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Hiring Process

Four Misconceptions Hindering Your Hiring Process

As the leader of my own financial firm, I know a thing or two about the hiring process.

In all my years of interviewing people (and being interviewed), I’ve realized that many employers perpetuate the same problem: treating candidates like children.

 

What Your Candidates Want

Many employers wrongly assume that by dangling a few exciting perks, the candidate can be won over in just a matter of minutes.

When has a human being ever been that simple or singular?

People are multifaceted and have complex needs and desires.

As business leaders, we must recognize that employees crave workplace stability, positivity, opportunity to grow, and the space to be respected.

The key to great recruiting is your culture. If you feel that your recruiting process could shape up a bit, then remember that your company culture is what will affect employee attitude, since they will experience it each day.

If you’re looking to improve your hiring process and attract the best advisors for your firm, keep these hiring misconceptions in mind.

 

1. Little Perks are Necessary

False. False. False.

While perks are undoubtedly great and appreciated, they are not the sole motivator for taking a job.

After work happy hours, catered lunches, and discounted gym memberships aren’t going to fulfill someone whose true passion is being a great financial advisor.

Your candidates want more than anything the opportunity to learn and grow, so make sure they know that in your company they will have just that!

 

2. Performance is More Important than Attitude

This concept is especially important when building a team — if you find the “superstar” who will certainly bring in revenue, but isn’t likely to be a team player, ditch them.

Keep in mind how a new hire will “mesh” with the existing team: if they won’t be a good fit, they probably won’t be happy working there and vice-versa for your current employees.

 

3. Money is the Sole Motivator

This may come as a surprise to some, but top talent is looking for more than just a hefty paycheck.

Candidates repeatedly rank “money” towards the middle to end of their list for accepting an offer. Some actual things that candidates care about are trust and feedback.

Consider these two questions before setting any interviews:

“Are my employees given autonomy to make their own decisions?”

and

“How will I evaluate employees and then use that evaluation to help them advance?”

 

4. Employees Want Stock Options

Employees and investors are not the same: they have different priorities, wants, and needs. Although its commonplace to offer stock options as incentives to work harder, this may be the wrong approach.

Instead, consider offering them as a reward or bonus instead of a compensation package. Rewards and bonuses are a great way to show employees how much you value and appreciate their hard work.

 

I Can Help!

I’ve learned a lot about the psychology of teams and employees. In fact, I’ve dedicated a whole chapter to “Building a Team” in my book, “Seven Figure Firm: How to Build a Financial Services Business.”

Grab your FREE chapter download here.

 

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Four Misconceptions Hindering Your Hiring Process
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If you’re taking control of your own firm, be sure to check if any of these four misconceptions may be harming your hiring process.
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