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The Fordyce Letter

Straight Talk for the Recruiting Profession


Articles tagged 'managing'

Business

Here’s How to Tell If Hiring Makes Financial Sense



Hiring - freedigital

Hiring - freedigitalFor a moment let’s ignore all the human and emotional aspects of hiring employees and take a close look at the numbers. In other words, why does it make financial sense to hire when: it is so difficult to train; hiring creates a huge distraction to personal production, and; knowing most of those we hire will fail?

For this article I am going to utilize my internal ratios that I have tracked over the last eight years and more than $8 million in gross revenue. To be clear, these ratios include the time as a rookie office when I opened with three green recruiters. And obviously my numbers have been significantly influenced by the great recession. I am confident that my ratios will naturally improve as I accumulate more experience in this industry and time during strong markets.

Ask Barb, Business Development, The Business of Recruiting

Want a Big Biller? Hire A Hotel Caterer



Ask Barb

Dear Barb:

Is it me or is it getting harder to find people who will put in the hours to be good at this job? Out of the five people we hired last year, we only have two left, and they are average. They don’t seem to have the commitment or work ethic that my current employees have; they are out the door at 5:00 pm.

When I suggested they may have to conduct research or talk to candidates during evening hours, I met with resistance and was asked if I paid overtime for evening hours. You would think these people would be grateful for their job and put more effort in to achieving their goals. Is this something I need to tolerate or am I not hiring the right people?

Dave B.

Plantation, FL

Dear Dave:

For Managers

Hiring Right Summary: Keys to Recruiting, Training and Retaining Top Agency Performers



hiring right 7

Note: This is the seventh and final article in a series on decreasing turnover and increasing profits. In the previous articles Terry discussed turnover  (High Turnover Is NOT Just Part of the Business), who to hire (What It Takes to Attract and Hire Recruiting Winners), setting expectations (Your Onboarding Should Not Be Like A Box of Chocolates), training standards (When You Set Standards and Manage to Them, Everyone Knows Where They Stand), performance based training (Performance Base Your Training For Early Success), and understanding motivation to better inspire and lead a team (Improve Commitment by Understanding the Personal Nature of Motivation).

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In our series of seven articles, we have addressed the issues related to decreasing staff turnover and increasing profits. Since the series first appeared (it first began in our monthly print newsletter, The Fordyce Letter in Aug 2013), I have received hundreds of calls and emails from readers wanting to learn more about the principles and concepts presented in these articles. Based on these calls and at the request of many of you, I will attempt to summarize the key elements.

For Managers, The Business of Recruiting

When You Set Standards and Manage to Them, Everyone Knows Where They Stand



hiring right 4

Note: This is the fourth article in a series on decreasing turnover and increasing profits. In the previous three articles Terry discussed turnover  (High Turnover Is NOT Just Part of the Business), who to hire (What It Takes to Attract and Hire Recruiting Winners), and setting expectations and training (Your Onboarding Should Not Be Like A Box of Chocolates). 

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Fast-Paced! Volatile! High Risk! High Return! Competitive! Sophisticated! Pressurized! Stressful! Demanding! Exhilarating!

These are some of the terms used by managers to describe our business. However, as with most adjectives, these terms are subjective and can mean different things to different people. That is where performance standards come into the picture.

For Managers, The Business of Recruiting

Your Onboarding Should Not Be Like A Box of Chocolates



Forrest Gump box of chocolates

hiring right 3In our previous two articles (Part one: “High Turnover Is NOT Just Part of the Business“; Part two: “What It Takes to Attract and Hire Recruiting Winners“) we discussed whom to hire and how to attract them to your organization.

In this article, we will focus on one of the most overlooked functions of the selection process, that of establishing realistic expectations for the employment relationship.

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If realistic expectations are not established between you and your new employee a state of mutual mystification will result whereby neither of you will have a clear understanding of what to expect from the other. To begin the employment relationship in a state of mutual mystification is analogous to Forrest Gump’s comments about the box of chocolates, “You never know what you’re gonna get.” This can lead to fear, confusion, anxiety, and frustration on the part of your new employee, which can produce a lack of commitment and effort. Without the proper commitment and effort, failure is assured and turnover will result.

