Benchmark Business Group

Finding Your Ideal Financial Services Team Member

March 19, 2024

Indiana Jones embarking on a quest for the Ark of the Covenant. Frodo undertaking a journey to destroy the Ring. As challenging as these tasks may be, the quest to find the next great employee in the financial services industry is equally daunting.

How does one even begin this quest? How do you identify the candidate that seamlessly aligns with your financial organization? Have you identified the kind of employee that resonates with your firm? These are the pivotal questions often neglected by agencies. Without a ready-to-go, structured hiring process, discovering the next exceptional employee becomes a mere gamble.

The hiring process should be proactively planned, mainly because it occurs amidst the routine activities of your Agency. By preemptively mapping out this process, you not only enhance your chances of securing the right candidate but also elevate the likelihood of mutual success for your business and the new team member.

Tips for Hiring Success:

Pre-Hiring Phase - Clearly define your desired workplace culture. Is it characterized by a relaxed and amiable atmosphere, or does it lean towards a more serious and professional demeanor? Understand how you will assess the candidate's ability to adjust into your specific environment and be evaluated against the position's requirements. Compile a list of the top ten characteristics, aligned with both the job prerequisites and your agency culture, that would make an employee valuable and effective in the designated role. Keep in mind that meeting the position requirements doesn't guarantee a good fit with your agency culture.

During Hiring Phase - Employ open-ended questions during interviews to prompt candidates to share insightful and elaborate responses, offering genuine glimpses into their personalities. Pose questions that compel candidates to narrate how they've tackled real challenges in their past experiences. Align your questions with the top ten characteristics and the identified agency culture. Resist the temptation to answer for the candidate and refrain from overselling your agency or position.

Post-Hiring Phase - Ensure the availability of resources and training crucial for the short-term integration and long-term success of the new employee. Thoughtfully plan and orchestrate the first day, week, and month to set the new team member up for success. The tools provided and the support extended during the initial phases reinforce the candidate's belief in making the right decision by joining your agency.

Agencies must elevate the priority of hiring, recognizing that, regardless of how streamlined or automated a business is, engaged and empowered individuals are imperative for long-term success. Consider the wisdom of retired CEO Larry Bossidy, "I am convinced that nothing we do is more important than hiring and developing people. At the end of the day, you bet on people, not strategies."

We challenge you to ask your team, “Do we have the critical hiring systems and practices in place to build our team with individuals who align with our mission and values?”

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