Hiring Finance Professionals—FAQ
Q1: Why are we changing the hiring process for Finance Professionals 1 and 2?
A1: This was a suggestion from the finance community. Hiring managers said they were having trouble finding qualified applicants and small pools for their job postings. Recruiting Solutions statistics show that the time to hire for Finance Professional 1 and 2 job codes take longer than the University average.
To address those issues, Talent Acquisition is streamlining the recruiting and application process for filling Finance Professional 1 and 2 positions. Set to begin at the end of March, the new process will combine job openings from across the University into a single job posting, allowing applicants to submit one application for all positions. The new approach, part of the Human Resource Continuous Improvement efforts, has several advantages for hiring managers. Rather than each unit posting, advertising, recruiting, and collecting applications for a finance professional, those processes will be handled centrally. Hiring managers can take advantage of a shared applicant pool and have access to candidates within two days of their request. The process will also help retain top candidates in finance who might have been turned away once a particular job was filled.
Q2: What are the goals of this Finance Professional hiring initiative?
A2: The aim of collectively and continuously recruiting Finance Professional 1 and 2 positions is to provide a ready pool of highly qualified applicants that will allow hiring managers to fill openings faster. The central recruiter will also capture feedback from hiring managers on applicants, so that highly skilled applicants who were not ultimately hired for previous positions can be routed to new openings without reapplying. That provides a better applicant experience and a coordinated recruitment strategy that will help promote the University to the finance community.
Q3: Can units still have their own separate postings for Finance Professionals 1 and 2?
A3: No. The pooled posting will include a brief description of the unit and its current openings. Once an opening is filled, the description is removed from the pooled posting. The information is continually updated as positions open and fill.
Q4: Are Finance Professional 3 and 4 positions included in this initiative?
A4: The initiative is focused on Finance 1 and 2 positions. Feedback and data show that Finance Professional 3 and 4 hires are primarily internal, because institutional knowledge of policy and procedures is considered a requirement at those levels. Finance 1 and 2 positions, on the other hand, require general accounting and finance skills. However, a related outcome of this initiative is that increasing the number of highly skilled Finance 1 and 2 hires at the University will help build a larger pool of internal applicants for Finance 3 and 4 positions.
Q5: How will hiring managers post their openings? Do hiring managers still need their own position numbers?
A5: Units still need to create individual positions and postings, but they will not post them to the employment website. The public will only see the pooled posting for Finance Professional 1 and 2 positions. Hiring managers will get a list of qualified applicants through the pooled positions.
Q6: How soon should hiring managers expect to receive applicants in their pool?
A6: Hiring managers will receive their initial pool of qualified, diverse applicants within two days after their job opening is received.
Q7: How will a pooled posting capture all the requirements needed for different units?
A7: The University-required qualifications for a position will not change. A dedicated, knowledgeable central recruiter will be responsible for ensuring the specific department requirements are not missed.
Q8: Do internal applicants go into the pool as well?
A8: Yes, internal applicants will apply to the same pool. Applicants select which units they want to work in and will be routed for those job postings if they meet the qualifications.
Q9: How long does an applicant stay in the pool?
A9: Two years, or until they are hired or are no longer interested in U of M employment.
Q10: How will the pool be managed?
A10: A dedicated central recruiter will manage the entire process, including communicating with applicants, reviewing résumés to determine qualifications, identifying qualified and diverse applicants, and gathering feedback on the candidate and hiring manager experience.
Q11: Does this create more work for hiring managers? How will this change affect them?
A11: The timeline may be more condensed than they are used to. Hiring managers will be asked to start interviewing within two weeks of receiving pool applicants and to provide feedback on progress so the pool can be managed effectively. The central recruiter will follow up with units to keep them on track.
Q12: What is the recruitment plan for the pooled position? Can units still recruit on their own?
A12: Shared resources will be used to recruit via multiple avenues (such as online, print, social media, and professional organizations). Units can recruit on their own, if they wish, and direct candidates to the University-wide posting.
Q13: What about EOAA and priority-hire applicants?
A13: The pooled hiring process does not change the priority-hire process or our EOAA commitment to creating a diverse applicant pool.
Q14: What impact will this have on system campuses?
A14: The hiring process for finance professionals on the system campuses will not change. Information on applicants who express interest in working at a system campus will be forwarded to that campus's HR office.