Should Recruitment Be Ongoing?

RecruitmentIf you’re anything like many other business owners, the thought of going through your recruitment process leaves you feeling drained. Needing to hire a new employee is like being stuck between a rock and a hard place: you need the position filled to keep your business running smoothly, but the time it takes to fill the position with a qualified candidate keeps you away from ensuring your business runs smoothly.

What makes matters worse is that even after you’ve hired a suitable candidate, as much as 25 per cent of new hires leave within 45 days of their start date. When businesses express their frustrations of how much time they spend recruiting whenever there’s turnover, I always suggest practicing continuous recruitment.

Continuous recruitment is simply being open to recognizing talent when you see it, even if you’re not currently hiring. This often takes the form of welcoming resumes and regularly reviewing them in order to stockpile potential candidates as “back-ups.”

Here are just a few reasons why I suggest you consider ongoing recruitment for your business:

Shorter Position Vacancies

Acquiring job applications from candidates with the right qualifications can take weeks – weeks you save by keeping your application channels open at all times. You can save even more time by using an Applicant Tracking System to help you filter out unfit candidates.

Finding Unexpected Talent

Even if you don’t currently have a vacancy, what if a resume comes across your desk that defies all reasonable expectations? Do you risk missing out on possibly one of the best candidates you’ve ever had or see if there’s some way to work with this person? Consider keeping around such exceptional talent as a freelancer until you can find a permanent place for them on your team.

Network-Building

When it’s time for you to hire a new employee, there is no harm in contacting an applicant that applied weeks or even months ago. If they are no longer looking for employment, perhaps they might know someone equally or even better fit for the position. Was it their education or involvement with an association that appealed to you? Consider connecting with the school or association to look for other candidates.

Although there are steps you can take to prevent turnover or ensure you hire the right candidate the first time, it is best to always be prepared for turnover. Practicing continuous recruitment can be as simple as having a message on your website’s “Careers” page that states something like this:

“Please note that we are not hiring at the moment. However, we are always looking to recruit top talent. For general consideration, please send your resume to careers@yourcompany.com and we may reach out to you should a relevant position become available.”

To find out how other businesses carry out their continuous recruitment efforts, contact me today to discuss joining a TAB advisory board!

Advertisements

Business Reorganization After Growth

arrows-box-business-533189As your business becomes increasingly successful, certain aspects of your business will need to change and/or grow to keep up with your demand. Through TAB meeting discussions, I’ve seen this growth take the form of increasing your inventory to meet local demand, expanding to another location to meet national demand, providing more offerings to meet client interests, or outsourcing or hiring more staff to meet all of the above. If you keep hiring more employees, there will come a time when you need to reorganize your reporting structure or even your departments.

In anticipation for future growth, I encourage all business owners to create an organizational restructuring process to ensure your business expansion goes as smoothly as possible. Here are just a few topics you may want this process to cover:

Promoting vs. Hiring ­

When your business requires a new department, you will need to decide if it’s best to promote an existing employee or hire someone new to manage it. It may sound ideal to promote someone who already knows your business, but it could be best to hire someone from outside your business with a more precise set of skills. For example, your highly skilled and dedicated salesperson may not have the right qualifications to lead a new marketing department.

Training

If you do hope to promote from within, how will you prepare your employee for the tasks and responsibilities that come with a higher-level position? If you anticipate expansion in the coming months, I have seen many business owners see success with managers mentoring talented employees to prepare them to take on the same or similar position. An outside hire can learn the ins and outs of your business this same way.

Communication

To ensure everyone in your business is on the same page at every step of growth, you may also want to detail how to communicate to staff that the growth may affect their roles within the company. If big changes are coming and your employees aren’t aware of what they are, they may jump to the conclusion that their jobs or the business may be in trouble when in fact the opposite is true. Your success is their success, and clear communication of any changes in roles or responsibilities can greatly help the progress continue.

Once your organizational restructuring process has been developed and implemented, I encourage you to regularly monitor and reassess its effectiveness. Perhaps there’s an area that can be improved or wasn’t ideal for the type of growth your business experienced. Did you actually need to hire more in-house staff, or should you consider hiring contract workers in the future? It’s important to be flexible and allow your processes to grow and improve with your business.

If you would like to discover how other business owners have restructured as a result of growth, contact me today to discuss becoming a member of a TAB peer advisory board!


Holiday Pay: Is It Worth It?

K-P-32-WorkSchedule-id-1551-jpegThe Victoria Day long weekend is approaching, and as a business owner, you may be debating whether or not you should pay employees holiday pay in order to continue your business operations during this holiday.

