Protect Your Hiring Investments with Strategic Onboarding
You have had an open position for a new wealth advisor for what feels like forever. When you finally find a great candidate who accepts your offer, you feel like you can move on to your next task at last. But the work is far from over.
Onboarding is a tremendously important process that gets overlooked all too often. In fact, not effectively onboarding can lead to lower rates of retention, productivity, and engagement. The onboarding process is crucial when bringing on any employee, especially with one critical to your company, such as a wealth advisor. It can also have adverse effects on your work culture and morale.
In this article, we will discuss a few key reasons why it is so crucial that you have a strategic onboarding plan.
Continually plan for the future of your company or franchise
Most companies think of onboarding as a one-time, static event for individuals who are just starting. However, it should be something that you do regularly to keep your full team focused on the company’s long-term goals. The onboarding process is an opportunity to restate your values, continually shape your company culture, and ensure that your offices grow in unison. The process will also help with team building and keeping your employees feeling valued and engaged.
Leverage your employees’ unique skills and interests
One of the best things you can do during the onboarding process is to make sure that you have a good understanding of your employees’ career goals and how they want to develop their skills over time. This understanding will create an environment where they can continually learn and improve, which will benefit all parties. Not only will you see an improvement in your level of talent and product quality, but this is also a great way to improve workplace satisfaction and overall retention. Ultimately, if you demonstrate your investment in your employees, and they will respond with the same.
Ensure your new hire is ready for success
Onboarding is way more than letting your new employees know what you expect of them. It is also critical to making sure that they can begin to integrate within the company culture. Some people will have a much easier time doing this than others, so you must be an integral part of the process. You should invest in having open communication during this time and ensure that you make yourself available to answer any questions or concerns that they may have.
By not making an effort to onboard correctly, you will be undoing all of your hard work during the recruitment process. With strategic onboarding, you can improve your employees’ experience – enhancing both their work product and prolonging their time with your company.
Are You Making Any of These Hiring Mistakes?
Hiring mistakes can be costly. Not only are workplace morale and turnover rates affected, but there is all of the time and energy from multiple individuals that must go back into the interviewing and hiring process. There is also the question of lost potential – when the right hire occurs, that individual will help propel the organization forward; hiring mistakes hold your company back.
In this article, we will take a look at three of the most common hiring mistakes, plus some recommendations for ways that you can avoid them.
Mistake #1: Putting Too Much Weight on the Resume
When you spend so much time looking through applications, it can feel like a magic moment when you find someone who has finally has everything that you are looking for: the right background, the proper education, the suitable references. You want to believe you have found the perfect fit – but remember that it is pretty common for candidates to play up past experience or credentials. Plus, sometimes past industry experience can be a bad thing because it could mean that they are set in their ways. Instead, it is better to look for certain personality traits that suggest they will be successful members of your team.
Mistake #2: Failing to Truly “Test” the Candidates
This next big mistake is related to the first. Many interviewers are satisfied with the resume and interview alone. They forget to see if the candidate can really “walk the walk.” It would be best if you considered having applicants perform specific tasks they are likely to have on the job. Of course, you will not want to spend the resources on testing every single candidate. Instead, put together a test for your top few contenders. You will want to make sure that everyone gets the same test and has the same set of scoring criteria; otherwise, you may be likely to make the third biggest hiring mistake.
Mistake #3: Succumbing to Personal Biases
Studies have proven that interviewers can fall victim to a couple of biases, which results in them making a hiring error. The first is called “confirmation bias.” Essentially, this is when the interviewer has a good feeling about someone right off the bat; they want to trust their gut, looking for things that confirm this feeling. The other common bias in the interviewing process is called the “halo effect.” This type of bias is when you attribute positive attributes to a person because there is something else that you like about them. To lower the risk of any preferences, you should make sure that you follow a strict set of criteria during the interviewing process and ask all candidates the same questions.
Hiring mistakes account for considerable costs to companies year after year – but they do not have to. By being aware of the most common oversights and biases, you can help ensure that you only hire the best candidates for your team.