How-To, The Business of Recruiting

What It Takes to Attract and Hire Recruiting Winners



Nowork illustration-free

Note: This is the second in a series on decreasing turnover and increasing profits. In the first article Terry identified the eight major factors that contribute to staff turnover and he looked at whom to hire. In this article he discusses how to attract the right individuals (winners not whiners) to your firm.

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 A company is known by the people it keeps.

hiring right 2For most firms in our industry, whether temp, perm or search, the managers attempt to hire individuals who are intelligent, well educated, possessing solid business experience, can think on their feet, present themselves in a positive, professional manner, possess better than average interpersonal skills and are well motivated to do the job. Almost daily, these managers meet individuals who appear to possess these traits. However, most managers we have surveyed described a feeling of increased frustration at being unable to attract these good people to their firms. Over and over we hear comments like:

  • “No one wants to work on straight commission anymore.”
  • “The right people have too many good employment options available to them and, therefore, they will not give serious consideration to our business.”
  • “We can’t match what they can be offered elsewhere.”
For Managers, The Business of Recruiting

High Turnover Is NOT Just Part of the Business



hiring right part 1

Editor’s note: Today, Terry Petra begins a seven part series on recruiting’s most challenging job: recruiting, training, and retaining high performing recruiters. This series first appeared in our monthly newsletter, The Fordyce Letter. Each Thursday look for the next installment of Terry’s series, HIRING RIGHT.

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Based on the tremendous response from readers regarding my previous article on hiring top performers (“Why Can’t I Do A Better Job of Hiring?”),  I will be doing a series of articles on this most important topic.

This article diagnoses the problem and subsequent articles will offer suggested solutions.

Most everyone would agree that the most important factor in determining the long-term level of profitability for your firm is your ability to attract, hire, train, maintain and retain consistent producers. However, many owners and managers believe that having high turnover of recruiters and professional staff is just part of the business. They cite such industry-wide myths as:

Business

What To Do When Your Office Is In A Malaise



Bored businesswoman - freedigital

Bored businesswoman - freedigitalYou got into this business years ago. You listened and learned and you became successful. Over the years your billings grew. Some of you decided to add people to your operation and your operation grew, and was also successful.

And then it happened. It seemed to come out of nowhere. First one recruiter went into a slump and then another and then the whole office seemed to be in a funk. Even your production, your ‘money in the bank’ desk, started to suffer. What happened and how do you get out from under this wet blanket of recruitment misery?

In this article, I am going to give you a six-step remodeling plan. This plan will work for those of you who work alone and for those of you who have an office of recruiters. Here are the steps:

Ask Barb, For Managers

Manage a Problem Top Producer Or It Will Get Worse



Ask Barb

Dear Barb:

I have a top producer in my office who has worked for me for over 10 years and she represents 37% of our revenue. She is causing major problems in my office. She comes in late, sets her own rules and has even brought other employees to tears. I can’t afford to lose her, but I dread coming in to my own office every day. I know I’m going to lose other employees if I don’t manage her, but I don’t know where to start. I would appreciate any advice you could provide.

Susan H.

Mariettta, Georgia

Barb Responds

Dear Susan:

I think most owners reading this have probably had a similar experience – myself

Motivation

Simplify Your Life To Reduce Stress and Bill More



stress compass illus

stress compass illusNot so long ago, the term “stress” was not part of our everyday language. Sure, we all had problems and challenges, but the prevailing wisdom and expectation of the day was to cowboy up and deal with it. Anything less was considered weak and whiney.

I am not sure why, but somewhere back in the 80’s we changed and bought into the philosophy that everybody gets to do everything. Suddenly football practice was accompanied by piano lessons, running for school president, church choir, horseback riding club and more. This do-more-all-the-time attitude soon spilled over into the business world and consequently we now find ourselves in multi-task overload with our lives and our brains overflowing with too much garbage. So, having now adopted an over-stuffed lifestyle that creates buckets of stress, we’ve got to cowboy up and deal with it.