The Strategic Implementer - Blog

The Importance of Hiring Good Employees

Many employers wait until they need a new person before they start posting job ads and looking for the new employee. This will often lead to the knee-jerk reaction of “we just need to get a body in here.” Just a body is almost never what businesses need unless they are in the movie business and they are looking for extras. Though employers may need help immediately, it is far more expensive and time consuming to hire the wrong person than it is to wait for the right person. A new employee that is smart, fits with the culture of the firm, and works hard can bring the level of work product and morale up in the office, even if that person is at the bottom of the organizational structure.

Any new hire is going to be a significant investment of time and money. Even if the new employee has worked in the same industry, there is always a learning curve when going to work in a new business. No two businesses operate in exactly the same way and it will take the new employee time to get up speed on how your specific business works. There will be a significant amount of time invested in training the new person, and there will also be time and energy spent by everyone on the team to make the new employee feel welcome in their new environment. To the same point, the investment of money by the firm is not limited to just the salary paid. We also have to consider the cost of the decrease in productivity of current employees who are responsible for training the new person. 

Even when the job description for a new person is acutely tailored, good employees always find a way of branching out and taking on tasks that were never in their job description. This will give leverage to other employees to focus on higher level tasks. Whether you are looking for a Senior Financial Planner or a Director of First Impressions, when a new employee can take on additional tasks, the leverage to work on the business instead of in the business and tackle more strategic goals always flows upstream.

Employment Numbers Are Not on Your Side

According the US Department of Labor, the national unemployment rate was 5.1% in September 2015, the lowest it has been since April 2008, and it has been steadily falling since 2010. (http://www.tradingeconomics.com/united-states/unemployment-rate) Though it has slowed somewhat, earlier in 2015, there were more new jobs created in the US than in any other time since the Department of Labor started tracking this number in 2000. Lots of job openings and very few people looking for jobs mean that good employees are scarce. In an employee’s market, finding and keeping good employees will necessarily be more difficult.

Because there are so many job openings and firms looking, qualified candidates who would fit into different firm cultures are not staying unemployed for long, and they often receive multiple offers quickly after they start interviewing. While some candidates are just looking to get the most amount of money in a new position, creating a bidding war among several potential employers, it is far more common for a candidate to look for a specific salary range, and then look for the firm culture that they feel the strongest connection to. It is truly a scenario where the potential employee is interviewing the members of the firm to see if he or she wants to work with those people every day. Also, because of the changing landscape of mandatory health insurance and increasing education of sound retirement planning, employees are requesting more benefits from employers in addition to the base salary offers. Competitive firms are offering a full gambit of benefits because they know this will attract the best candidates. Make no mistake – good employees not only want to be paid well, they want a benefit package that is just as competitive.

Difficulties in Hiring

Depending on the market, we are finding there are either a large number of unqualified applicants to our job postings, or virtually no applicants at all. In the former scenario, it feels like we are trying to find a needle in a haystack and in the latter, it is like doing a rain dance in the desert. Because of this, it is taking longer to find qualified candidates, and even longer to find qualified candidates who fit well with firm cultures. It makes sense that there would be large numbers of unqualified candidates in larger markets because in today’s landscape, businesses are hanging tightly on to their good employees and only letting go of their worst people.

Planning Ahead

Kneejerk hiring can be detrimental to your firm because of the money and time that is wasted, but also from a morale standpoint. A firm’s culture will quickly deteriorate if the employees see any position in the firm as a revolving door. If employees are not invested in building relationships with coworkers because they suspect some of them may be gone in six months, the firm can never run as a well oiled machine. The only way to combat this is to plan ahead – look at where your firm will be in 12 to 24 months and think about where area of the business will be overloaded if you hit your growth projections. If you see some area of your business reaching capacity in the next 6 to 12 months, you need to start looking for your next hire today.

If you are ready to start looking for your next hire, feel free to schedule a call with us to discuss further.

  7996 Hits
7996 Hits

Get Over It

Get Over It

Qualified prospects...they're out there in numbers greater than we've ever seen! But one thing has not changed...no matter how hard you wish it, they will not come flying in your window and land in your lap. You still have to do the work.Now, when I say work, I mean having a well-thought out plan of reaching your ideal clients. This might include:

1. Identifying the clients you want to duplicate. You know, I've said it before but I'll say it again. People have an innate desire to help others if they can. Your clients want to help you...it gives them a good feeling to match you up with their friends and have the relationship be successful. One word of caution here. Make sure you have educated your clients as to your referral process so they know what their friends and family can expect from you when being contacted.

2. Talk to your Center's of Influence. Again, as I've said before, these folks are just as befuddled as your clients. Break down all the rhetoric for them so they can break it down for their clients. They'll appreciate the simplicity you are trying to bring to their lives and know their clients will appreciate it as well!