To clarify, when I say “holiday pay,” what I mean is the regular holiday pay plus premium pay employers are required to grant employees that agree to work on a public holiday. For guidelines regarding how holiday pay is calculated, you can visit the Ontario Ministry of Labour’s website. In most cases, holiday pay is 2.5 times an employee’s regular salary.

When my clients are making this decision, I suggest they ask themselves this question: Does the cost of paying employees holiday pay outweigh the potential value added to your clients?

Are your clients 24/7/365? Then perhaps your business should be too. If there is a high probability that your clients will need your products/services on a holiday, you may want to consider having employees on hand. Providing availability on public holidays can greatly improve client relationships and ROIs, as it’s an uncommon and possibly lucrative practice.

Since paying employees 2.5 times their regular salary can take a big hit on any small- or medium-sized business’s bottom line, I’d like to share some alternatives to providing holiday pay in order to minimize your costs:

Have Employees Be On Call

If you don’t want to trust the “chance” that clients may need attention, you could have employees be on call rather than officially in the office. However, this won’t be without it’s own price. As a result of Bill 148, beginning on January 1, 2019, on-call employees are entitled to at least 3 hours of pay, even if they aren’t called in to work.

Schedule a Substitute Holiday

In order to avoid the cost of holiday pay or the eventual cost of having an employee on call, you could instead provide employees with substitute holidays. This would save you money, but it may leave you short-staffed on later dates. As a business owner, I know that being only one person short can have a large impact on the productivity of a regular workday.

Is paying employees holiday pay worth it? The truth is, there is no one-size-fits-all formula to decide, even though the government provides a handy calculator to help you figure out the exact cost of an employee’s holiday pay depending on their wage. If you would like some business advice or would like to connect with other business owners in a peer advisory board, contact me today to find out more about TAB!


Small Business Trends for 2018 – Are You Ready?

shutterstock_365392142Welcome to 2018! After a hopefully restful and enjoyable holiday break, it is time to get back to business, and this year promises some interesting trends I want to share with you. In my 30+ years of experience helping small businesses, I have seen many significant changes, and this year brings new ways you can further expand and develop your business. I’m excited to highlight some of the trends worth noting, and look forward to working with you to implement these changes to grow your business even further in 2018.

The Mobile Experience – Consumers are using mobile devices to search for information, browse social media, and make purchases more than ever before. Ensuring that your business has a website that is easy to find and navigate, specifically on mobile devices, will help you expand your business’ reach to new customers.

Taking It Outside – Getting tasks done through freelancers, contract workers and outsourcing is becoming easier and more popular than ever before. Many businesses are leaving one-time functions or administrative tasks, like shipping, logistics, graphic design and content writing to others, thus leaving your staff to focus on other areas of expertise, and potentially saving overhead costs as well. Furthermore, giving your own employees the means to work and contribute from outside of the office can improve productivity, and satisfy your employees.

Engaging with Customers Online – The Internet is being used more and more by customers and companies to engage in business and share experiences. It’s becoming more important that businesses keep an online presence in order to communicate their brand, answer questions, respond to comments, and engage directly with consumers to highlight positive experiences, and minimize negative ones.

Storing and Protecting Data – Businesses are increasingly dealing with large data files and technical planning and software in their work. In order to best maintain, organize and protect their data, businesses that leverage the Cloud and other software can save storage costs, work with distant clients and partners, and increase their productivity.

Want more advice on ways to build on the success of your business with these trends, or general advice from other business owners like you? Make 2018 the year you join a TAB Board and get the support you need to make your plan a reality. Contact me today!


Employee Retention: How to Help Your Employees Find Work-Life Balance

startup-593341_1920With constantly improving technology and 24/7 access to email, it may seem like your employees are always available to keep your business moving forward. But have you ever wondered if this might be putting too much pressure and stress on your employees? I have worked with many business owners throughout the years and the topic of employee retention seems to come up often.

Every employee will differ depending on what provides them the most happiness on the job, whether it’s compensation, benefits, or office perks; however, studies show that there are many benefits for firms that take measures to improve work-life balance, like increased productivity and greater recruiting abilities.

To implement positive change for both your employees and your company’s bottom line, I’d like to share with you a few tips to improve work-life balance in your organization:

  • Set realistic project goals, and discuss them with employees. It’s important to discuss timelines with your employees before starting a task. Depending on their role, they may have competing project deadlines and making adjustments to their schedule could mean the difference between having to work overtime and spending time with their family.
  • Offer flexibility. Giving your employees the option of adjusting their work hours or occasionally providing the option of working from home can make a huge difference to them. Providing variations in work hours that work best for them will allow your employees to be more focused, less stressed, and much more productive at work.
  • Review your benefits package. It may be in your business’ best interest to offer group health benefits, or cover the cost of some medical expenses. While this may seem like a benefit reserved for larger companies, from an employee recruitment and retention perspective, offering benefits can serve as a unique competitive advantage. A well-structured benefits plan can offer security and peace of mind, and further motivate your employees, particularly if there is an issue affecting numerous employees.

