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Tag: hiring

  • Uncover The Best Kept Secret For Recruiting Elite Sales Talent | Entrepreneur

    Uncover The Best Kept Secret For Recruiting Elite Sales Talent | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you struggling to recruit the best sales talent and build a high-performing sales team?

    Your competitors are hiring elite salespeople while you’re either stuck with performers that simply don’t care or need to be developed. While an underdeveloped sales team has great potential, as leaders, sometimes we simply don’t have time on our side. That’s why recruiting the most talented closers that can immediately come in and drive revenue and growth for the business is such an important skill.

    Finding and hiring the most high-caliber salespeople for your organization can be a challenge. You need to spot talented candidates, engage them and convince them that your company is the right fit for their skills and career goals.

    Here, I’ll share the number one secret to recruiting elite salespeople, as well as the proven strategies I’ve used to build a thriving sales organization.

    Fill your pipeline with possible talent

    Before you can go on a hiring spree of elite salespeople, you need to get them in the door first. Filling your pipeline with quality candidates is crucial to ensuring you find the best candidates during the interview process.

    Step one: Leverage multiple channels, such as social media, networking events and industry-specific job boards. You must build a strong employer brand that attracts top talent. Showcase your company culture, values and mission in everything you do to strengthen your presence.

    Related: 3 Ways to Be Constantly Recruiting Star Talent Through Social Media

    Step two: Don’t wait for the top performers to come to you — proactively reach out to other top performers you and your team discover. The most successful salespeople are likely working and not looking in the marketplace for new opportunities, so they won’t see job postings.

    Step three: Tap into the power of your existing team and leverage employee referrals. Encourage your employees to refer their friends and family for job openings, and consider offering a referral bonus to incentivize them. The best talent often comes from within your network, so don’t let that resource go to waste.

    The job posting is critical

    Be hyper-targeted in your job postings. Use strong and clear language that speaks to the specific skills and experience you’re looking for. You don’t want to waste your time sifting through piles of irrelevant resumes.

    An example of what I trained my recruiters to use in the introductory section of any sales job posting is below.

    “We are looking to recruit top-performing sales personalities that must have the ability to show a great deal of initiative, persuade and influence others, overcome obstacles, eliminate excuses and produce high-performance sales results.

    “Sales experience is not required. Sales ability is. Only apply if you possess these abilities and can prove it.”

    Related: Does Your Company’s Branding Really Matter in Recruiting?

    The process to separate the top talent

    This is where the magic happens.

    The recruiter might say, “We’re in the market to find a top performer to serve our x, y, and z market. Before we talk about the details, let me ask you this — the ad specified that we are only recruiting top-performing sales personalities that are persistent, high energy, and can overcome objections. What exactly is it that qualifies you for this?”

    If they ask for more details before answering, reposition the question.

    You might reply, “Absolutely. It’s a sales position that earns north of $x+/year. If that aligns with what you’re looking for, I certainly want to cover all of the details, but before we get there, can you share what qualifies you as a top-performing sales personality?”

    No matter what their response, reply by saying, “Understood. You know, just in the spirit of transparency, this job not only has to be the right fit for us, but it has to be the right fit for you. And with great respect, I’m not really hearing “top performer” from a sales perspective. So, I’m not entirely sure if this job is going to be best suited for you because it does require a great amount of sales ability.”

    The key is to deliver this statement in a tone that expresses uncertainty, not necessarily a firm rejection, triggering them to overcome the uncertainty in their ability. The candidate is forced to respond in one or two ways. They either accept the rejection — if so, simply thank them for their time — or they tell you to get your eyes checked because they’re the right fit for the reasons that they explain.

    Related: How to Build a World-Class Sales Team

    The secret explained

    The key secret to discovering elite salespeople lies in throwing a soft rejection at them during the interview process. You’ll want to pay close attention to their response, body language and tone of voice. Elite salespeople will take the rejection as a challenge and will try to overcome it with confidence, creativity and persistence.

    Those who respond poorly to rejection, however, may not be the best fit for your sales team. They likely lack the resilience, agility or persistence necessary to succeed in a sales role. They may simply not have the motivation and drive to push through the challenges that come with a high-performing sales job.

    Of course, this means most candidates may not pass the test, but those with the right skillset will rise to meet or exceed the standard for elite performers. Now, if you see other success indicators in a worthy candidate, you can always recommend or reconsider the candidate for a more suitable role in another department.

    Ultimately, you should expect the best effort out of an interview. If they fail the pre-screen, they won’t magically transform into a rockstar sales performer when hired.

    By adopting this single strategy, in combination with other evaluation techniques, you can build a high-performing sales team that drives an immense amount of value to your organization.

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    Kash Hasworth

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  • Transform Your Digital Footprint Into a Valuable Career-Building Asset | Entrepreneur

    Transform Your Digital Footprint Into a Valuable Career-Building Asset | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    One of the first things graduates are told as they head into the working world is that they need to audit and clean up their digital footprints.

    Back in 2019, one young woman was rejected from a marketing internship due to the company finding bikini photos on her Instagram account. Even if the idea of you posting swimsuit pictures of yourself on social media sounds about as likely as getting elected the next president, many professionals internalize the idea that any kind of digital footprint can only be a bad thing.

    While there are undoubtedly privacy concerns, particularly for mature professionals who did not grow up with social media, a strong digital footprint can actually be an important tool in your arsenal when job seeking. Here’s why you need to stop thinking of your online self as something to hide and start thinking of it as an opportunity to market yourself.

    Related: Personal Branding: The Key to Success in the Digital Age

    You are the product — so market yourself

    Ultimately, the relationship between a hiring company and a job applicant is transactional. They’re hiring you because of what you can do for them (the job responsibilities), and you want them to hire you because of what they can do for you (pay you). There may be some other motives mixed in, but you get the gist.

    And what do you do before you buy a product? If it’s an important purchase, you should probably do some research. The same thing applies to hiring managers. Around 77% of employers hit Google when they’re considering a candidate. If you’ve climbed the corporate ladder already as a director, vice president or executive, you’re probably well aware of this fact and have been sure to hide the photos of you partying away in your college days from your Facebook profile.

