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Tag: Recruitment


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.

Managing Client and Candidate Relationships

Managing Client and Candidate Relationships

Respectable recruiters are successful in managing the two relationships – client and candidate – during the recruitment process. Both relationships are equally important, requiring trust and communication.

Technology has evolved and streamlined the recruitment process, primarily through Client Relationship Management (CRM) software and Applicant Tracking Systems (ATS). These systems are beneficial to recruiters; however, the rapport between the recruiter and their contacts gets lost in translation.

Personal connections are unequivocally the foundation for recruiters, clients, and candidates alike. Simple callbacks and touching base with clients and candidates on both sides of the recruitment process on a frequent basis is essential, making sure both your clients and candidates feel involved in the process.

Getting back to the basics is vital for successful recruiters, especially during the current climate, where we may not be getting human interaction as much as we used to. People want to feel like they aren’t just another number, and reassuring them they are as important as the next client or candidate can foster a reputable reputation.

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.

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.

 

 

 

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!

Recruitment of Candidates

 

When trying to recruit a new candidate, it is essential to have a plan set in place to effectively and efficiently fill the position.

To begin, define the position. While this sounds like a simple task, it is the most important as it identifies the needed skills and interests of the candidate pool. A needs assessment should be completed to understand the extent of what this position will be intended for. While some believe this is only done for a new position, existing roles should be assessed in the same manner to avoid complacency and focus on the betterment and continual growth of the organization.

The next step should be to write and post the job opening. While writing the job description, include the skills and expectations for the role that was discovered when defining what the position was. This description should go deeper than just recruitment. It should be an evaluative measure of potential candidates, a tool for managers to set expectations and a continuous performance review standard. When posting the job description, ensure the platform used correctly markets the type of company that is asking for hirees.

This leads to the development of the recruitment plan and how recruitment of a potential hire pool should be handled. First, informing internal members of the team should occur. This allows for interested candidates who are already privy to the company and possibly the open position to apply if interested. Current employees are also a great source for referrals either internally or externally. Next, the position should be distributed within your network. The message can be spread to individuals who are interested in making a transition, may know someone interested or can help disseminate the opening to their network as well. Finally, the job opening should be shared externally. It is most affordable and effective to post online but don’t be afraid to reach out to colleagues who have had similar openings to see how they found success.

The final step to recruiting candidates is the screening process. This process is a way to assess each candidate using a set group of criteria identified when defining the position. Resume screening is a great way to see if a candidate has what the job needs on paper. To follow-up with the resume, interviews can either be conducted in person or through the phone or video chat. When using these methods, plan questions in advance that allow for candidates to identify the competencies that are needed for the job.

Once the position is filled or a candidate has been identified for hire, it is important to follow-up with those that were interviewed either through a letter, email, or a phone call. Remember, not all recruitment processes are ‘one size fits all,’ do what works best for your organization and the position you are trying to fill.

Through the looking glass: prospecting a client through a different lens

The process to recruit a new hire must be able to accurately gauge their potential success based on the objectives of the company and the available position, whether it be through an in-person, phone or video interview. This can be achieved through either a two or five-step process.

The use of a two-step recruitment process is quick and simple. Screening the resume followed by an in-person interview is the best way to find a suitable candidate in the least amount of time since it requires little back and forth between the organization and potential employee. Two-step hiring also allows for a candidate’s on-boarding process to be streamlined in a time-efficient manner.

This type of recruitment process is best suited for quick hiring needs and helps distinguish warm versus hot leads. However, this process lacks the substance required to properly vet a large pool of seemingly quality recruits since the speed of hiring for an open position poses threats of under-qualified applicants.

In contrast, the five-step hiring system begins with a resume screen and is followed by a phone interview, video interview, in-person interview and finishes with on-the-job skill testing. This process is best used for positions that require deeper skillsets than average, allowing for interviewees to highlight their abilities over a lengthened period of time.

The five-step system is also ideal for positions with large applicant pools as each step in the hiring process will naturally separate top candidates from average candidates and grants hiring managers the time needed to properly evaluate a candidate’s potential and organizational fit. While this process allows for an in-depth evaluation of a future employee, it can be deemed too lengthy, causing candidates to lose interest and abandon the hiring process all together.

Not all hiring methods are the same, choose one that works best for the organization that will set you apart from your competition.