A top-notch team meets with the hiring manager at a firm that has all the marking of being a great fit. The culture and the vision can align, great technology and a client-focused value proposition. The team describes their needs and goals in details, lets them know what they are wanting from this move, and outlines the financial expectations. The hiring manager listens, takes notes, and nods in agreement without an indication of any of this being an issue. The hiring manager is enthusiastic about getting them to join the firm and how much better this will be for their professional lives and financial futures. The meeting is adjourned and the team leaves feeling everyone is on the same page. The hiring manager says that he will outline the terms of the deal and outline their next steps.
Time passes, and the team starts putting together their game plan for the potential move and how this will work for them as a team, individually etc.
A week later the hiring manager that met with the team reaches back out to discuss the deal and there is a noticeable change in their demeanor. He makes small talk for a bit and then proceeds to tell them that the best deal could write up would be based on a team but only captures two-thirds of what they were expecting. You of course take emotion out of the situation, but you are not sure how to proceed. The first though that goes through your head is: IS THIS A DEAD DEAL?
Is the deal dead? Not necessarily, but the only change the hiring manager has of saving it is to acknowledge the disconnect and prove to the team that despite the difference in the expected deal terms, they will grow faster and more efficiently in the new firm. The hiring manager is the responsible one for getting the train back on the tracks and getting it moving again.
If the hiring manager feels strongly enough about the proposition, they need to help the team connect the dots on how this will be a good fit for them.
- Since the offer was below the mark, the hiring manager needs to re-establish a connection with them letting them know he understands their perspective and share his own experiences with them, so they have a common bond. He needs to validate their disappointments.
- They need to discuss as a group what the team’s most important drivers are (I.E. financial, stability, Benefits, Transition planning, etc.).
- The hiring manager needs to unpack the deal for the team and walk them through the different components, so they can see what they are getting. This will allow them to have an apple to apples comparison and feel more comfortable with the deal.
- Last, the hiring manager needs to discuss about the intangible things. He needs to discuss the firm’s philosophy and the intrinsic value involved. This requires the hiring manager to be able to have a solid connection with the team and understanding of what needs the team has to have resolved to best meet their requirements to move. The hiring manager needs to be strong in their delivery and recognize that both sides have invested a lot of time into this process.
How likely will the deal close?
This is ultimately determined by how well the hiring manager was at delivering his points to the team. In the end it is not just about the money. The hiring manager must get the team to see the value in the firm’s culture and the long-term potential. In these situations, the Cultural FIT is very important for the team to feel this is a place where they can come and grow their business along with identifying with the company values.
Ultimately closing the deal is a process that takes a bit of work on both sides of the table. The team has to have a full understanding of their goals and be able to clearly communicate what their goals are along with which ones are the most meaningful. The hiring manager needs to be able to address this list and be genuine while presenting the best possible solutions for the team.
The process is successful if there is an alignment between the talent acquisition requirements of a hiring firm and the goals of an advisor and/or their team. If both sides are open and communicate effectively with each other this should help lessen the likelihood of needing to address major gaps later on.
If you are a Financial Advisor thinking about making a change and wanting to evaluate this further, you can reach out to Madison Professional Group. We can help you define what the end looks like for you and counsel you to dig a bit deeper. This can mean answering important questions about your business, your short term and long-term goals as well as what to replicate about your current experience, what is frustrating you.the most, and what you would be willing to give up making a change.
Do you ever wonder if it is appropriate to give a client or someone at the office a gift during the holiday season? If so, what should you give? I love the holiday season and gift giving. I enjoy the giving portion far more than receiving and I enjoy being creative in finding something that I felt confident my client would enjoy but will also be creative or clever. There are some things you need to consider before you make your decision. For example, what is your company’s policy about giving gifts? What is the client’s company’s policy about giving gifts? Whether this is a professional thank you gift to a client or a group gift to the boss, it is very important to maintain business etiquette at all times.