    But there’s more to your digital footprint than hiding the bad stuff.

    Going back to the business and product comparison, online research for a potential purchase isn’t always about avoiding red flags. Sure, employers might be looking out for negative reviews, but a lot of the time, management is hoping to find something positive and informative.

    Think about how organizations research other companies that they are purchasing items from to make sure they are not a scam. They could be looking for a product demonstration on YouTube, or a blog article explaining everything about the product. There’s no reason you can’t do the same thing for your own online presence.

    Using the tools of a business

    Now that you’ve started thinking like a business, it’s time to put it into action by using the same digital channels and tools as companies for your own marketing efforts.

    Concepts like SEO and digital marketing aren’t just for businesses — use them to stand out in the labor market yourself. If a recruiter Googles your name and finds your blog focusing on marketing or professional development, that looks a lot better than a few private social media profiles.

    You can also use SEO and marketing to make your profile more visible on LinkedIn for people who weren’t searching for you initially. Posting engaging content might mean that decision-makers at companies will come across your profile, and using the right keywords in your profile summary will help recruiters find you.

    Related: How AI is Changing the Future of Personal Branding

    You can’t please everyone

    If your digital presence is nothing more or less than a corporate headshot and an outline of your resume and accolades in neutral language, nobody is going to dislike what they see so much that they rule out the possibility of hiring you. But they’re also unlikely to hire you based purely on this kind of basic information.

    Businesses know this, and that’s why they aim their product at a specific market segment. You can do the same. You don’t have to appeal to every potential employer, just the ones who you want to work for.

    For example, if you make a blog post tearing down companies that carry out environmentally unsustainable practices, you may be unpopular with the firms you criticize. But if you want to work for a company that’s a leader in this space, they may value the fact you’re outspoken.

    However, if you want to toe the line and stay somewhat neutral, that’s okay as well. It’s natural to be cautious about what you post online, especially if you’re worried about saying something inappropriate. A great way to mitigate this fear is by focusing on creating content that boosts others or helps advance their careers. Posts that could potentially make others look bad or harm their company’s reputation are best avoided.

    A quick caveat

    As with anything, there’s some nuance here. Although a digital footprint can be a useful tool, you still need to be mindful of your security when posting online. Check your privacy settings on social media so people can’t see sensitive information like your date of birth or pictures of your children, and try to avoid including too much personal data in any content you post.

    It’s also not a good idea to start swearing or posting anything offensive. But you knew that already, right?

    Finally, if there’s anything you don’t like about you online, submit a personal information removal request form with Google to have it removed.

    Related: Why Personal Branding Is Important for Every Working Adult

    Time to put yourself out there

    With most job seekers in the market focused on creating a clean digital footprint and minimizing their online presence, going in the opposite direction can be a fantastic way to start out. As long as you protect your security, stay positive and put some thought into your content, you should be good to go.

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    Tim Madden

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  • Which Hiring Strategy Is Right for Your Startup? My Experience Says This One | Entrepreneur

    Which Hiring Strategy Is Right for Your Startup? My Experience Says This One | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Startup businesses face a unique environment when it comes to adding the talent it needs during their earliest stages of operations. Of course, hiring a few full-time employees seems wise, but if a nascent business grows too quickly, salary spend might outstrip its initial funding sources. Too many staffing-related expenses remain a leading cause of startup failure especially when considering the difficulties encountered in hiring technology professionals.

    Related to that last point, even with rumors of a recession and the wide publicity of various tech layoffs, the current IT job market still greatly favors candidates. This situation makes any staffing process fraught with risk. Spending vital capital on a hiring effort that results in little success is something nascent businesses need to avoid.

    As such, any startup must consider leveraging the staff augmentation approach for at least some of its early hiring needs. Adopting this strategy provides a supply of talent at a fraction of the cost compared to onboarding full-time employees. It gives an emerging business the critical brainpower and budget flexibility it needs to improve its chances of success. So let’s take a closer look at both approaches to see what makes sense for your startup.

    Related: 5 Ways to Organize a New Business to Take Advantage of the Future of Work

    Traditional hiring provides a straightforward methodology for adding talent

    A startup using a traditional staffing approach takes a measure of comfort in its straightforward methodology. Your new company simply posts a job ad detailing the requirements of your opening. However, depending on the reach of your advertising, you might be faced with hundreds of candidates that need to be analyzed. This situation becomes a drain on resources for startups lacking a full HR department.

    Simply having to parse through a massive number of résumés requires a significant amount of effort from a startup’s management team. Productivity for entrepreneurs is critical, and this is time better spent vetting business ideas or developing the requirements for the new business’s first minimum-viable product. Once again, adopting this traditional staffing approach might not even result in any successful hires, wasting the time and resources of a business that needs to limit its capital spending. In a startup’s earliest stages, only consider using it for a few key hires and ensure you work with a strategic HR team to hire team members who believe in your company’s values, which a Gallup poll finds is important for 1 in every 4 employees.

    Staff augmentation gives startups more flexibility

    Strategic flexibility within startups is a core advantage impacting exploratory innovation, but by the same token, startups also need flexibility to ensure they have the right level of resources at the right time to escalate development, drive growth and advance at key times. When using a staff augmentation strategy, a startup typically adds talent on a temporary basis to meet a specific need. This might be someone with certain tech experience, like AI and machine learning, that your new business wants to complete a project. It also provides a way to try out a candidate on your team before potentially offering them a permanent position.

    It ultimately helps the startup scale up its operations in a responsible and manageable manner, especially compared to engaging in risky staffing processes that result in few meaningful hires. This approach remains more conservative and wise when considering the revenue-limited status of most new businesses. Of course, using contract professionals also saves money when compared to the full salaries and benefits packages of a permanent hire.

    Typically, a startup works with a managed staffing services provider or a startup studio operating as an agency builder for access to contract professionals on a staff augmentation basis. Building a partnership with a talent provider ensures they understand your business’s specific needs and office culture. It ultimately ensures a good fit between a startup and its temporary workers.

