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Tag: Recruitment


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.

Hiring Quality Talent

Believe it or not, identifying a quality hire goes beyond a stacked resume or great recommendations. In fact, there are actually measurable calculations associated with quality hires based off of the goals of the company filling the position.

Quality hires can be attributed to the use of performance-based objectives established during the hiring process. Rather than identifying surface level qualities that must be met in the recruitment stage, such as education level or experience, direct objectives for identified success should be highlighted with goals and expectations being the prime focus.

Rather than a bulleted list of duties, make the job compelling to begin the employee “buy-in” process. Turn the description into an impactful story allowing for any potential candidate to begin to see the impact they can make. This will help garner strong candidates, fully interested in what the position has to offer and how they can be of service.

Focus on the past rather than the present. If a new hire is able to equate their past experiences with one comparable to those listed in the performance-based job description, they will have increased motivation to continue that trend of success as they already possess the skills and accomplishments to do so.

It is important to evaluate the quality of the candidate, pre-hire and post-hire. Before the candidate is offered the position, focus on past accomplishments and understand how they can support overall goals and objectives. This same process should be used post-hire as well. Once the candidate is on the job, circle back to the interview process and the agreements that were reached and experiences that were mentioned – this will help categorize employees as quality hires or can pinpoint weaknesses that need to be addressed.

Job vs. Money: What do you choose?

Happiness is characterized in different ways by different people. One person may believe that job satisfaction will lead to ultimate happiness while another, believes that a substantial paycheck will do the trick. So, when the time comes to choose a career based on money or the job, what should the choice be?

It has been found that the “magic number”, which correlates happiness with salary, is $75,000. That is, once a person has reached the $75,000 pay grade threshold, their overall happiness does not have a direct response to anything above that. Adversely, being below that “magic number” causes the opposite reaction and exposes emotional pain points that may affect everyday life. While a high income may not sustain boundless happiness, there is a certain point of happiness that parallels a steady income.

The magic number identifies monetary happiness, however, taking into consideration the enjoyment in the work that is done day in and day out is also a major factor of happiness. The interest to advance and make an impact on the company and an individual’s life comes with having satisfaction in what a position entails. Understanding personal goals and objectives and aligning them with the company’s, opens the door to advancement and longevity, ultimately translating into financial success.

The driver of success and happiness – personally, professionally, financially – stems from the effort to directly shape our own lives. The human ability to find happiness and be successful in every aspect derives from creating an enjoyable life, which can’t be found by chasing a paycheck. While a high income may bring immediate satisfaction, the feeling will eventually fade and no tangible feeling of accomplishment will be had. Take the time to establish a prosperous life because the benefits of the work put in will follow.

What to do when a candidate goes dark

As a recruiter, one of the most important aspects of the job is keeping candidates interested in the opportunity. Every so often, a candidate goes dark – all communication stops out of the blue and when this happens, it feels as if all progress that has been made has been lost.

What can be done on the recruitment end to alleviate the stress that comes when a candidate goes cold?

Emphasize the importance of communication and set deadlines for response time. It is important to begin the relationship through various methods of communication; if the candidate does go dark, a call to “check up” is routine rather than desperate. While establishing the relationship, understand how active the candidate is in their search and their timeline to transition into a new opportunity.

Gain their respect and trust. Guide the candidate as an advisor in their search, helping steer them in a direction you believe to be the best move for their future. A candidate is far less inclined to go dark if they trust who they are talking to and have faith in the system.

Should you execute these tips, but to no avail, run into a candidate where all communication has stopped, you must then evaluate if the candidate is worth the time. Should you change gears and move on to a candidate that would be more than eager to be given the opportunity? You may begin to spend more time trying to connect with a lost connection rather than building a relationship with a zealous one.