The talent whisperer for Citadel, Blackstone, other firms breaks down the 4 biggest hiring mistakes and how to avoid them
But not all financial services companies are getting it right, Smart said. And the impact of getting it wrong can also be costly.
He said that leaders need to shift their mindset to view their jobs as putting the best talent in the right roles and supporting those people. That doesn't necessarily mean spending eight hours a week doing coffee chats. Smart suggests hiring managers spend some of that time recruiting outside the company and the rest on developing internal people for promotions.Many senior executives in financial services like to ask candidates hypothetical questions during interviews — probing them about what they might do in a particular situation.
"It's hard for them to meander from the truth too much because we don't let them just tell us canned answers. We're constantly asking follow-up questions," Smart said. Financial companies tend to"over-prioritize pedigree over actual performance," whether through a fancy alma mater or previous blue-chip employer, and sometimes"get too comfortable hiring narrow pools of talent that have worked well in the past," said Smart.
That leads to another point that goes against some hiring advice out there, Smart said — don't use your"gut feeling."
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