    Related: How to Boost Revenue Per Employee By Leveraging This Effective Strategy

    Other benefits of staff augmentation for startups

    Of course, startups gain a myriad of other benefits by adopting a staff augmentation approach for their talent needs. For example, many new businesses lack mature processes or even the concept of a productive team. When partnering with an agency builder as a source for staff augmentation professionals, you have the option to onboard an entire project team. This approach adds extra synergies related to collaboration, ensuring an efficient project highlighted by focused teamwork.

    Additionally, staff augmentation lets your startup quickly close a critical skills gap on an important project. If the startup’s core business idea involves a mobile app with real-time data analytics powered by machine learning, onboard an entire team with tangible skills and experience, developing, training and deploying ML models. It keeps your project on target and also lets your permanent employees gain valuable experience working with top-shelf software engineers with significant AI experience.

    Trying to find a similar team-based talent influx when engaged in a traditional hiring process remains effectively impossible. Your startup might make a permanent hire or two, but these new employees still need to learn how to work effectively as a team.

    In the end, staff augmentation for startups provides the flexibility they need to thrive during their early operations. They save money while still benefiting from the top-shelf technology talent many new businesses struggle to hire. Startups now boast the seamless scalability to grow in a measured manner — neither too quickly nor too slow. It’s the right approach for any new business looking for the greatest chance at success.

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    Andrew Amann

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  • 6 Signs It’s Time to Hire Your First Employee | Entrepreneur

    6 Signs It’s Time to Hire Your First Employee | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The early days of a startup usually present a mix of excitement and fear for a founder. You’re looking forward to embarking on your own and showing the world what you offer. However, revenue isn’t guaranteed, and you may experience some hardships as you grow your organization.

    Most startups begin with a bright idea and someone with the guts to take action on it. Typically, founders handle the operations of their organization from end to end, with no one to support them. However, as the company begins to scale, hiring a supportive staff becomes necessary.

    How do you know it’s time to hire new employees? Look out for these signs.

    1. Overwhelming customer demand — you’re turning down customers

    As your company grows, you’ll likely experience an ebb and flow of your sales. There will be times when you’re so busy you spend all your waking hours handling your customer’s orders, and others when you stare at your computer hoping a new sale will arrive.

    You’ll know your revenue is beginning to solidify when you can’t physically handle all the orders that come in. You might need to turn down work simply because you only have two hands, and they’re both full to the brim.

    If this situation sounds familiar, it’s time to bite the bullet and hire someone to support you. Turning down customers is a bad look for any organization and can discourage future clients from doing business with you.

    If you’re unsure whether you can sustain another employee part-time or full-time, consider a freelancer. You can outsource some of your work to a qualified freelancer during busy times while avoiding the long-term commitment of an employee.

    Related: 9 Ways to Recruit the Best Talent for Your Startup

    2. Declining customer satisfaction

    Providing excellent customer service is crucial to all organizations. After all, your clients spend money on your products or services. They’ll look for other options if they don’t feel you treat them well.

    If you can’t provide your clients with the same white glove treatment that you did in the early days of your organization, you’ll notice a decline in your customer reviews and an escalation of complaints. That’s concerning and will likely lead to revenue declines if you don’t address the problems swiftly.

    Instead of allowing your customer service to tank, hire an employee to assist you. That way, you’ll have more time to ensure every client has a positive experience with your company.

    3. You’re planning to introduce a new product or service

    Things are great — your initial products and services took off, and you’ve successfully propelled your sales since the early days of your organization. Things are going so swimmingly that you decide to introduce a new source of revenue.

    If that’s the case, you’ll likely see a new influx of customers. You’ll need to prepare yourself. After all, you want to continue to service your original offerings while meeting future clients’ needs.

    Introducing a new product or service can potentially double the work you’re already doing, and if you can’t keep up with orders, all your efforts could fail. Consider hiring a qualified employee to help you keep the momentum flowing.

    Related: How to Know When It’s Time to Hire Your First Employee

    4. Your current employees are overworked

    Ideally, the team you hire will have specific responsibilities. For instance, you might have a sales director overseeing qualified leads and a finance guru managing your accounting books. However, if your employees are taking on work outside their purview, it’s time to bring someone else on board.

    You want your employees to concentrate on activities that add value to your company. Your accountant shouldn’t oversee your customer service activities, and your operations manager shouldn’t handle your social media accounts. If your employees’ responsibilities are constantly changing, they may become unhappy and decide to leave.

    Consider hiring an office manager if you need someone to handle administrative tasks or similar responsibilities. They can take care of the extra items that bite into your other employee’s time.

    5. You don’t have time for a vacation

    Startup founders typically know what to expect when starting a new business: endless work hours in a battle to establish a name for their organization. While that’s admirable, at some point, you’ll start burning the candle at both ends, and your work and other responsibilities, like your family, will suffer.

    If you find your weekends are nonexistent, and there’s never enough time to accomplish everything you need, it’s time to bring in someone to help you. We all need time off to rest and recuperate from a busy lifestyle. Even if you feel it’s impossible to take a week’s vacation, you should still incorporate the occasional three or four-day weekend to reset your mind and get away from the pressures of your business.

    Hiring someone you trust to handle your organization’s daily activities can do wonders for your mental health and prepare you for upcoming challenges.

    6. Your business bank account allows it

    After months of solidifying your revenue streams and mitigating your expenses, you’ve built up a pretty impressive bank balance that you’re quite proud of. While that’s quite an accomplishment, it can signify that it’s time to hire someone to assist you.

    As your company continues to scale, your workload will likely increase. Eventually, you won’t be able to keep up with your orders. Preparing in advance by hiring a new employee provides a buffer that will prevent you from turning down work if your sales become overwhelming.

    If you hire now rather than wait until the last moment, you’ll have time to train your new employee on the responsibilities they’ll handle. There won’t be a mad rush to onboard them when you become too busy to manage the company yourself.

