Last month we reviewed strategies on dealing with candidates who might have multiple job offers. In this month's post, we will look at some ways to RETAIN your recent new hire.
Ask yourself these questions routinely, if you do not already, and think about possible outcomes for success. Here are a few Dos and Don'ts to consider if you find yourself getting stuck:
Do: Have them meet with other people in your office during and after the interview process, so they can see practical examples of others in your firm you have mentored and helped get to where they wanted to go. If this is your first hire, emphasize that there are no other employees around, so they will not have to compete for your time and attention.
Don't: Overtly oversell the position, career track, ongoing mentoring, client meeting experiences, ownership opportunities, and whatever else you claim you will provide, but fail to deliver. This can be a fine line for an entrepreneur who lays out their vision to a prospective new hire with passion and vigor, but keep in mind that, just as with clients, it’s crucial to set positive, but reasonable expectations. Firms that consistently create unrealistic expectations, and then don’t deliver on them, can dig a hole for themselves, not only with a current candidate, but potentially with future hires, as well, if word spreads that the firm has a persistent problem with this (a scenario we have seen occur more than once!).
Do: Specify, as part of your vision for the firm and their role, a few long term projects with which you want their involvement, in addition to their daily work. Some ideas might be developing an intern program, working on the team that is converting the CRM system, assisting with the templates you are creating for entering the 401(k) market, researching and recommending a new financial planning software program, etc. This shows your potential new hire that you are entrusting them with additional responsibility early on, reiterating to them that what you are offering is not an average position, but instead a great career growth opportunity, where they will have the chance to work on new and exciting things that have a material impact on the firm.
Don't: Fail to give them the support they need to accomplish the goal or forget to recognize any work they produce, simply because the project has been completed, and may no longer be a top priority. One of the biggest complaints voiced to me by new hires is their supervisor asked them to complete a project, and when they did, there was no acknowledgement, no action taken, or no recognition given. You don’t have to go overboard with recognition (in fact, too much can come across as phony), but don’t forget the importance of a simple thank-you and acknowledgement for a job well done, especially to reinforce a positive relationship with a new hire.
- Last month, Caleb completed a whirlwind eight day West Coast speaking tour discussing Positioning Your Firm For Success in the War for Talent, Hiring and Managing New Planners, The Financial Planner of the Future, and other tips during four FPA chapter presentations and two FPA NexGen sessions.
- Michael will be speaking for the FPA of Philadelphia on June 25th http://bit.ly/PhillyFPA