You need to make sure the gift is appropriate and follows the customs and norms of your industry. They’re there for a reason and you should never expect a gift in return. Also, just as you must consider the business culture in your office you need to consider the country culture. In some countries gifts are inappropriate, regardless of the reason. In other countries, there is a specific cultural way to give and receive gifts. For example, I had a client from China and they did not open the present that I gave them in front of me. The best intentions can backfire if you don’t, and it can take you and the client to a very awkward place. If you are giving a gift to clients in other countries. I recommend a great resource: Kiss, Bow, or Shake Hands by Terri Morrison and Wayne A. Conaway. This is an incredible resource on how to give or receive when trying to determine the ins and outs of different cultures other than just gift giving.
How to Choose an Appropriate Gift:
When choosing a gift for a business associate or client you should be creative and relevant to the occasion. However, always avoid anything too personal that may be misinterpreted as a bribe or something that may be insulting or embarrassing. It is important not to give any intimate apparel, expensive perfume, or jewelry that is not related to the business. I enjoy giving things that are unique to the client. For example, if I have talked with the client and know some of the things they like for example, certain wines, books, hobbies. I remember the time my insurance broker, Brent gave me this amazing book, Tools of Titans by Tim Ferriss. It’s a great resource for a business person or entrepreneur that is looking to others to hear their stories of struggles to triumphs. Examples of appropriate business gifts include:
- Fruit Baskets
- Bottle of wine
- Box of candy
- Bouquet of flowers
- Scarf or tie
- Briefcase or leather portfolio
- Book of interest
- Items manufactured by your company
- Tickets to an event and/or performance
Gifts to your manager:
Most of the time it is not expected for employees to give their managers presents. However, if you feel comfortable a small, inexpensive item is suitable if it is in good taste. It is important not to put the supervisor in an uncomfortable place. It may upset him or her and may create tension in the future. The same items such as personal items clothes, perfume, or expensive items are not ideal and should not be given to the manager. If a group of you are going in on a gift, a fun idea can be a collection of little gifts from each coworker. For example, I remember receiving a miniature Christmas tree with assorted gift cards on it. I remember how excited I was about receiving a tree as such with gift cards to Starbucks, the movies, restaurants and some other fun spots. It was such a fun gift and I remember displaying it on my desk. These types of items are fun, and everyone can contribute what they are able to without feeling too much pressure to break their budget.
Acknowledging and saying thank you:
Always acknowledge any gift you receive as soon as possible. I am old fashion and I like receiving a handwritten thank you note, but email or text is acceptable as well depending on the environment. If you are receiving large quantities of gifts, don’t take company time to write your notes. I suggest doing this at home and then sending them out that week. The thank you note should be brief and say something such as, “thank you for the Gift Card Christmas tree, I appreciate the team’s generosity and will look forward to visiting these different spots”.
It is very common to give clients and prospects gifts to maintain or develop a closer business relationship. Before giving something to the client be sure to check the company’s policies on receiving gifts. Many companies have different rules in the value of the gift and if it is over a certain amount they have to share it with the whole office or reject it out of hand. You want to be sure you do not put anyone in an awkward position. As always, avoid anything too personal. One idea that is very fun is perhaps giving an inspiring book, a bottle of wine they might enjoy, a gift basket of yummy treats, and a decorative or food gift that can be shared by everyone in the office. Also, I like to include branding on the item as well. For example, the crate or container the items arrive in might have the company logo or slogan on it. It can be helpful because it will be on their desk or the assistants desk and people will see the name of the company, increasing your branding and notability.
Gifts to your employees:
I love everything monogrammed, I feel its it makes it very special and personalized. For example, a couple of years back I gave my team each a business card holder with their initials on it and they were a neat gift they can take and use for themselves later. You want to be sure its not too expensive and doesn’t break the rules of appropriateness. The following are a couple of neat ideas:
- Engraved pen or key ring
- Gift cards to restaurants, movies, or local events
- Picture frame for desk
- Cups engraved with initials and company logo.
Secret Santa has become popular in the workplace because it makes it a fun multiday celebration, it allows co-workers to learn more about each other. It is important that the Supervisor and HR Manager are both on the same page when sending out the message to the team. You also want to be sure that if someone does not want to participate or can not due to financial restrictions that you are sensitive to that. I would recommend having the participating employees fill out a quick info sheet about their likes, dislikes and allergic reaction, so there are no mistakes. Also, be sure to include the monetary amount and limits of the gifts during Secret Santa. You do not want anyone to feel bad about this.