    Related: 5 Expert-Backed Strategies for Hiring Top-Quality Talent for Your Startup

    If you see signs it’s time to hire, take action quickly

    Founders who note any of the above signs in their organization are wise to take action and look for team members to support them. At a certain time, your business will begin to scale, and you won’t be able to maintain the same output level if you don’t have some help. Recognizing that time is now can ensure you have the staff you need to continue building your company.

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    Shawn Cole

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  • Why Companies Are Hiring and Prioritizing Employees Without College Degrees | Entrepreneur

    Why Companies Are Hiring and Prioritizing Employees Without College Degrees | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A recent survey conducted by the Society for Human Resource Management (SHRM) revealed that almost one-third of American employers now consider non-degree candidates for job openings, with 37% of employers reporting that they are more likely to do so than five years ago.

    For the last several years, we have seen that developed soft skills are becoming the leading requirement in different companies, especially in terms of working with other people, e.g., being a proper team player, a good leader, being able to communicate properly and align with company values and diversity issues.

    Soft skills are often difficult to quantify, which is why many employers have traditionally focused on things like degrees and certifications to screen candidates. However, in many cases, a candidate’s ability to work well with others, think critically and adapt to new situations is more important than their specific educational background.

    In fact, some of the most successful people in business and industry are self-taught, having learned their skills through hands-on experience and a willingness to take on new challenges. Mark Zuckerberg, one of the most recognized names in tech, built Facebook into the world’s largest social network. Zuckerberg dropped out of Harvard in 2004, during his sophomore year, to work on Facebook full-time and remains its CEO to this day. David Karp created Tumblr (which at its peak gained more than 500 million monthly users) despite never even graduating high school. Daniel Ek, co-founder of Spotify after abandoning his degree in engineering at the Royal Institute of Technology in Sweden after just eight weeks. The list goes on and on. The billionaire co-founder of Microsoft, Bill Gates, dropped out of Harvard to focus on building his company.

    Related: How to Find, Hire (and Fire!) Rockstar Employees

    High levels of soft skills are now defining a good employee. Even if a person has a great degree or might have vertical expertise in the field but lacks soft skills, some companies might prefer a better team player over a fancy university diploma. That brings harmony and drives team success rather than individual success.

    When hiring people, I personally don’t even look at the degree. When I conduct an interview, I ask a lot about different situations this person has been in at work, different conflict situations, communication processes with peers or their direct reports, and the rest of the team. I try to figure out how the communication will be done upwards at the same level or downwards. For me, a formal degree is not as important as people’s experience, and positive references are given to their soft skills, work ethics, and communication.

    Related: 5 Soft Skills Every Employee Needs Today

    The shift in hiring practices

    A number of factors is driving this shift:

    • The rising cost of college.
    • An increased emphasis on workplace skills over degree credentials.
    • the growing popularity of alternative educational models such as online certificates.

    In addition, some employers are starting to recognize that non-degree candidates can bring unique perspectives and experiences to the table that traditional college graduates may not possess. Google, Apple, IBM, Bank of America and other big companies adopted this approach in 2018.

    As employers move away from relying solely on academic qualifications, they now have more opportunities to identify and hire high-quality individuals who can contribute meaningfully to their organization. However, this trend also means that employers must be prepared to evaluate applicants based on a broader range of criteria than they may have in the past. In addition to traditional measures such as prior experience, academic achievements, and references, employers should consider evaluating candidates based on their skill set and personal qualities such as self-discipline and problem-solving abilities.

    At the same time, employers must ensure that they are not discriminating against potential employees who do not possess a traditional academic background. This includes assessing candidates based on their potential rather than focusing solely on past accomplishments or experiences. By taking a more holistic approach to evaluating applicants and considering the full range of skills and qualities they possess, employers can ensure that they are attracting a diverse set of candidates who have the potential to add value to their organization.

    A recent survey by the Society for Human Resource Management (SHRM) revealed that 57% of employers plan to hire more such candidates in the future. This is indicative of a growing trend in organizations around the world.

    Related: 8 Soft Skills That Make You an Even Better Leader

    Soft skills take over

    Employers often find that hiring recent university graduates may not always be the most suitable option for the specific job requirements within their business. Especially when it comes to startups or venture-backed companies that require innovative and creative approaches, formal education can be an obstacle in thinking or creating a new product/business model. We see that some innovative companies intend to hire people without a formal education or college degree because that allows them to be more creative and think “outside of the box,” which results in more added value.

    By the way, fields such as IT, Manufacturing, Customer Service, Business Administration, Accounting and Finance are examples of areas that don’t necessarily require a degree but may prefer candidates with relevant experience or qualifications.

    High levels of soft skills are now defining a good employee. Even if a person has a great degree or might have vertical expertise in the field but lacks soft skills, some companies might prefer a better team player over a fancy university diploma. That brings harmony and drives team success rather than individual success.

    By recognizing the importance of soft skills and focusing on the qualities that truly matter, employers can build more diverse and effective teams that are better equipped to tackle the challenges of today’s rapidly-changing business landscape.

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    Zamir Shukho

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  • How Making This Critical Hire Will Improve Your Franchise | Entrepreneur

    How Making This Critical Hire Will Improve Your Franchise | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Many franchise founders (and even multi-unit franchisees) hope to one day sell their businesses to private equity. PE’s significant interest in the franchise sector is undeniable. Sellers have benefitted from the activity of these well-capitalized buyers through added deal competition and increasing prices. Even in our current market where valuations have cooled from the heady prices of late 2021 and early 2022, multiples for great franchise businesses are still strong and often exceed middle-market averages for similar-sized companies.

    No matter what your long-term objectives are, it is important to maintain a sale-ready stance as much as possible. This doesn’t just mean keeping your documentation up to date and refreshing an online data room with updated financials and franchise documentation — that’s a given. More important is having the right finance leader in place to be a strategic thought partner both to you as the founder and to your franchisees.

    This makes your Chief Financial Officer one of the most important roles in your business. It’s also a role that, especially for emerging brands, can be one of the weakest in the organization. Bootstrapped companies may not be able to afford top financial management. When private equity later comes calling, immaturity in that role specifically decreases buyers’ willingness to pay because of all the downstream impacts a vacuum in that key position creates in how the business itself is managed.

