Category: Management & Leadership

Why Productive Relationships in the Workplace are Essential

It’s no secret the role company culture plays in both courting and retaining today’s top talent. In fact, financial professionals surveyed in our 2018 Compensation Report ranked the topic as a leading reason for choosing a new position or staying with a company.

And the key to culture: the people.

Establishing relationships with your coworkers is one of the most significant — and often challenging — aspects of starting a new role. Make the process smoother for recent hires by introducing them to colleagues they’ll frequently collaborate with. Employers should also connect employees with a training buddy who can provide the support they need to successfully transition.

“The first 90 days are going to be the most difficult,” says Century Group’s CEO Ron Proul. “They’ll be establishing a new routine and it’s not unusual for them to feel uncomfortable.”

Think about it: most employed individuals spend the majority of their days at work. Forging working relationships with your colleagues is proven to spur productivity, decrease work-related stress and even positively impact your emotional well-being — an aspect that is especially vulnerable during this period. Alliances can help them gain confidence in their new position, and is critical to securing early wins. But keep in mind that integrating someone into the company is a process, not an event.

“There needs to be a conscious effort on the part of managers and colleagues to check in with new employees and connect with them,” explains Ron Blair, President and COO. “It can take many forms — going to lunch, happy hour, informal check-ins, a phone call or grabbing coffee. It’s little informal moments like these that express the company culture and set up people for success.”

ABOUT “THE FIRST 90 DAYS: SET YOUR NEW HIRE UP FOR SUCCESS”

“The First 90 Days: Set Your New Hire Up for Success,” with concepts adapted from “The First 90 Days” by Michael D. Watkins, is a three-part series designed to help companies onboard their new hires for optimal success. Be sure to lookout for Part 2 and Part 3 in the coming weeks.

4 Steps to Structuring a Successful New Hire Orientation Program

Hiring is expensive — why not aim to protect that investment early on? A successful onboarding process provides your new hire with the tools needed to make an impact, as well as saves the organization time and resources by extending their tenure with the company.

Century Group’s Instructional Design and Training Manager Kristen Casalenuovo shares four important topics for employers to cover in their company’s orientation program.

1. MAKE IT PERSONAL

Sure, you expect your new hire to know the basics of their specific position once they accept an offer. But employers should go one step further — giving employees an overview of the company’s mission, vision, values and how their individual role helps achieve those goals.

“Putting the new hire at the center of the company’s success can help propel a person’s productivity and better inform how they can be most impactful to a business’ bottom line,” Casalenuovo says.

2. INCLUDE KEY TEAM MEMBERS

Don’t just identify the leaders and key players that make up your company’s unique landscape — involve them in the onboarding process. Have the heads of the various departments come in to share what they do, Casalenuovo says. Introduce new hires to members outside their team. Not only will this help them learn the business’ structural wiring, but also encourages them to forge beneficial, unconventional working relationships.

3. DISCUSS COMPANY CULTURE AND NORMS

Company culture is a complex thing. Everything from dress code to frequently used terminology are elements that can help your new hire quickly learn and adapt to aspects of the culture. Don’t leave it at that, however. Clue them in to how employees typically engage with one another on a regular basis. Who do they report to when sharing project ideas? What is the goal and tone of company meetings? These are all areas that may take time for a new employee to grasp, but are crucial to the framework of a company’s individual culture.

4. ESTABLISH KEY PERFORMANCE GOALS

The tasks and responsibilities of a specific role are typically discussed during the candidate’s interview process. That doesn’t mean they shouldn’t be highlighted again once they officially sign on with the company.

“Make sure the new hire’s manager works with them to set measurable performance goals within the first week,” Casalenuovo says.

Things change. Perspectives differ. And it’s just better business to review expectations as part of your company’s orientation program, so everyone is on the same page from the start.

ABOUT “THE FIRST 90 DAYS: SET YOUR NEW HIRE UP FOR SUCCESS”

“The First 90 Days: Set Your New Hire Up for Success,” with concepts adapted from “The First 90 Days” by Michael D. Watkins, is a three-part series designed to help companies onboard their new hires for optimal success. Part 1 focused on the importance of helping your new hire establish productive working relationships. Be sure to look out for the final installment in the coming weeks.

