Once you define the job, it is easy to define the characteristics of people who perform the work. With a proper framework, you will be able to evaluate right candidates. Identifying the right candidates is not as complex when you use the right approach.
The one and only reason for the turnover in a firm is poor selection of candidates. We often find that individuals are mismatched to their jobs. The most common reasons why financial advisers hire the wrong people are
It is not uncommon in advisory firms to see similar examples of such hiring practices of odd staff. Often a huge gulf exists between the capabilities of the practice owner and those of the staff so that the owner is not threatened or challenged. The downside of this approach is they often get people mismatched to the job or the culture they’re trying to create, and the burden for the owner doesn’t ease.
Though the owners of firms try to hire the right people, they’re often put off by the cost. Human resource experts say that replacing an employee costs a company somewhere between 150 percent and 200 percent of the person’s salary in lost productivity, lost time in training, and a loss of momentum in the business.
Employers increase their odds of success with a new hire by employing the following techniques in the selection process:
By using these processes in evaluating candidates, you can get a glimpse of the candidate’s future and the likelihood that the candidate will be a good fit for the job and the organization.
Most advisory firms end their evaluations after resume and interview .If the selection is based on only resume and interview, you would miss most of the critical factors that will affect the candidate’s position.
To get below the surface, you need to broaden your hiring process to include background checks and psychometric testing. Both of them are legitimate and legal tools in hiring, unless you do not abuse them. The success rate of hires increases substantially as these tools are employed in a meaningful way.
Employee Selection Process
what’s Lurking Underneath?
Use All Resources to Ensure Success
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Business Management For Financial Advisers Tutorial
The Financial Advisory Business
Defining The Business
The Value Of Surveys
The Challenge Of Growth
Human Capital: The Fulcrum Of Strategy
The Care And Preening Of Staff: Professional Development
The Payoff For The Firm: Compensation Planning
The Tools That Count: Financial Management
The Other Dirty Words
Referrals And Joint Ventures: The Search For Solutions
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