    Today’s franchise marketplace is extremely competitive for new brands. It is more expensive than ever to launch and create enough visibility to recruit top franchisee candidates. Emerging brands end up stuck in an expensive competition that often leads them to make heavy investments in franchise marketing and recruiting, including high-cost external sales channels. Little may be left over for support infrastructure, including the finance department.

    It is difficult to recruit top finance talent as a small franchisor. Small franchisors may not even have the capacity to collect and meaningfully analyze franchisee P&Ls. Without this visibility, the franchisor can’t properly track or support system health. How will your operations team know what they should be focused on during franchisee coaching conversations? How can your team create and share reports with franchisees demonstrating key metrics and the impact on profitability?

    Related: 4 Key Functions of a Chief Financial Officer

    How a strong CFO can improve your franchise

    Key areas where a strong CFO can improve your business value and exit options include:

    • Strategic thought partner for the entire management team

    • Maintain focus on corporate and unit-level profitability and growth

    • Guide the creation of training materials to help franchisees improve their financial acumen and manage a more profitable business

    • Financial modeling and scenario planning that ensures resources are invested in the highest pay-back initiatives

    • Ensure data reliability and create a cadence for collecting and analyzing business financials

    • Drive supply chain improvements and better vendor pricing

    • Evaluate debt options to fund growth and delay taking on a private equity partner

    • Establish lending programs to support franchisee expansion

    • Team leadership; build financial acumen across the business

    • Support for operations team; track operational KPIs back to financial impact at both the franchisor- and franchisee-level

    • Work with the operations team to establish a common chart of accounts for franchisees and support mechanism for ongoing profitability coaching

    Sometimes emerging franchisors try to “save money” by under-hiring for this key position. Don’t make this mistake! I recognize that for smaller brands, this is an expensive hire. Find the very best talent you can afford, and consider the ultimate payback. One strategy is to hire a fractional CFO and complement that talent with in-house administrative support until the business is large enough to comfortably afford a full-time hire.

    If you are positioning your business for an eventual sale to private equity, the CFO role is ironically most at risk. PE firms typically either have financial resources in-house or outside executives they know and are comfortable with. In the case of a platform, financial planning and reporting functions may already be consolidated. Either way, while the CFO is a key enabling role to help create a sale-ready stance and drive higher enterprise value, ironically, it may be the first position to be replaced or eliminated post-acquisition. You may need to get creative with compensation, such as creating a bonus structure in the event of a successful transaction, in order to recruit the best talent.

    Related: 3 Signs It’s Time to Hire a CFO

    Key attributes in emerging franchise CFO hire

    • Previous senior finance leadership experience — minimum 5 years

    • Strong references, especially as a strategic thought partner for the founder, senior team and franchisees

    • Experience working with private equity, preferably as CFO or VP of Finance for a brand that was sold to private equity or owned by private equity

    • Experience working in a startup environment

    • Franchise or multi-unit experience is a plus

    • Accounting background preferred over finance background

    • Good financial modeling skills

    • Experience at one of the large accounting firms is a plus

    • Ability to build a strong, profit-focused team

    If your franchise system is primarily first-time business owners, make financial acumen at the operating level a priority for your finance lead in partnership with your operations lead. A strong CFO can assist operations to develop tools and coaching that help franchisees understand the major financial levers in their business and key activities that improve profitability.

    Don’t wait until you’re selling the business for prospective buyers to point out all the low-hanging fruit that you could have captured and monetized yourself by helping franchisees improve their businesses. Strong attention to unit-level profitability also signals to franchisees that their profitability is a priority for your management team. This should attract better franchisees in the first place and validate well.

    Related: The CFO Of The Future (No, They Are Not Just The “Finance Guy”)

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    Alicia Miller

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  • How to Hire People for Technical Skills | Entrepreneur

    How to Hire People for Technical Skills | Entrepreneur

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    As a business owner, you likely have a grasp on how to hire people. You hire from within, tap your professional network, and leverage popular online job sites like ZipRecruiter. But when it comes to hiring people with technical skills—specifically, skills that are outside of your own—you may begin to feel out of your depth.

    Technical skills refer to abilities and knowledge required to perform specialized tasks within a profession or industry. Some examples include computer programming, data analysis, mechanical engineering, digital marketing, web development, networking, graphic design, and project management.

    How to hire people with technical skills and recognizing those skills during the hiring process can be challenging. With a structured approach and a clear understanding of the skills required, employers can increase their chances of finding the right candidate for the job.

    Define the role and the technical skills required.

    The first step in the hiring process is to define the role. This includes the technical skills required for the job and the soft skills that are important for success in your organization. Be sure to have a detailed job description and the qualifications for the position.

    Posting on job sites.

    Consider using job boards and recruitment platforms to reach a large pool of candidates with the right technical skills. ZipRecruiter is a popular platform that can help you reach many candidates with specific technical skills. ZipRecruiter matches your listing with qualified candidates using powerful AI matching technology.

    You can also use ZipRecruiter’s screening tools to help filter candidates based on their qualifications and experience.

    Screen for the right qualifications.

    As you screen candidates, look for technical qualifications and background experience that would fit your team well or address an existing gap in your organization’s competencies.

    Conduct technical interviews.

    During the interview process, ask technical questions that are designed to evaluate the candidate’s qualifications. The questions should be relevant to the job and the technology used in the company. You can also give them a small test or project to evaluate their technical abilities.

    Use technical assessments.

    Technical assessments can help you evaluate a candidate’s technical abilities and determine if they have the necessary skills for the job. You can do this onsite or give them a few days to complete the task.

    Many online technical assessment tools can help you test a candidate’s skills in programming, web development, database management and more. It depends on your desired area of expertise.

    Check their references and work.

    Check references from previous employers, colleagues, or supervisors to understand the candidate’s work style and qualifications. You can also ask for samples of their previous work or projects to evaluate their technical abilities.

    Offer competitive compensation and benefits.

