Fans are raving over the five teenagers who were the first Americans to earn a gymnastics gold in 16 years. Being referred to as the “Fab Five” or the “Fierce Five,” the team is being compared to the legendary team from 1996, the “Magnificent Seven.”
How does your team stack up in comparison to the “Fierce Five” or the “Magnificent Seven?” Are you using outdated policies and procedures in your hiring process? Get prepared and seize the opportunity to add to your talent pool and find your next superstar!
Building a champion team can be challenging; however, if you examine the plethora of talent and personality and choose wisely, your team can be the best. Hiring exceptional talent is critical to the overall success of your firm. As an employer, you should always focus on bringing the best talent to your firm.
Ironstone has outlined some of the best practices in hiring, on-boarding and human capital retention.
When hiring, ask yourself and determine:
Will this person do the job?
Do they have the skills needed to perform the job?
How well will they fit in with existing team members and culture in the firm?
Be certain not to discount the weight you place on “fitting-in” with other team members and your firm’s culture. All too often, advisors hire based on the look of a resume and skill set resulting in critical mistakes. A prospective team member possessing “potential” will only add so much to the depth of your team and may not provide a positive and profitable impact.
“If you don’t know where you are going, then you probably won’t end up there.” ~Forrest Gump~
Focus on finding and retaining the best talent for your firm. Top talent is in high demand; therefore, you should make it a priority to include your hiring strategies as a year-round business process. In your hiring process include each of the following goals and develop your strategies and tactics for each:
Identify & Keep Your Winning Team:
Utilizing your team and positioning team members with their unique ability will add to increased morale, productivity and profitability. Consider reviewing current positions and how they are measuring up to the overall success of your firm and identify what skills and personality traits are needed to enhance the caliber of your team.
- Map your ideal organizational flow chart
- Identify gaps
- Assess current positions and roles
- Determine what is working/what isn’t working
Position Your Firm For Growth:
Don’t underestimate the competition in finding or stealing great employees. Develop the fundamentals that are needed to attract and retain quality team members.
Consider incorporating the following fundamentals in your hiring plan:
- Provide job stability.
- Incorporate challenging work which will instill engaged employees.
- Provide a culture for team members to grow, flourish and succeed.
- Create a pay for performance reward system; linking employee performance to the firm’s goals.
- Focus on developing your current team to be successful. Provide resources and training that will aide them in reaching and exceeding goals. Encourage career development.
- Communicate the firm’s goals with team members. Team members will have a higher morale and be engaged in their role.
- Offer enhancements such as flex-time, telecommuting or other services that fit the personality of your team members.
These enhancements can make a significant difference in employee satisfaction and retention without a mammoth investment.
Download these resources from Ironstone to get started on employing your champion team!
Your team is a reflection of your business. This reflection carries throughout the work day and most often in personal lives. Perception of your team is reality. Be certain you have the quality team your firm and clients deserve; prepare your firm to employ and attract a gold medal team.
We are curious!! What does your firm do to attract and retain a gold medal team? What are your team members favorite fundamentals included in your hiring plan?
Follow us as we explore each of Ironstone’s Fundamental 4™!
- Strategic Planning
- Business Development
- Operational Effectiveness
- The Human Element
Coming up next, learn about strategic planning with strategic alliances!