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Tag: Aspirations


Board of Directors Recruitment

Board of Directors Recruitment – What do innovative companies look for in the selection of a new Board member?

A Board Member is an essential function in navigating a company’s future direction. When recruiting new members for a Board of Directors, the current Board Members desire candidates with fresh ideas and original thinking to be a significant and impactful contributor to the organization. Their uniqueness should have a philosophical alignment with the business, along with a mentality to give back to others in their personal and professional lives.

An innovative intellectual is fundamental to a strategic skillset for the governance of the company with a collaborative mentality. The diversity each individual brings with different life and work experiences help facilitate a well-rounded vision of the organization’s future.

Dedicating time and commitment with the eagerness to participate in meetings and beyond is a necessary attribute in a Board Member. The individual’s flexibility and preparedness are ideal in the board’s progression, immensely when they contribute questions, research, and creativity.

There is so much more to a Board of Directors than just attending meetings. Someone with futuristic views and able to identify trends contribute to being a valuable asset. Tangible attributes are valued when seeking new Board Members; however, intangible characteristics reach beyond tradition and appeal to innovative individuals.

 

 

 

Blended Learning for Executives

Educational leadership can benefit significantly from blended learning by both formal education programs and virtual training. Bringing these two facets to key leaders can prove to be valuable in the development of building relationships, innovative thinking, and employee engagement within the organization.

The paradigm where everyone learns differently could be addressed by offering the opportunity for blended learning, as some excel from in-person institutions and others with webinars or virtual classrooms; bringing both options could provide a foundation that can be embedded in the workplace. Once critical leadership competencies are formed, these new behavioral skillsets can help bridge organizational gaps by building informal connections, fulfilling company goals, and guiding shared visions across all functions.

The combination of individually driven virtual learning and formal educational programs offers executive leadership the tools to provide a better overall workplace atmosphere.

Competitive Retention Strategies: Mortgage Division

New market, new demand!

Ask yourself, what are we doing as a company to retain our talent within our mortgage division?

The mortgage industry is in high demand of employees, as mortgage rates continue to remain under 3%. Due to the urgency of hiring candidates with mortgage operations experience, employers are seeking mortgage leaders to join their organization.  Quality talent is being swept away by other mortgage companies by virtue of monetary base compensation and incentives.

As an organization facing some of these challenges, employers are being creative on compensation structures to incentivize workers.  Incentives offered are hiring bonuses, retention tools tied to compensation, with the ability to work remotely.

If your company is facing the same challenges, reflect on your incentive strategy and retention tools needed to be competitive in a demanding mortgage rate environment.

Retention Strategies for Executive Hires!

Securing quality talent within your organization should include an internal strategic plan. Retention plans for top credit union Executives comprise of competitive salaries, targeted performance incentive goals and retention bonuses, stock options, paid time off, and ancillary allowances and benefits.

Robust, targeted performance incentive plans are successful when implemented at the offer stage/onboarding process, and even more lucrative when these plans align with industry standard. Specifically, quarterly, semi-annual, and annual performance incentives are beneficial at the Executive level and should be established to incorporate non-financial metrics and financial metrics. Non-financial metrics might include engaged members, member survey results, staff turnover ratios. Financial metrics may encompass loan growth and earnings, return on assets, capital ratio, membership growth, net income, and board evaluations (if applicable).

Once you establish the targeted goals, each metric should be broken out to a percentage of the final goal. Non-financial metrics could be 10% of the total bonus, while financial metrics are 90%, it depends on the organization’s focus to meet the needs of its employees and business strategy. Evaluating your Executive Compensation plans should be assessed annually to ensure they are in-line with the industry standard to achieve employee engagement and retention.

Chasing the Money or the Opportunity

Should you chase the money or the opportunity? Well first, ask yourself, ‘Is it the right fit?’ Organizations may pay well, but if they have a high turnover rate and don’t fulfill your career goals, it may be in your best interest to really think it through.

This is an internal dilemma that many people go through. Of course, you shouldn’t undervalue yourself monetarily should a job prospect check all your career boxes, but don’t let an opportunity slip away that could benefit your long-term career development. Success can be subjective, and how it is measured and valued differs from person to person.

Some companies do entice candidates with short-term monetary goals, which can burn out employees quickly, causing high turnover within an organization. It may not be in your best interest to weigh opportunities based on compensation alone; career advancement, skill development, and passion should be considered. Chasing short-term benefits could prove unfruitful in the long-run, and you may not want to look back and wish you would’ve done things differently.

The Offer

You’ve reached the final stage in the recruitment process, the offer – After the application and multiple interviews, you landed the job!

Generally, the incentive for candidates to move organizations or positions would allow candidates to seek opportunities that will provide a promotion, ability to be a key contributor within the organization, and an increase in pay structure.