    Offering competitive compensation and benefits is essential to attract top technical talent. Additionally, it’s also important to supply opportunities for growth and advancement, as many highly skilled technical professionals are motivated by the chance to work on exciting and challenging projects.

    Don’t forget that you have resources at the ready when you’re ready to hire. As the #1 job site in the U.S.1, ZipRecruiter makes job searching easy. It uses powerful AI matching technology to help you find the right fit, and you can also read reviews and ratings from current and former employees to learn about a company’s culture before applying.

    1 Based on G2 satisfaction ratings as of January 1, 2022

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    Entrepreneur Deals

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  • Why You Should Be Hiring When Everyone Else Is Firing | Entrepreneur

    Why You Should Be Hiring When Everyone Else Is Firing | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Now, I know this might sound like a crazy idea. After all, why would anyone want to hire when the entire world is downsizing and laying off employees left and right? But hear me out.

    The truth is, layoffs are happening because these large companies have become bloated and inefficient.

    They have so many employees that they can’t even keep track of who’s doing what. And when times get tough, they start slashing jobs left and right without any regard for the talent that they’re losing.

    Related: A Downturn Can Actually Be a Good Time to Cultivate Talent. Here’s Why.

    Why is everyone firing?

    The economic impact of the multiple crises we’ve experienced over the past few years alone has led to companies experiencing a decline in revenue and profits, causing them to restructure their businesses to survive. This restructuring often results in layoffs and downsizing to cut costs and stay afloat.

    Some companies also had to shift to remote work arrangements, and the need to implement safety protocols has also contributed to the layoffs. Companies that were unable to adapt to the new normal had to make tough decisions, including downsizing and restructuring, to remain competitive.

    With the rise of automation and artificial intelligence, companies are looking to streamline their operations, which means reducing the number of employees. As a result, employees who have skills that can be easily automated are often the first to be let go.

    Some companies are also undergoing mergers and acquisitions, which can lead to redundancies and layoffs. When two companies merge, there is often an overlap in roles and responsibilities, which can result in the elimination of positions.

    But as an entrepreneur, you have the opportunity to do things differently. By building your business efficiently, you can pick up talent at a fraction of the cost and build your dream team in a way that these large companies could only dream of.

    What are the benefits of hiring during an economic downturn?

    First and foremost, hiring while others are firing allows you to access top talent that may not have been available in a more competitive job market.

    Many highly skilled workers who have been laid off may be looking for new opportunities and may be more willing to work for a smaller, growing company that can offer them more flexibility and growth potential.

    In addition, hiring during a period of widespread layoffs can give your business a competitive advantage. As larger companies downsize their operations and scale back on services, smaller businesses that are still growing can step in to fill the gaps in the market. This can help your business gain market share and increase your customer base.

    Another benefit of hiring during a period of layoffs is that you may be able to negotiate better terms with potential employees.

    To clarify, when discussing negotiating better terms with potential employees, it is not necessarily about undervaluing their talent. Rather, it is simply acknowledging the reality of the current economy and job market.

    With more people looking for work, you may be able to offer lower salaries or fewer benefits and still attract top talent. This can help you keep your labor costs under control and invest more in other areas of your business.

    Related: Companies Need To Be Better at Hiring, Not Firing. 7 Tips To Pick And Retain The Best Talent During Uncertain Economic Times.

    Building your dream team on a budget

    When hiring during tough times, it’s also still very important to be strategic.

    Instead of simply filling gaps in your existing staff, take the time to think about what positions you need to add to take your business to the next level. This is the perfect opportunity to build out your dream team, with a focus on hiring people who can help you grow and thrive.

    While it’s true that hiring during tough times can be an opportunity to pick up top talent at a fraction of the cost, it’s still important to be mindful of your budget. If it goes down to it, you can consider hiring on a commission-only basis or offering equity in your company as a way to attract top talent while keeping costs low.

    Building a great team is one of the most important things you can do for your business. And since this great team is built during hard times when work dedication is slowly fading, they will help you achieve your goals in ways you couldn’t have done alone.

    And when the economy bounces back, you’ll be in a position to reap the rewards of having a highly skilled and motivated team in place.

    Related: How to Be An Accountable Leader During an Age of Layoffs

    While it may seem counterintuitive to hire when everyone else is firing, doing so can be a smart move for entrepreneurs who want to make duplicates of themselves in the company.

    With the right strategy, you can pick up top talent at a fraction of the cost and build your business in a more efficient and effective way.

    So, don’t let the current economic climate scare you away from hiring — use it as an opportunity to build your dream team and take your business to new heights!

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    Roy Dekel

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  • 3 Proven Ways to Hire (and Keep) Diverse Talent | Entrepreneur

    3 Proven Ways to Hire (and Keep) Diverse Talent | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    One of the most common diversity, equity and inclusion strategies over the last decade has been to diversify hiring processes. The temptation to hit the “easy button” and fill front lines and open positions with women, people of color, those with disabilities and other marginalized communities is opportunistic and inauthentic. If you’re not creating an environment for diverse talent to thrive, diverse talent will not stay. This requires a more holistic approach, rather than a simple hiring fix.

    To take a more holistic approach to hiring diverse talent, consider:

    • Broaden where you recruit
    • Remove bias from the hiring process
    • Hold recruiters and hiring managers accountable for diverse representation

    Related: 10 Ideas to Drive Your DEI Initiatives in 2023

    Broaden where you recruit

    If you went fishing and didn’t catch any fish would you blame the fish? Or if you were gardening and had trouble growing plants, would you blame the flowers? It is more likely that you would shift your approach to catch more fish or grow more plants. Yet, with diverse talent, we often blame them for not applying or not being “qualified.”

    Instead, shift your approach much like you might shift your approach with other ineffective techniques. There are lists of organizations that can help place diverse talent. Folks from diverse backgrounds will check peer-reviewed websites like Glassdoor and reach out to people that work at the organization, as well as comb through the corporate website to see if it’s truly a diverse and inclusive workplace. After many corporate promises were not delivered, there is an increased skepticism by potential employees to be cautious when evaluating employers. Compensation and benefits (although important) are table stakes, with culture and flexibility taking precedence over traditional worker priorities.