The Secret to Fostering Open Communication at Work

Sink or swim. The adage is a common one in the corporate world — a way to distinguish successful employees from the rest. In this tight labor market, however, that type of onboarding experience will most likely backfire.

Today’s talent require a gentler touch.

As discussed in Part 1 and Part 2 of this series, transitioning to an unfamiliar work environment is a challenging time for professionals. Employers should ease their new hires into the company’s unique culture and norms, as well as clearly vocalize the role’s responsibilities and expectations. But it’s important to remember communication goes both ways. And, more importantly, is a fundamental component to creating an open, accessible workplace for employees to meet their full potential.

A 2015 study performed by theEMPLOYEEapp illustrates that 68 percent of employees surveyed believe the frequency of communications with their employer directly impacts their job satisfaction. Why not ace this area during the first 90 days?

Supervisors can start by identifying their new hire’s communication style. Do they prefer email, instant messenger or in-person meetings? Often times, scheduling regular one-on-one sessions encourages employees to share their ideas, challenges and concerns more freely. Try to stay consistent with powwows, so employers can continue to gauge how well their employee is adapting and keep that line of communication open.

Looping them into the company’s review processes for projects or smaller tasks is also something to keep in mind. New hires want to know if there are various check-in points or when they can ask questions and get feedback for particular assignments. Making sure everyone is up to speed limits both stress and frustrations in the long run — helping your team reach its goals more efficiently and effectively.

ABOUT “THE FIRST 90 DAYS: SET YOUR NEW HIRE UP FOR SUCCESS”

“The First 90 Days: Set Your New Hire Up for Success,” with concepts adapted from “The First 90 Days” by Michael D. Watkins, is a three-part series designed to help companies onboard their new hires for optimal success. Part 1 focused on the importance of helping your new hire establish productive working relationships, and Part 2 included a four-step guide to a comprehensive orientation program.

For assistance with your company’s talent needs, contact our team today!

5 Common Hiring Mistakes to Avoid

Hiring the right person for a role is the most important decision made by most managers. Over the years I’ve watched many hiring managers fall into one or more hiring traps. Avoid these big hiring…

By Ron Proul, CEO

Hiring the right person for a role is one of the most important decisions made by managers. And over the years, I’ve watched managers fall into one or more costly hiring traps. Avoid these five big mistakes and you’ll build a great team.

1. NOT TAKING RESPONSIBILITY FOR THE HIRING DECISION

This is the common mistake of a new manager. If your boss gives you the authority to hire, establish up front whether you have the ability to make the final decision.

Ask the hard questions: Is it my hire? Am I responsible for the decision? Do you need to approve my decision? If you don’t have final authority, find out how much authority you’ve been granted.

This is also a problem for senior executives who delegate hiring authority. In my experience as CEO, it’s best to give subordinates authority over hiring decisions and responsibility for consequences. If the ultimate decision isn’t theirs, you’re merely asking them to screen candidates, and you remain the hiring authority. Make sure everyone knows it.

2. TOO MANY PEOPLE IN THE PROCESS WITHOUT A PURPOSE

There is a high cost to hiring the wrong person and no one wants to be individually responsible for making a poor hiring decision. This mindset often leads to the “safety in numbers” solution. As a result, managers get people involved in the process that don’t have a clear role.

But everyone should have clear criteria for evaluating a candidate and should be aligned using a similar assessment tool. Without any guidance, prospective peers default to using the interview to begin positioning themselves should the candidate ultimately be hired. The problem with this is obvious: If the candidate doesn’t respond to the implicit positioning, they are immediately at a disadvantage.

This is typical of group dynamics — use it to garner insights by setting up the process properly. Liking someone you will work with is important, so figure it out in a way that you can observe objectively as the hiring authority.

3. FORGETTING THE CANDIDATE NEEDS A CHALLENGE

I often see hiring managers focused exclusively on hiring an expert who is currently performing the open role elsewhere. This is a Band-Aid approach to hiring.

To attract the best candidates and reduce self-selected turnover, you need to consider the impact that professional development, challenge, variety, new skill development and an increased scope of responsibility will have on a candidate’s decision making.

Establish the essential skills and leave room for development. This will give you a chance to reward an employee through increased responsibility. If you absolutely require an expert, ask yourself whether you should consider a consultant or interim professional.