There’s no denying that Canadians are career-driven and hard-working, but overworking your employees can lead to more harm than good for your business. But with a great work-life balance, your employees will be happy, motivated, and productive in their jobs. If you’d like more advice on how to improve your company’s bottom line, check out how TAB can help!


Looking for a New Opportunity to Increase Growth

14561581102_472fb7425c_zIn my 30 plus years of working with a variety of business owners, their vision, drive and entrepreneurial spirit never ceases to amaze me!

When working in a consultancy business, owners often work up to 100 hours a week in a busy season or during a huge campaign, but when summer comes, or tax season is over, or whatever the reason they are hit with a slower period, resulting in decreased revenues. These business owners share with me how they are looking forward to the next juicy new client, business acquisition, or new advancement in their industry to boost their monthly revenues and increase growth.

I have shared with many of my clients that run their own consulting business that they might be interested in leveraging their expertise and owning a TAB franchise. This would be a complementary business to your current business that will provide recurring revenues, and give you an opportunity to help other businesses grow.

As a TAB franchise owner, you can create a new revenue stream while keeping your existing business. A TAB facilitator is a franchise owner, who runs their own TAB boards and provides business coaching to business owners. However, this does not mean selling your business and buying a new one, it means owning a new complementary business that will provide recurring monthly revenues and new growth opportunities for your current business.

For example, if you are an accountant and run a small accounting firm, and now are also a TAB facilitator, you can see revenue growth in your current business if your TAB members (business owners) need your accounting services as well. Although you cannot make them use your firm, or suggest that you are the only firm, the fact that you are already working with them and their business might go a long way when they are considering who to hire for their accounting needs.

Adding a new business to your existing business requires a lot of thinking, specifically about whether you have the fundamental operational aspects of your current business in place. You’ll need to look at whether you have a strong foundation in terms of staffing, operations and processes in place, because being a TAB facilitator will require you to be out of the office perhaps more than you already are, and you don’t want to sacrifice current business integrity or revenue for this new business venture.

As a business owner with vision and growth on your mind, you might want to consider becoming a TAB facilitator. It’s an opportunity to do what you love, make a real difference with others, leverage your expertise and receive recurring revenues. Contact me to discuss how to get started.


Business Growth: How to Build Business Relationships After a Networking Event

rawpixel-com-267082.jpgIn previous blogs, I’ve discussed how to effectively attend networking events. You’re now quite adept at working the room and making the most of your opportunities. And, some of the connections you’ve made have the potential to develop into valuable business relationships. However, attending the event is only the beginning. Whether or not you’re able to build successful business relationships after attending a networking event depends on how well you follow-up.

Business owners often share with me that their networking event was not successful because they didn’t get any ‘real’ leads, but the truth is, that leads are not built in a day and this is why follow up after attending a networking event is so critical. In order to build business relationships after a networking event, you’ll need to follow up. I’ve outlined below seven tips I believe will help to increase your success at the networking events:

  1. Review and prioritize the connections you made: Review your notes and the business cards that you collected. Google the people you met and interacted with. Make a list of the ones that you believe could be a potential client, strategic partner, vendor or referral source and prioritize in order of importance.
  2. Send an email within 48 hours: Send a quick “nice to meet you email”, and personalize it by mentioning some of the things you discussed at the event. Suggest a face-to-face meeting for coffee or lunch and include a few date/time options.
  3. Connect on LinkedIn and other social media networks: This will help you build your online connections and a potential referral network. Connecting on social media also ensures that you and your connections will always be able to contact each other.
  4. Pick up the telephone and make a call: We’re so used to email, social media and text, that making a phone call has become a novel idea. Pick up the phone, have a chat and suggest a time to get together.
  5. Deliver on any promises that you made: In the course of discussion, did you promise to send your new contact some information he/she was looking for? Deliver on your promises as quickly as possible.
  6. Introduce people to each other: Add value. You may have met someone who you believe would be a great connection for someone else that you know. Make the connection. They’ll both thank you for it.
  7. Create a monthly follow-up plan: Building relationships takes time. A monthly follow-up plan will help you cultivate your contacts and build successful business relationships after attending a networking event. It’s also a great reminder.

Are you following up after attending networking events? Want more advice on building successful business relationships after attending a networking event, or general advice from other business owners like you? Find out if a TAB Board is right for you!