    And time developing relationships with HBCUs, diverse networking groups and building a reputation for inclusion first before showing up on campus and at events declaring diversity is important. Actions speak louder than words. Candidates from diverse backgrounds have never been so highly sought after and they can be choosy with their employment in ways they have not been afforded in the past. Do intentional and consistent work and candidates might believe it.

    A diversity recruitment strategy outlines the organization’s goals and approach to recruiting diverse talent. This strategy should explain outreach efforts to underrepresented communities and track success, pivoting as strategies work or need to adjust to meet candidate needs.

    Related: 5 Tips for Finding Diverse Candidates That Make Dollars and Sense

    Remove bias from the hiring process

    The hiring process is riddled with bias. if we don’t have systems to address bias, then bias is invited into the process. Most hiring managers admit they hire people they would like to spend time with vs. people that are most qualified for the position.

    Use inclusive language in job postings to attract a diverse pool of candidates. Avoid using gendered language and be specific about the skills and qualifications required for the position. If a job posting has a requirement that people doing the job do not currently fulfill, it’s not a requirement.

    Ensure that the interview slate of candidates and a panel of interviewers are diverse and represent the organization’s commitment to diversity and inclusion. This sends a clear message to candidates that the organization values diversity.

    Manage personal bias in the hiring process. There are many biases that play into the hiring process. To find diverse talent, recruiters and hiring managers need to be aware of their potential biases and be prepared to manage them. Bias is not bad; bias is human. Inclusive leaders manage their biases knowing they can never fully remove them. Some include:

    • Potential vs. performance bias: Those in the majority group (white, straight, cisgender, able-bodied men) tend to be evaluated on potential. Women, people of color and those from underrepresented groups tend to be evaluated based on actual performance. This means that the starting point is different for people based on identities they can’t control. Be cognizant of this bias with clear objective criteria to evaluate candidates so this bias does not creep in.
    • Caregiving vs. providing bias: Women are often assumed to be caregivers whereas men are assumed to be providers. This stereotype may be true, yet it certainly is not always the case in modern culture. The traditional family with men being the primary owners and women being stay-at-home has shifted significantly in the last few decades, yet our brains are still wired to connect women with caregiving and men with providing. This leads to an unfair advantage where men as seen as more committed or stable compared to women. Question assumptions about women’s caregiving responsibilities equitably to men.
    • Cultural fit vs. cultural add bias: When people say they’re a good cultural fit, it’s usually code for they like us. Humans have an affinity or like me bias and like to surround themselves with people they feel comfortable with, usually of their identities. This is an obvious challenge if we want to diversify our workforce, we need to look at people from different backgrounds as cultural adds. This doesn’t mean that they’re not aligned with our core values and beliefs, yet they bring a different perspective. Asking the question, “What perspective does this person add?” can help combat this bias.

    Related: Business Leaders Need to Take Inclusive Language More Seriously — Here’s Why.

    Hold recruiters and hiring managers accountable for diverse representation

    What gets measured gets done. Without clear expectations, managers resort to past methods. If we want more diversity, we have to do things differently. The status quo is the enemy of diversity. Accountability begins by:

    • Setting clear expectations: Clearly communicate the organization’s diversity and inclusion goals and expectations for diverse hiring to all managers. This can include specific targets for diverse hiring and a commitment to eliminating bias in the recruitment and selection process. The goal is to improve, not set quotas or force diversity when it is not possible yet.
    • Establishing metrics and tracking: Establish metrics and tracking mechanisms to measure the effectiveness of the organization’s diverse hiring efforts. This can include tracking the diversity of candidate pools, monitoring the progress of diverse hires and measuring the impact of diversity and inclusion initiatives on employee engagement and retention.
    • Incorporating diversity into performance evaluations: Incorporate diversity and inclusion goals into managers’ performance evaluations to hold them accountable for diverse hiring. This can include evaluating managers based on the diversity of their hires, their efforts to eliminate bias in the recruitment process and their ability to create an inclusive work environment.
    • Recognizing and rewarding success: Recognize and reward managers who are successful in hiring and retaining diverse talent. This can include public recognition, promotions and bonuses for achieving diversity and inclusion goals.
    • Addressing non-compliance: Hold managers accountable for non-compliance with diversity and inclusion goals through disciplinary action. This can include coaching, training and, in some cases, termination of employment.

    Despite positive intentions to diversify hiring processes, leaders often struggle to find diverse talent. They cite the lack of applicants as evidence that diverse talent does not exist and is not attracted nor qualified to work at their organization. However, when diversity recruiting and hiring are given a strategic approach, results shift. There are three proven ways to diversify talent acquisition: broaden where you recruit, remove bias from the hiring process and hold recruiters and hiring managers accountable for diverse representation.

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    Julie Kratz

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  • ADP says U.S. added 296,000 private jobs in April, a nine-month high

    ADP says U.S. added 296,000 private jobs in April, a nine-month high

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    The numbers: Private-sector employment jumped by 296,000 in April and hit a nine-month high, payroll processor ADP said Wednesday, in a sign the U.S. labor market is still going strong.

    The increase in hiring was much larger than expected. Economists polled by The Wall Street Journal had forecast a gain of 133,000 private sector jobs.

    The…

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  • Arc hires former FRB, SVB employees | Bank Automation News

    Arc hires former FRB, SVB employees | Bank Automation News

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    Former Silicon Valley Bank and First Republic Bank employees are knocking on the door of digital bank Arc to fill positions in relationship management with a desire to continue working with startups. The two banks, which failed less than two months apart, had a combined employee pool of more than 14,500, according to the banks’ […]

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    Whitney McDonald

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  • On the job with … Ally’s tech hires | Bank Automation News

    On the job with … Ally’s tech hires | Bank Automation News

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    Ally Financial is turning to the fintech layoff pool to hire for multiple high-level positions within its technology solutions department, including a new director of software engineering and fellow site reliability engineer.  During the $196 billion bank’s Q4 earnings presentation, Chief Executive Jeffrey Brown said Ally would look to recruit from the layoff pool, now […]

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    Brian Stone

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  • 7 Interview Questions to Build a Positive Work Culture | Entrepreneur

    7 Interview Questions to Build a Positive Work Culture | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Creating a positive culture is more than putting a ping-pong table in the break room or free snacks.

