Make Sure You're Covering Every Step in the Hiring Process

As we begin to sit with our advisors to discuss next year’s plan, the majority of them want to hire new staff to support their growing business. Hiring additional staff or your first employee can be challenging. The right candidate can have a significant impact on your organization, but bringing on the wrong person can also negatively impact your team. One piece of advice is to never settle on a candidate merely to fill a seat. Hiring talented employees can take your business to new heights.

Let’s talk about the hiring process. At DMI, we have a lengthy system in place to discover the ideal candidate who will make a positive impact on the organization within a short amount of time. 

Of course, hiring new employees comes with a cost, so let’s analyze both the visible and hidden fees:

  • Recruiting: Are you using the DIY (Do It Yourself) method, or are you going to hire a recruiter? Keep in mind that the recruiter most likely will charge at least 20% of the new hire's base salary. On the other hand, the DIY method will cost you time, the price of advertising the position, and the fees of screening services such as drug testing, background, and reference checking.
    Tip: Wait until all of the test results come back before the new hire starts working.
  • Training: Does the new hire need any licenses? What is the average prep time and the successful pass ratio? Who is training the new hire - you or someone on your staff? Undoubtedly, there is a training cost of time, if not actual money.
    Tip: Training should never stop. Continue to offer outside training courses to your employees so they can grow.
  • Equipment: Does the new hire have all the tools to not only get the job done, but get it done well? Equipment such as computers, printers, phones, chairs, and desks are usually hand-me-downs from previous employees. Make sure they're operationally sound and that the workstations are ergonomically correct. Faulty equipment can have a negative impact on job performance.
    Tip: A great time to buy new equipment is at the end of the year during holiday sales.
  • Employee Benefits: Are they competitive? Your employee benefits should be if you want to remain in the competition and attract top-tier talent. When hiring, consider your offerings which include paid time off for vacation, sickness, and holidays. Since you're in the business, offering a comprehensive insurance plan would be a wise decision.
    Tip: Take an interest in your office work environment to create a workplace where your employees want to go every day. 

At DMI, we recently made several of our key 2019 marketing hires in December to have them up and running when the new year arrives. Do you have hiring goals in 2019? What is your plan? They say the difference between a dream and a goal is that a goal is written down. If you would like to lay out your 2019 goals, begin with our S.M.A.R.T. Goals Guide to start your year off on the right foot.

The hiring process is a crucial step in progressing your business, and it shouldn't be rushed. We have put together a checklist that can guide you through your journey to find the right candidate. Download a copy of the DMI "New Hire Checklist" to guide yourself through finding, hiring, and onboarding your candidate.

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Dave Fanara, DMI's Chief Marketing Officer

With over 30 years of marketing experience, Dave holds a Bachelor’s Degree from Suffolk University and a Master’s Degree from Lesley University. Specializing in creating strategic sales and marketing campaigns for companies who want to grow, Dave has set multiple sales records and has created award winning marketing campaigns in various industries.

* This content is for licensed financial professional use only. This website is not intended for use by the general public.

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DMI was founded in 1989 to provide financial advisors three dynamic elements for success: marketing services, sales consulting and business management.

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