3. Write, write, write...the media is hungry for information right now. Be a resource for your local paper. Again, it all comes down to keeping it simple. However, don't expect them to come to you. They will value and treasure you if you send them well thought out and written pieces that are ready to go. If you see some big news that day, be the first to call the business editor and find out what you can do to help them communicate it. Do they want to interview you?

You get the idea. It really doesn't have to be hard. It just has to be a priority, well thought out and consistent. This is how you keep your pipeline flowing.

A parting thought.. .if you don't have time to do these things, ask yourself why? If it's because you are spending the bulk of your day in your back office, this is a recipe for disaster. No matter how hard you work, this will NEVER change until you decide to change it by hiring a coach to help you figure out what you can delegate and to whom.

What are you waiting for?

Take care and let me know your thoughts. Ginny

I am frequently amazed when I work with advisors and we begin a discussion of their personal goals, most of the time which include working less hours and then they say to me "Oh, I can't cut back that much, I'll be working less than my staff". Seriously, this is what they say and I say "Yes and...?" For some reason, you folks have it in your brain you have to be the first one there and last one to leave. To that, I ask, why are you hiring staff then?

You are the team's leader and you have a responsibility to be clear-headed, thoughtful in your actions and forward thinking. How can you do this if you are always exhausted by working, probably getting very little (or worse, no) exercise AND on top of all of this, during turbulent markets, worrying about your clients all the time.

TAKE SOME TIME FOR YOURSELF EVERY WEEK! Take an afternoon off, take time in the middle of day to exercise, read, spend time with your family, whatever but do it away from the office and get over the fact that your staff are there working. That's what you are paying them for!

Give it a try and let me know how it goes.

As always, if I can be of any assistance go ahead and drop me a line or visit me online

  2174 Hits
2174 Hits

Get it in Writing!

Get it in Writing!

I frequently work with clients who tell me they're having difficulty with their staff. No one knows who's supposed to do what, there is frequent redundancy in work, there are clashes among staff over who is supposed to do what. Does any of this sound familiar? If it does, my next question would be, do you have Position Statements for each of your staff including you? If not, this is more than likely the cause of the discourse.

Again, you've heard me say this...most of us did not get into business for ourselves to manage folks. However, if you're going to have staff, either you're going to have to do it or you must hire someone to do it - those of you who know me know I always advocate the latter...a good COO can solve many of these problems. However, one step you can take without hiring someone is to make sure everyone in your organization has a Position Statement - a document that lays out very carefully what they are specifically responsible for within your organization. 

You write it (or hire someone like me to assist you), knock it around with the staff member until its accurate (there are more than likely things they are doing you don't even realize and others you assume they are doing and they are not) and then you both sign it. This document then becomes the basis for reviews, bonuses, etc.The other thing it does is it clarifies very carefully what everyone is doing. There is no more bickering over it, no more redundancy and it helps your organization run more efficiently and smoothly. It also empowers the staff members to make decisions in their area of responsibility and become experts in those areas.

You can also include a comp plan in this document if you'd like. However, either way, you should share the pages of the document that outline responsibilities with every member of the staff (post them on an intranet, put them in the employee manual but make sure everyone knows what everyone else is doing).

Let me know if I can assist you in this endeavor and as always feel free to visit my website for more info. Take care, Ginny

  2174 Hits
2174 Hits

Office Clutter... time to take it seriously

Office Clutter... time to take it seriously

Okay, I will admit we all have different work styles. I myself, prefer order. A place for everything and everything in its place. I like lists - lists of things to do - lists of things I want do. A way to keep order and compensate for my horrible short term memory. 

Still, I occasionally go into client's offices and what I see is nothing short of a natural disaster. It looks like a funnel cloud ransacked the place. Piles of papers, files, post it notes, magazines, books...you get the picture. And enviably, they tell me, "but I work best in chaos" and to that, I say.. .what a crock!

Nobody works well in that kind of situation and let me tell you what I believe the biggest reason for this is (in my opinion)...it's overwhelming, it's depressing, it's a big reason that so many people become "frozen" by their daily work and can't make any progress. Additionally, when you keep files and loads of paper in your office, you reduce the efficiencies in your office by slowing down retrieval and access by your staff or yourself to documents you need. They are not where they should be and subsequently, this slows down the flow of work, sometimes to a crawl as you and/or your staff take precious time to search for what they need,  many times that being one piece of paper.

Here is a link to a book on that for $9.95 will  walk you through decluttering your office space (and along the way address your excuses for  not doing so and the rewards of completing this task). It might not sound important but it is! It can, in extreme cases, have a large impact on how  much you and your staff get work accomplished and feel about your workspace and in very extreme cases, cause a compliance nightmare or something to be dropped or poorly handled for a client.

Now get moving!

Call me or visit my site, if I can assist. Ginny

  2134 Hits
2134 Hits