I’ve written and spoken at length about the mistakes new planners make when trying to find their right fit including hearing only what they want to hear, thinking every opening is a good fit, assuming if something isn’t addressed in negotiations it will mysteriously work out as they had envisioned, etc. However firm owners are not blameless and make mistakes, too, which is why I want to share April Joyner’s article in the November 2011 issue of Inc. magazine entitled “Hiring traps: Why is it so hard to find good people - the problem might be you!” It’s a well done piece that captures some of the most common pitfalls entrepreneurs fall prey to when hiring.
The four main hiring mistakes described include:
The narcissistic boss – Trying to hire mini me’s. I have cautioned firm owners against this in the past as well; it may seem like a match made in heaven at first, but can turn into a major pain later.
The perfectionist boss – Unrealistic qualification expectations for potential candidates pre-hire as well as unclear and unrealistic expectations of candidates post-hire is a common folly among financial planning firms. Setting the position qualifications too stringent can cause candidates with “mostly” the right skills… and all of the right interpersonal skills, passion, and vision you are seeking… to possibly not apply.
Overthinking your hires – Taking an inordinate amount of time to make a hiring decision, based on being burned by past hiring blunders, can cause you to lose some candidates, and doesn’t exactly instill confidence in the remaining candidates, which may complicate the situation once someone comes on board. Sure, there is a risk in everything, but if you are confident in your recruiting process, trust yourself, make a decision, and move forward.
Frantic hiring – Waiting until the last minute to make hires is not an industry best practice. When you are beyond overloaded and are in a “just get me somebody” type mindset, the process gets rushed and oftentimes candidates are not fully vetted. Take Mark Tibergien’s advice and add staff if you are at 80% of capacity and growing. Or, if you are at 100% of capacity and growth is flat.*
Firm owners would be well suited to think through and acknowledge some of these issues if they are planning hires and/or have faced difficulties hiring. I also encourage you to read the full article here http://bit.ly/hiringmistakes.
- Caleb will be visiting five CFP Board Registered Programs in five days the week of February 13th. Stay tuned for details from his trip.
- Michael will be teaching retirement planning for the IMCA Certified Private Wealth Advisor certification in Chicago on March 7th.
- Caleb will be speaking to the FPA of Northeast New York in Albany on March 15th in Albany, NY http://bit.ly/FPANENYevents