4. TREATING SALARY AS AN EXPENSE, NOT AN INVESTMENT

When hiring professionals and executives, you get what you pay for. Investing in competitive compensation for a role and selecting the best candidates independent of salary is the best way to maximize your hiring ROI.

There is a market rate for professionals and most candidates know their value within a general range. When you look for skills and experience at a below-market, bargain rate, your interviewing process will take longer and it will attract less qualified candidates. The end result: paying the market rate in the form of lost productivity and turnover.

5. THINKING THE GOAL IS TO INTERVIEW A LARGE SLATE OF CANDIDATES

When you start the process to fill an open position, the goal is to hire someone — not interview everyone. An interview process that is consistent and decisive helps everyone.

Securing the best candidate shouldn’t be based on how they fared relative to everyone you interviewed, but rather relative to the job. The perpetual interviewer is always surprised when they get a turndown or the candidate is no longer available at the end of the search, only to have to start the entire interview process again. If interviewing is their purpose, they achieved it. But if hiring is, they didn’t.

Contact us today to help with your hiring needs!

4 Steps for New Hire Success

Many companies and hiring managers forget that interviewing, making a job offer and getting an acceptance is only half the work when making a successful hire. There is an entire checklist of actions that need to occur in order to complete a successful hire.

“Successful onboarding is the completion of the recruiting process, and if done right, studies show it can increase both the effectiveness and tenure of a new hire,” says Lisa Chang, Century Group’s Director of Talent Acquisition. “The first impression is strategic in successful onboarding.”

PUT THE WELCOME SIGN OUT

In the weeks leading up to a new employee’s first day, the company should continue to foster the developing relationship between themselves and the new employee. This transition is often a formal onboarding process that requires the completion of pre-employment paperwork. However, less formal measures should also be taken, such as communicating with the new hire right up to the first day.

Calling to check-in before a new hire starts is crucial. Sharing valuable information with them, such as where to park, how to gain access to the building, and even inviting them out for an introductory lunch contributes to this personal touch. A new employer needs to both stay in the forefront of the new hire’s mind and help them through this transition. Don’t fall prey to thinking that getting an acceptance is the end of the recruitment process.

Remember, the candidate you have selected is adding valuable skills to your department. They were also valuable to their former employer, and as the notice period ends, the value of the employee and the difficulty in replacing them will become apparent. A counter-offer may upset your best-laid plans, so the more welcoming and accessible you are to the candidate, the less likely they are to accept it.

MAKE THEIR FIRST DAY SPECIAL

Your new hire was excited when they left their final interview, and they were excited when they accepted the job. It’s important to keep that excitement alive right up to and beyond their first day by updating them about the latest company news, introducing them to the company in an upbeat manner, and helping eliminate any first-day anxiety.

Clients should make sure new employees are set up in the company’s system, provide a tour of the facilities and introduce them to the rest of the team. This helps the new employee feel at home in their new space and lets them know you are prepared for their arrival.

The first day is a great day to go over the job expectations and objectives during the transition. You may think you’ve covered everything during the interview, but there is an overload of information when starting any new job. The first day of work can set the tone for a long-term relationship and has a tremendous impact on the new hire’s future success with the company.

GIVE IT A HUMAN TOUCH

Assign your new employee a go-to person who can answer their questions. All employees experience some degree of difficulty in making a transition during the first 90-to-120 days, which is a common period to lose a new hire. Learning about both a new job and a new company culture, as well as creating a new routine in their daily life, can be stressful for anyone.

Anything you can do to help ensure their success is a plus. A candidate who doesn’t feel they have been set up for success at your company is susceptible to returning to a prior job or inquiring about another opportunity they had been pursuing. It could even be the former boss they used for a reference who says, “Let me know how that new job works out, because we may have something coming up for you.” Good candidates are good candidates, period.

KEEP THEM IN THE LOOP

Managers need to let the new hires know when and how they will garner feedback on their job performance. A regular, monthly meeting can let a candidate know they have access to you as a resource, they are important, and they are able to get help. Francesca Brooks, Century Group’s Managing Director of Human Resources, even goes as far as to recommend setting up a schedule for the entire first week. You may think you are providing constant feedback, but having a pre-arranged meeting is always a good policy.

