When you interview someone for a job, the applicant may ask you a question like, “Is this industry heavily regulated” or “Is this industry functioning under strict parameters”
An applicant may ask this question because he’s concerned about the pressure that comes along with regulation in terms of added paperwork and procedures. Conversely, he may prefer an industry that is under heavy regulation because it is less likely to be susceptible to unforeseen penalties. In addition to answering the question, you may want to ask the applicant to expand on his concerns.
Points to Emphasize
Your answer to this question will depend in large part on what your company’s feelings are about regulation:
- If the applicant shows concern over industry regulation, you can explain the importance of these measures and how your company is equipped to handle them.
- If the applicant desires regulation, you can emphasize any measures you have in place that perform the same functions as official regulation.
- If the company and the applicant have opposite convictions, you may want to ask questions to get a better feel for any possible complications.
- You’ll want to be sure that an applicant’s views won’t affect his performance if hired.
Industry regulation is a current hot topic, so you’ll want to be sure you and the applicant are on the same page.
Mistakes You Should Avoid
This question may take some forethought, so it’s best to be prepared ahead of time. In order to avoid any pitfalls or mistakes, you’ll want to follow these general guidelines:
- Don’t reveal anything about your company or its procedures that could make it susceptible to regulatory scrutiny.
- Avoid answering before you get a clear understanding of how the applicant views industry regulations.
- Don’t make any statements about your own views of regulation that go against those of the company.
- Instead of keeping your answer specific to your own company, mention the industry as a whole.
Industry regulation can be a tricky topic to discuss, so you won’t want to answer before being sure of what you want to say.
A great example of a possible response to a question about industry regulations is as follows:
As I’m sure you know, the healthcare industry as a whole has been under increased regulation over the past few years. While at times it can be cumbersome, we’ve developed a process that helps streamline our procedures to ensure that they stay within the regulated guidelines. We also work with an outside party that provides accounting support just for this issue.
An applicant asks questions to get a sense of the company and how it runs, and this question can help him determine that.