Holiday Gifts to Co-workers:
Holiday gift giving can be very tricky because you are not sure what everyone celebrates. The office can have varying faiths and they may be uncomfortable receiving Christmas presents. It is important not give gifts at the holiday party unless you have a gift for everyone or it is designated that you bring the final gift for your Secret Santa reveal. If you are unsure it is always good to check with the manager or office manager. They can help steer you in making good decisions on how to handle the situation. A simple holiday or winter celebration might be a better option if you are unsure of different individuals’ beliefs.
If you have any fun and creative ideas that you have used in giving gifts to clients, co-workers or bosses. Please share them with us on our feed in this thread.
We focus a lot of our attention on what the company or hiring manager is focused on but this week we are focusing on the candidate and what they expect during the hiring process. As hiring managers, you are trying to stay focused on screening top candidates that will fit your organization from a skills and cultural basis. The question is are you investing time into what the experience is like for the applicants as well? Madison Professional Group knows if you are not evaluating this you could be unknowingly sending the wrong message and thus harming your employee brand as well as future candidates.
The following are things to keep in mind as to what candidates expect:
Candidates want to know what you want
As candidates have their first contact with a company, whether it is through a job ad, company career site, the expectations should be clear and thorough as possible. When you use words that are cryptic, or vague job descriptions, it does not give the candidate a clear picture and it sends a message of, “Maybe this isn’t the job for me.” It is important to have a clear theme throughout the hiring process. From when and how to communicate, to initial expectations, consistent transparency saves on time.
Candidates want Communication
Madison Professional knows that communication is very important. Unfortunately, many times the candidates are left in the dark, which in turn causes the company to miss out on great candidates. Therefore, it is important to be quick with your communication with the candidates and let them know where they stand. If the news is bad it is important to communicate that as well because it allows them to move on. As the company you need to keep in mind that social media is a driving factor in so much of today’s brand awareness and companies can mitigate negative feedback by being prompt, upfront, and honest in their assessments of job candidates.
If the interview process is going to require 4 or 5 rounds of interviews, tell your applicants right up front so they are prepared and have expectations set.
The hiring process is taking longer and longer. Recruiters and hiring managers are adding interview rounds to be sure they are hiring candidates that are the right fit. It is important that even if the candidate does not get the role, they need to leave feeling that their time mattered. It is important to forge a professional relationship with the candidate, connect on LinkedIn, give them constructive feedback. If they might be a fit later down the road let them know that they should try again after they do the following steps (i.e. licenses, experience, etc). All of this will tie into the message you are sending to the candidate and proper branding of your company. You want to leave as positive of footprint on the candidate as possible.
They Want an Efficient Process
This ties back to our first advice on have a smooth and efficient process in place. The first steps a potential candidate takes in joining a company are usually on the website or career portal. These tools should work flawlessly as they are a candidates first interaction with the company. Poorly run and/or inefficient software can dissuade job seekers from applying. If your site requires them to create an account and fill in fifty prompts, use only a certain web browser etc. then you probably need to explore your options and update your system.
It might be a good time to update your hiring lifecycle from start to finish from the applicant’s perspective. This will allow you to smooth out any issues that you see pop up during the process that might apprehend them from being submitted.
It is important to remember that if your hiring process is not in order then the expectation when you have these applicants become candidates and then hopefully employees, they will see the company has a strong acquisition foundation and they become your talented management strategy. By actively incorporating these items from the beginning you set the stage for a successful partnership, right from the start.
Interested in outsourcing hiring to local experts?
Give Madison Professional Group a call. Our top priority is “creating connections that last”. In doing that we deliver exceptional job candidates, not just medium candidates who may have the skills. If you are ready to take advantage of the services, our team can office then reach out to us today!