Periodic reviews are also crucial. You would be surprised how many times we hear, “Well, I haven’t had my annual review, so I am not sure what that means.” You think it means they are doing fine. They think it means, “I am (or my job is) not a priority for you.”

Finally, ask for your new hire’s feedback. This is helpful for their assimilation into the organization, and it will help you improve the process for future hires. If you only ask for feedback during a resignation, you are closing the barn after the horse.

You may say, “I am so busy, I am not sure how I will fit this in.” Well, ask yourself… if you are that busy, how are you going to fit in another recruitment process?

Contact us to help you with the hiring process.

Businesses desire auditors who boast traits beyond a high financial acumen

Nearly 75 percent of businesses that responded to the IIA survey cited analytical and critical thinking as skills they desired in auditors

Just last week, this blog reported on the importance of auditors remaining skeptical in every facet of their jobs. A report detailed in the post called for auditors to use context clues instead of management opinions to assess misstatements, thoroughly document completed work and, perhaps most importantly, come to understand the business on an intimate level. There are other skills that auditors should have in their arsenals though.

According to a recent Institute of Internal Auditors (IIA) study cited by CFO.com, the hiring rates of internal auditors is increasing this year, which will necessitate that executives understand the traits that should be exhibited by these business professionals as they assess both operating and compliance risks.

The study also determined that auditing teams are becoming increasingly more diverse in their composition, as a variety of skills in addition to rigorous accounting knowledge must now be displayed by these financial professionals.

Nearly 75 percent of businesses that responded to the IIA survey cited analytical and critical thinking as skills they desired in auditors, while communication skills were mentioned by 61 percent, data mining by 50 percent, general IT skills by 49 percent and a high level of business knowledge by 46 percent.

A sense of objectivity was not cited by companies in the survey, but even the most casual observers of the business world should understand that objectivity is of critical importance for auditors. Still, no matter how objective an internal auditor may be, there is always the chance that not enough professional distance exists between management and those individuals.

For some tasks, a company may need to solicit help from an internal audit consultant in order to ensure that their auditors are doing their jobs correctly. Companies may even be best served working with this service provider from day one, when they initially begin recruiting for auditing positions.

Known job hoppers may not be as fickle in future jobs

Many business writers have cautioned that workers avoid the temptation to switch jobs often.

The days of employees working for the same company for 30 years are well in the past, as the American workforce appears more mobile than ever before. The explosion of small businesses has provided consumers with boundless opportunities, while technological advancements have exposed workers to many of these openings. Is it possible, though, that this abundance of opportunities has created disloyal workers who are unlikely to be hired by new businesses?

This phenomenon of “job-hopping” is a relatively new trend brought on by the aforementioned issues, in addition to workers from Generation Y who have been shown to be quite willing to switch jobs if their expectations are not met.

Many business writers have cautioned that workers avoid this temptation, including Forbes contributor Chrissy Scivicque, who referred to the resumes of job hoppers as “scattered, incoherent mess[es].” In a piece written for CNN last January, contributor Dan Schawbel said that his lateral moves at EMC Corporation were ultimately more beneficial than job-hopping would have been.

“I gathered new skills, expanded my network and got a better sense of the company based on my experiences,” Schawbel said. “More importantly, I learned a lot about myself in the process. If I had jumped to three different companies during that time frame, I would have had to rebuild my network, visibility and go through months of additional training for each job.”

Hiring managers generally avoid these job hoppers because of the perceived likelihood that they will switch jobs again, leading to costly turnover. But, a new study released this week by Evolv suggests that the number of jobs, including short-term assignments, that a worker has had in any five-year period is in no way indicative of how long they will stay with different companies in the future.

Businesses decision makers may take this study to heart and adjust their hiring processes accordingly or they may simply rely on professional job search firms when recruiting accountants, managers and other financial professionals.

Apple must contend with intensifying competition in mobile device market

With Apple expected to unveil its much-anticipated iPhone 5 this month, a number of analysts have been exploring the company’s market position and speculating about different trends and events that may affect the company’s performance.

With Apple expected to unveil its much-anticipated iPhone 5 this month, a number of analysts have been exploring the company’s market position and speculating about different trends and events that may affect the company’s performance.

Ashraf Eassa, a contributor for Seeking Alpha, wrote that the company is in “superb financial health,” but faces a number of significant risks, not the least of which is rising competition. Google and Microsoft recently released their first tablets, while third-party manufacturers are also producing devices that run on those companies’ software.

