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Tag: Positivity


New Year, New Career

It’s the beginning of a new year; with all of the ambiguity going on in the world, is it a good time to make a career change?

Self-reflection has been a focal point of the past year; with the uncertainty of the job market; many are adapting and learning new skillsets. New skillsets mean new potential candidates, as more people are switching and adjusting to different industries. People are more willing to move, and geographical obstacles are seemingly non-existent when it comes to new opportunities, as virtual interviews make the transition easier.

Businesses need to be creative in attracting this new potential talent pool. From remote work to flexibility with schedules and changes to work habits – these all have made the corporate setting a thing of the past. Malleability to this new business environment is crucial to ensuring your employees are at ease; however, the virtual aspect ensures conversations are more personable with less conflict.

Depending on your circumstances, now might be the best time to reevaluate what’s vital in your career and what you want to do differently. Purposefulness might be the new mantra for the year 2021.

What defines Cultural Transformation within an organization?

What defines Cultural Transformation within an organization?

Facilitating cultural transformation in the workplace is a necessary commitment to ensure employee satisfaction and inclusion. The development of changing the organization’s culture should transform the outlook, policies, behaviors, and practices. Change has to start from executive leaders to assure the rooted, existing culture shifts from the outdated practices to the newly improved values and beliefs.

To get to the root cause of the existing culture, the company should conduct a cultural assessment to evaluate what changes need to be made. The cultural review should consider internal beliefs, such as honesty and integrity, while also examining outward actions like collaboration and information sharing. This valuation should help the business understand and indicate any dysfunction at any level within the organization.

Once executive leaders pinpoint the source, they can then cultivate change and transformation by using mindful behaviors to other leaders and managers to accomplish employee engagement in all departments. For cultural transformation to be effective, every individual must want to change any negative beliefs and values within themselves to the chosen cultural shift.

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.

How Giving Back Influences The Bottom Line

The holiday spirit is in the air, with businesses focusing on how they can give back to the community. While acts of gratitude positively affect personal health and happiness, there is also a strong correlation between charitable giving and boosting the bottom line.

By focusing on an impactful community cause, companies are able to connect on a deeper level with customers, partners and employees who share the same values to make a difference, opening the door for new and meaningful business ventures to arise beyond just the holiday season.

Beyond the public relations advantage that the spirit of giving provides, tax advantages also affect the bottom line. With a certain amount donated, organizations are able to claim a charitable deduction offering businesses the opportunity to give back with money not being a major deterrent to do so.

Taking a few moments out of the work day to volunteer at a local food bank or donate time to deliver presents to less fortunate children increases company visibility within the community and provides employees a unique insight into the culture that the organization was built on.

Giving of time and financial support to those in need is a simple and easy reminder to be grateful. When given the chance, employees develop a sense of accomplishment for their service and appreciation for the position they are in and the company providing the opportunity. Morale increases and the desire to work hard for a company that believes in helping those in need grows a bit stronger.

Never Under Estimate Your Value!

Confidence within the workplace is key to a successful career, and a portion of such confidence is the power that comes with knowing ones true value. Social interactions, energy and attitude play a major part in how people interact with one another in the workplace. Positive interactions are driven by value-led thoughts.

Believing that you have what it takes to make a powerful impact in your role and not accepting less than what is deserved solidifies the understanding of your self-worth. Have the confidence to say what you want because you know it is earned but also, have the humility to realize unrealistic expectations.

Evaluate who you are and who you want to be, while celebrating your accomplishments. Prioritizing your commitments and personally valuing who you are will translate into value in any situation.

Coaching and Development Replaces Performance Management

Twenty years ago, if you asked any employee how they were evaluated in their job, they would most likely say through employee performance ratings – a system designed to rank the performance of employees against colleagues strictly measured through output. Today, companies are turning towards a new regime of employee performance ratings – a system based on skills and attitude with the ability to drive change.

Managers who provide regular feedback and opportunities for growth and improvement are far more likely to have high-performers and greater employee satisfaction responses. The focus on coaching and development is becoming a priority in the workforce as more and more executives have found significant links to overall business success.

Now managers must dedicate time managing and communicating the importance of performance ownership with their direct reports. Coaching requires an open mindset, willing to build and progress rather than evaluate. Most importantly, managers must recognize the complete separation between performance and employee compensation.

A shift towards this progressive movement starts with senior leaders acknowledging the need to use performance management as a way to build skills. Managers need to be taught to provide valuable feedback that encourages their employees to further excel in their role.

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.

 

The Power of Employee Referrals

Tapping into the tremendous advantage of employee referrals can ultimately translate into a successful hire, yielding high results in the long run.

Job seekers first go to their network for potential job leads. Keeping current employees in the loop allows them the opportunity to actively search for someone that would be a good fit for the open position. This is also advantageous when searching for a specialized role as the employee may have referrals outside of the particular job industry.

Time is money and hiring a referred candidate requires less money and time than a traditional candidate. The process and costs of creating a job post, waiting for applicable resumes and scanning for potential hires are tedious and can lead to potentially poor results. However, only an interview is needed for a referred candidate.

Having a familiar contact in the business will also make the onboarding process a lot faster. The advantage of having someone the new candidate can trust and turn to with questions will allow them to acclimate to the culture a lot faster than others who need time to adjust and find their peer confidant.

Both the referred candidate and employee who successfully referred the candidate will be more inclined to stay in their respective positions longer. Because there is pressure on the achievement of a referred candidate for the current employee, the quality of referrals is greater than those found through traditional means. Once the referred candidate is successfully brought on, the current employee feels better with a greater sense of trust for the organization since they are a part of the company’s growing future.

While employee referrals remain to be one of the most successful ways to hire, it is not a system that can be based on just word-of-mouth communication. A specific process must be established for employees or external connections to provide candidate leads. Ask for referrals and leave the door open for potentials – while you may not be currently hiring, it’s nice to continuously add to the talent pipeline.