Go from Hiring Good Franchise Talent to Hiring the Best Franchise Talent
Every company is looking to hire the very best talent out there. Of course, “the best” will vary slightly depending on the requirements of the role, the workplace culture, etc. You want to make sure that you are not just hiring a talented employee, but you are also hiring someone who will continue to grow with – and contribute to – your company over time.
When it comes to hiring the very best franchise talent, make sure you keep the following in mind.
You are not looking for just anyone, so you should not be looking just anywhere.
Sure, you might receive a whole lot more applications by posting on job boards such as Indeed or LinkedIn. In reality, you may just be giving yourself more work by needing to wade through a bunch of unqualified resumes. Instead, you can narrow down your search right off the bat by posting the job opening to online industry groups, running targeted ads, or working with a recruiter who knows the industry.
Consider that the best candidates might not even be looking.
Not everyone who would be open to a new position is actively checking the job boards. Meaning you might need to approach individuals who would be a good fit for your open position and ask them to apply. Chances are if it is a good fit, it is something that they would want to entertain – mainly if they are not a hundred percent happy in their current role. Talk to your star employees and ask for referrals (which is also an excellent way to ensure that an individual will be a good fit within your company culture).
Look for creative ways to screen applicants beyond their resume alone.
Perhaps you have gotten pretty far along in the screening and interviewing process. Maybe there are even a few employees that sound perfect, and you are anxious to get them signed and started. Not so fast! Often, we think we are hiring great talent, and it turns out that they know how to write a great resume. Before you decide to move forward with any candidate, you should have them do an assignment or look at work samples or portfolios to ensure that they can deliver what they say they can.
Great franchise talent is out there – but they are not always readily apparent. You will need to know where to look, who to ask, and what to critique if you want to be sure that you are getting the very best fit for your open position and your company as a whole.
Peter Capodice is sought out by leaders in Franchising who recognize the need to attract the industry’s best talent. Through Capodice & Associates’ extensive network of relationships and their “deep dive” qualification process, they are able to identify and secure individuals who represent the top tier of Franchise professionals. To discover how this process can benefit your organization,
call Peter at 941-906-1990
Why Communication Is So Important for Franchises, and How to Improve It
Communication is critical in any business, but particularly one between a franchiser and its franchisees. The typical issues of misunderstandings or missed messages (which happens in every industry) occur more often when you cannot just walk down the hall to check in with someone quickly.
As a result of communication difficulties, a lot can get lost in the shuffle. For example, the overarching brand identity might start to waver and reveal differences between individual branches. Workplace morale and company culture can also suffer or feels “undefined.” For all these reasons – plus a ton of others – you must take advantage of the opportunities that you can to improve communication and strengthen your company as a whole.
Let Technology Do the Heavy Lifting Regular, ongoing communication is critical. Effective communication is the difference between the franchise that succeeds and the one that fails. Luckily, technology helps you accomplish all you need to and more. For example, in addition to staying connected to your team, you can have a standardized greeting to all inquiring phone calls as well as email correspondence.
One important thing is to make sure that everyone understands the expectations regarding communication venue and availability. If you send messages through Slack, someone could miss them if they are only paying attention to Skype or Google Hangouts. By having a universal messaging system, you can ensure that your full team is always connected.
Utilize Trade Shows and Seminars Annual events like conferences, trade shows, and seminars are essential when it comes to keeping a pulse on the industry and shaping your franchise’s culture. As much as video conferencing is useful for touching base week after week, nothing can truly beat getting to know your team members in person. You should see these events as opportunities to connect with your team and have critical one-on-one conversations. You can also reiterate your brand and company culture and ensure that everyone is on the same page.
The Big Takeaway When you do not work close (geographically) to all of your franchisees, it is crucial to have a mix of different communication types. In addition to making use of classic in-person one-on-one meetings, you should also be taking advantage of Zoom calls and instant messaging programs, plus annual events like conferences and seminars. A robust means of communication will make a world of difference when facilitating mutual respect and understanding.
Peter Capodice is sought out by leaders in Franchising who recognize the need to attract the industry’s best talent. Through Capodice & Associates’ extensive network of relationships and their “deep dive” qualification process, they are able to identify and secure individuals who represent the top tier of Franchise professionals. To discover how this process can benefit your organization, call Peter at 941-906-1990.