Aggressive price-cutting by competitors is a factor that will challenge Apple’s dominance. The company’s current success depends on maintaining high margins, but as cheap, competing devices come to be seen as “good enough” by an increasing segment of consumers, Apple may be forced to lower its own price.

Eassa asserts that, in the long-term, “either margins will drop or market share will decrease,” thus putting a potentially significant strain on Apple’s current business model.

Every company needs to prepare for this type of inevitable shift in the direction of the markets it serves.

Working with the interim professionals at a financial project consulting service can help a company assess its situation, evaluate long-term options and develop plans that will power future success.

For companies interested in a more long-term solution, it can be valuable to partner with corporate recruiters. Conducting a financial professional search on your own can be time-consuming and cut down on the attention that business leaders have available for other critical tasks. Recruitment firms help a company carry out a targeted search that connects it with the right talent to fulfill its staffing needs.

European Central Bank pushes controversial program to buy troubled nations’ bonds

Mario Draghi, president of the European Central Bank (ECB), recently outlined a proposal that would see his organization engage in purchases of troubled European Monetary Union (EMU) member governments’ bonds.

Mario Draghi, president of the European Central Bank (ECB), recently outlined a proposal that would see his organization engage in purchases of troubled European Monetary Union (EMU) member governments’ bonds.

Draghi portrayed this program as an “effective backstop” that would allow the ECB to address “distortions” in international bond markets and avoid severe price stability issues.

However, countries would still need to request aid in order to receive it and participation in the bond purchasing program would come with strict conditions. Any government that requires extraordinary aid – in the form of bond purchases by the ECB – would be required to make certain domestic policy commitments, including sharply limited spending.

Global events can prove extremely disruptive for a business – even one that is not immediately connected to the troubled area or industry. Earlier this year, this blog reported on how the ongoing European financial crisis has had a widespread effect on many U.S. businesses.

As Europe’s economic problems continue to grind on, the remedial actions undertaken by regional governments and EU institutions will undoubtedly have critical implications for various markets. The exact effect these events will have on different U.S. and international corporations is difficult to quantify, given that each organization has its own long term plans to consider.

Companies can benefit from working with a financial project consulting service to determine the extent to which they will be able to capitalize on or will be required to account for the impact of measures such as the ECB bond-buying program.

Alternatively, a business may find that it is necessary to bolster their long-term analytical capabilities by conducting a financial professional search. Recruitment firms can help companies assess their needs and select the right candidate to guide their financial decision-making going forward.

CFO/Duke survey shows financial professionals uncertain about Fed’s asset-purchase plan

We recently explored the details of a decision by the U.S. Federal Reserve to purchase mortgage-back securities (MBS) in a policy initiative referred to as quantitative easing.

We recently explored the details of a decision by the U.S. Federal Reserve to purchase mortgage-back securities (MBS) in a policy initiative referred to as quantitative easing.

In addition to making $40 billion in fresh asset purchases each month, the Fed will also continue its current policy of using principal returns from previous investments to purchase new securities. A statement from the central bank’s Board of Governors asserted that this will result in an additional $45 billion in MBS purchases each month.

The ostensive purpose of the program is to reduce the cost of borrowing for U.S. businesses and consumers by injecting money into the financial system. In June, Federal Reserve Chairman Ben Bernanke told Congress that he believed the initiative would facilitate economic growth and the expansion of employment opportunities in the U.S.

However, a recent survey conducted by Duke University and CFO Magazine revealed that corporate finance chiefs in the U.S. and globally remain skeptical about what the ultimate effects of the Fed’s program will be.

Among over 1,400 CFOs, 91 percent said that even if the Fed’s actions led to a 1 percent decline in interest rates, they would not fundamentally expand their investment plans. A less-likely 2 percent decline in rates would be only marginally better, with 84 percent of the finance executives saying that it would not change their plans.

“I think the Fed has pretty much pulled all the levers that it can,” said Greg Bubp, CFO at an Illinois-based industrial manufacturer.

With the economy struggling, each executive-level hire is increasingly critical. Corporate recruiters can help companies get the most out of each executive or financial professional search and ensure that they select candidates who will fill their current staffing needs and fit within the established organizational culture.