restaurant, or a hefty bonus if you’re a senior executive.

The best sponsors are not just interested in your bottom line, but your social status as well. This is particularly true if you’re a woman. There’s a lot of pressure on women to make the right career moves, and a supportive mentor can go a long way. For a woman aiming for the highest echelons of finance, a savvy sponsor is the key to unlocking your doors.

Understanding the rise and importance of diversity

The importance of diversity when hiring C suite finance employees is an ever-growing concern. A diverse workforce helps improve your company’s performance, attract top talent, and strengthen your brand. Diversity also leads to increased innovation, better decision-making, and lower turnover.

In addition to helping you find and retain the best talent, a more diverse workforce can lead to higher profits. Employees with a wide range of backgrounds bring fresh perspectives and fresh ideas. They also solve problems quicker and come up with more innovative solutions.

Companies with more diversity at the C-suite and management levels report higher profitability and customer satisfaction. Additionally, they have higher employee engagement. Investing in diversity can help companies compete in the global marketplace and improve employee satisfaction.

While the benefits of diversity are many, many executives aren’t sure where to start. One survey shows that fewer than half of top executives are willing to advocate for diversity. This could be a result of the inherent biases of people. Some may also worry about making a difference in society.