In talking with a recent client, we had a long discussion on employees and retaining them. Many times, clients want us to take extra measures to be sure that the candidate will stay. They seem to think that we need to share in the responsibility of the candidate staying on board with the company and feel that it is within our control. As many of you know that is simply not the case at all. As headhunters and recruiters, we do our due diligence of checking references and backgrounds to be sure the candidate is not only having the right skills but also is the right company cultural fit. In one of my other articles I touch on company culture as we believe at MPG that is a driving force in whether the candidate will stay in the role. We have found in our research that more than 40% of workers are planning to look for a new job within the next six months, and 69% say they are already passively looking. As a headhunter, we encounter individuals that tell us they are always looking and keeping their options open. This might be good in theory, but if you are always looking are you really cheating yourself and your current employer in these actions. This also raises the question of is the candidate truly buying in to the position and company or is it just a temporary fill to get them to the next opportunity.
We understand that for employees to safely make a long-term commitment to an organization, the employer will need to give them good reason to stay. We advocate proactive efforts by employers to establish a culture that builds a strong relationship between the employee and the employer. What can the employer do to foster this kind of relationship? This is the question we are asked most often. The following are the some of the ways that we have found to keep employee relationships on the road to retention:
- Respect: Employees want to know they are respected and appreciated. If managers make it a priority to show outward respect for employees on a regular basis, it will lead to a strong and enduring workplace culture as well as a positive experience and create memories that they will never forget.
- Reward: As an employer the rewards that you give your employee should speak to their emotional needs and should go beyond their monetary compensation. Personalities can be very different, sometime employees like to be recognized in front of their peers or the company and other times they desire an increase in responsibility. You will also find that some of them might be better with other forms of morale builders. The morale builders will also help to build the company culture and help other employees remain excited about what is happening in their workplace. Also, it is important to not buy your employees, this can create a negative effect in the environment. For example, if you are giving employees monetary rewards and perks in addition to overtime pay because they are working overtime and beyond it sends a message to employee that they must work those extra hours to get any reward. What we have found is that companies that place value on the quality of an employee’s work instead of just the quantity create higher company loyalty and increase retention.
- Relaxation Time: Time off is very significant, and it is important to not be stingy with it. While It is nice to provide sufficient time off for sick days, family vacations, etc. People need time off to recharge and this will help to foster the demand for high quality performance. If a company wants their employees fresh and ready for the important projects and deadlines it is important to let them get time off during non-peak times.
- Responsibility: For your employees to grow it is important to trust them and give them responsibilities. For example, encouraging them to gain new skills, go to workshops, continuing education opportunities. The more confident your employee feels about themselves the better they will preform their job and will enjoy coming to work. Promoting employees from within is also very helpful and motivating to the company’s culture, it shows them that they too can move up and be a contributor.
- Environment: Creating an open and welcoming environment is very important to retaining individuals to stay. The average person spends over 90,000 hours of their life working. By working this much it can create a negative home life and that can have severe effects on the environment of your workplace and the condition of your people. It is important to create an environment where people can take breaks and time off to recharge and refuel. If you do not it can cause greater issues.
- Incorporate Revenue Sharing: Tie part of your employees’ wages to the company’s performance. This will align their interests with the company’s review and profit goal. It will also serve as an inherent incentive to see the company grows. This will also make your business more agile when it is having to deal with differing business conditions and changes in the economy.
- Small Perks: This is a great incentive to have for your employees and it is something that all levels of employees can benefit from. Some examples of small perks could be: free bagels on Fridays, lunch brought in for quarterly sales meetings, in office massage therapists after the completion of a significant project, and dry-cleaning pickup and delivery may seem insignificant to you, but if they help employees better manage their lives, they’ll appreciate it and may be more likely to stick around.
- Conduct “stay” interviews: In addition to performing exit interviews to learn why employees are leaving, consider asking longer-tenured employees why they stay. Ask questions such as: Why did you come to work here? Why have you stayed? What would make you leave? And what are your nonnegotiable issues? What about your managers? What would you change or improve? Then use that information to strengthen your employee-retention strategies. Also, it might a bonus to use those employees on your employee spotlights. You could feature them on the employee boards in the office, e-newsletters, or social media. This will foster two things, enhancing the relationships with your employee but also showing outsiders that might be applying that this is a company that cares about its people.
It is important to remember the long-term commitment of retention and it requires effort in both directions. It is understandable that companies do not want to hire perpetual “job hoppers” but in the same token it is equally important to give them good reason to stay. If you are looking for assistance in your recruiting efforts please reach out to one of our Recruiters at Madison Professional Group. We strive to create connections that last