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How I recruit and keep my best staff

By Chris Yena

Chris Yena is the General Manager, Warringal Financial Services in Heidelberg Victoria. Chris shares his experiences with recruitment and retention.

For me, the recruitment and retention equation is simple: good people + good processes = better outcomes for clients and, in turn, better profitability for the business. 

My experience has shown that in a service based business, consistency signifies stability. Client relationships are built over time so retention of quality staff deepens client trust. That’s why I invest in recruitment and retention. Here are my top tips. 

Recruitment tips

  1. Make sure your needs and people offer are clearly articulated. Don’t just advertise a job; advertise a career. 
  2. If you haven’t had experience in interviewing prospective employees, do a practice run and be prepared, because they will judge you by how well you perform, as much if not more than you are judging their suitability for your business.
  3. Most of the prospective employees I meet with are looking for a “home” where they can make a difference, so make sure your offer provides scope for those who want to achieve, and that you are readily prepared to reward those who do.
  4. Be prepared to use reputable recruitment and selection firms for more senior roles to get access to hard to find talent.

Retention tips

  1. Once you’ve located a “star”, do all you can to retain them. You don’t want to become the training house for their next job, as this can be an expensive exercise.
  2. Ensure reward and recognition delivers to each individual’s need; for some, money, although important, is not always the answer. It’s also important to reward behaviour that aligns with the values of your business, as well as those who achieve their set goals.
  3. Make sure any bonus or commission based initiatives are simple to understand, fully transparent and reported regularly. It’s pointless making an employee work towards a target or offer they feel they can never achieve; the outcome is counterproductive for everyone, with bad client outcomes, disengaged employees and HR headaches for business owners.
  4. Think about collaborative targets for your staff and bonuses that are paid from profits. This way everyone contributes to the end goal and then enjoy the benefits.

Attracting and retaining talent is key to your business success. With the right people, you can change and develop the culture within your business. 

 

By Chris Yena CFP, General Manager, Warringal Financial Services

Warringal Financial Services is the trading name of NICA group Pty Ltd, an Authorised Representative of GWM Adviser Services Limited, ABN 96 002 071 749, Australian Financial Services Licensee, a member of the National group of companies.
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