When seeking a new opportunity, the motivation to make a change for a new role should be discussed initially, setting the expectations from the onset. Once an offer is extended and accepted, you have agreed to the terms and negotiation ends. Strive to find a balance to determine if a counteroffer is necessary or if it is about its monetary value or the position. Most often, it is the position job seekers are trying to attain.

Organizations have set wage bands for positions based on market and internal value, from minimum, mid-point, to maximum of the salary range. Various other factors could help offset any wage bands misalignments when pursuing a job offer, including sign-on bonuses, targeted variable (bonus) pay, allowances, paid time off, supplemental retirement plans, and additional benefits.

These are all part of the equation when evaluating your next opportunity!

The Impact of a New Position

Creating a new position is, in most cases, associated with filling a need for a specific role that is lacking within the company’s current business model. What is often overlooked is the impact it has on employee morale and overall view of the business opportunities.

Whether it be an entry-level or C-suite position, the addition of an employee’s career progression heightens the outlook of the company as it shows strength, sustainability, and regard for growth in its employees. Investing in the company’s support system not only positively correlates with business success but, contributes to maintaining a stable and continued future.

By creating a new position, the culture of current employees shifts to recognize and appreciate the support their existing position will be backed by. This can allow for duties to be redistributed and focus to be reprioritized to maintain continuity and support of overall values for the organization.

On the other hand, the creation of an executive position highlights the ideals of continuous employee growth. With a new executive-level added, companies are able to show their investment in the employees, emphasizing a culture of sustainability. Not only will lower-level employees aim to advance towards new levels but, current top executives will be motivated to continue to learn and grow within the organization.

While adding a new position may fill a void in the company’s overall business structure, the impact that a new position holds for current and incoming employees is far greater than what meets the eye.

Attracting Out-Of-Town Talent

Skills, compatibility, and drive – these are a just a few characteristics companies seek in potential new hires; however, there could be other various factors which makes a candidate more favorable. For instance, geographic location plays a large role in determining the difference between a suitable candidate and the perfect candidate.

The key to successfully broadening the hiring search pool is to understand the work style and abilities of the prospective hire and communicating how the company is invested in their future.

In order to attract job-seekers from in and around the company’s geographic location, focus on the industry and economic environment of the company that the employee may relocate to. Does this transition provide the best path for success and growth?

Rather than looking at the qualifications of a job, it is important to understand how, outside of the corporate structure, this candidate can find success and be happy about the decision to move. Highlight the location of the company by sharing favorite parts of the city and why many have chosen to build a career there.

Continue to stay true to the company’s roots. Make the culture of the workplace a central part of the discussion. Focus on the people, values, and opportunity the company has found success with as those qualities are what will continue the cycle of achievement.

Transitioning to the C-Suite

The ascension to the C-Suite is often paired with redesigned goals and ideas to ensure success in the new role. Fostering a successful transition can bring challenges as aligning others around those specific objectives is not always an easy feat.

To combat these common struggles, it is best to establish a shared vision on company priorities. Aligning the organization to understand and believe in the strategic design of the organization is a critical component to build success when executives are promoted or have accepted  a senior role. By creating an environment where employees buy-in to the vision of the company, executives will work to establish an immediate and long-term impact in the foundation of the organization.

Accepting that the answers are not always clear, and can be a significant learning curve during any transition. Making quick and calculated moves to establish a trustworthy team allows for any executive to begin to influence others with designed support.

Taking all of this into account, nothing can be done without the thought and preparation of self-readiness. By designating the appropriate amount of time to a purposeful tenure, ascending into the C-Suite will be complimented with proven results.

Communicating expectations in an interview

Many times, to attain top candidates, job expectations and job realities do not always coincide. Significant responsibility is placed on the company to set realistic expectations from day one, so the possibility of a future dissatisfied employee is lessened.

Setting job responsibilities needs to be the priority. While responsibilities may vary, providing a framework of what to expect from day to day will give the candidate a better understanding of what they will be doing. This is an excellent opportunity for management to identify specific job duties to decrease the possibility of task overlap, making for a better operating workplace.

With the changing work place culture, in many cases, the expectations for business hours vary from position to position. However, it is important to alleviate the frustrations of either working too much or too little than what is expected by outlining specific office hour expectations. Finding an employee who is unwilling to work more than 40 hours may be detrimental to the success of them in that position; it is better to outline those expectations sooner than later.

An expectation for company culture should be drawn out before making a hire as well. If extracurricular office activities are a large part of the social side of the business, the candidate should know that they may be asked to participate in them. The social aspect of a company plays a significant role in employee satisfaction, and it would be advantageous to promote culture the right away to understand if the candidate will be a good fit.