    It’s also about hiring positive, motivated employees who share your company’s values and are committed to making a difference.

    It’s always good to remember, while the look of your office shows how much you care, the people that are in that building make your company what it is.

    That is where the interview process and the questions come in:

    1. Who is your favorite person that you have ever worked with or for?

    You’ll have a couple of answers: One person will say this person was their favorite because they were best friends, they can talk about anything and would always laugh. That shows me that this person’s number one focus is not growth — meaning head down and getting to work.

    An answer like, “My first boss was so strict, and at first, I hated him. Two years in, I realized I learned so much and he helped me be so much better in my job and as a professional.”

    That person gets that if they sew in hard work they are going to reap success. If someone gives them critical feedback, it will help them grow.

    I want that person.

    Related: 3 Interview Questions To Help You Hire The Right People

    2. Who is your least favorite?

    I don’t care about the least favorite person, I care WHY. This shows me what kind of management style the candidate doesn’t work well with.

    Say the reason was that they brought their boss this idea they worked on for weeks, and all their boss said was “thank you,” but they think they didn’t respect their opinions.

    It is likely their boss respects their opinions, even on an average level.

    This shows they are probably wearing a lens that makes them think people generally disrespect their opinions. So, if I hire them, I have to fight with this person’s ghosts and do extra to make them know I respected their idea.

    3. Where do you get your moral code or compass from?

    The way people ground themselves is mercurial.

    When someone says they are their own moral compass, they have no concrete thing they ground themselves in and will get blown in the wind.

    You want the source to be really good — a parental figure, a historical figure, an institution, etc.

    This way you know they hold themselves to a standard and you don’t have to manage their moralities.

    4. If you get to the end of your life and look back at the time between now and then, what will make you say, “I did it!”?

    I want to see if their desires line up with the company — their desires beyond personal goals, what they want to accomplish and where they see themselves in five years.

    It helps me know that we are aligned and a qualified organization for what they want to do and achieve.

    If it makes sense, then they will see your company as a bridge to help get to their goals.

    This is the most integrity-focused and integrous part of the vetting process, too, because you can also see if the company is a good fit for the individual.

    Related: 3 Ways to Establish a Positive Company Culture

    5. Name everything you can do with a brick.

    This is the best test — those with a higher IQ would, on average, be able to give 12 or more creative answers in five minutes. If they give less than six in five minutes, then it is indicative of lower fluid IQ and less creativity, and it also indicates that they will struggle to come up with solutions to complex, nuanced problems.

    This test does not tell everything about IQ or anything like that, but you do get an inkling.

    For example, a marketer will give more creative, longer, paragraph-style answers as opposed to an operator who would give a lot of answers, but brief two-word ones.

    Someone with creative answers would not be able to follow set patterns, as opposed to the operator’s logical answers.

    6. If you were going to give a training on __, what would the outline be?

    I prefer this question over asking questions like, “How much experience do you have in ___?” or “How good are you at ___?”

    You don’t want their opinion on their knowledge, and you don’t want them to tell you what they’re good at. You want them to display knowledge.

    By asking the candidate to teach you about the position they are applying for, you will be able to see how teachable they are, where they got their knowledge from and how much they know.

    You want to also know if they know more than you. You never know what you might be able to learn.

    7. What is something that you have learned about __ that most people in the industry don’t know?

    I want to know, again, where on their timeline of learning they are. There are three levels to this:

    1. The formative level: Where you accept what anybody tells you about anything.

    2. The medium level: “Oh! I have learned something on my own, and I now have my own rules.”

    3. The final level: Where you are judging and where it can be dangerous to a degree. You take everything from the first two and apply it further.

    You are asking for them to demonstrate if they are at that third level and if they are at that level of fidelity in their knowledge.

    Related: 11 Crucial Interview Questions to Ensure a Culture Fit

    To promote a positive culture, you want to know how much your candidates care about the role and the company.

    For example, a candidate coming to an interview in a suit, a notebook and their resume — even though the company is very casual — shows they care about you, the role and the company.

    It’s more than giving water and comfy chairs. It’s also about creating a work environment that fosters collaboration, innovation and growth. This starts with the people — people make the company, not the other way around.

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    Josiah Grimes

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  • The Biggest Job Interview Myths | Entrepreneur

    The Biggest Job Interview Myths | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Job interviews require a lot of effort from both the interviewer and the interviewee. There are a lot of guides and resources on how to navigate interviews, but they do not always get them right. There are many myths and misconceptions surrounding the interview process.

    Check out these top 11 myths about job interviews that may stop you from doing your best.

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    John Rampton

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  • Top 10 Countries for Hiring Offshore Talent | Entrepreneur

    Top 10 Countries for Hiring Offshore Talent | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In an increasingly interconnected global economy, the recruitment of top-tier talent is no longer constrained by geographical boundaries. Many of the world’s largest corporations routinely leverage international labor markets to source both local and remote employees.

    A truly worldwide business can benefit from globalizing nearly every facet of its operations, including HR, sales, marketing and development. Whether seeking a robust local talent pool for a new international subsidiary or a remote team for a global office, hiring globally opens a world of options: a larger, more diverse labor pool, combined with the efficiencies of remote work.

    Professional employer organizations (PEOs) can prove valuable partners for overseas expansion, guiding companies every step of the way in bringing on the right talent to match growth needs, regardless of location.

    And these days, that talent is coming nearly from every corner of the world. Based on conversations with our clients, there are three common crucial organizational functions that companies prioritize when sourcing globally.

    Related: Recruiters Are Struggling To Meet Unprecedented Demand. Can Tapping Global Talent Be the Answer?

    Technology professionals

    In a time when your competitors are modernizing their tech stack and investing in talent to support growth, hiring strategically is paramount to success. Sure, you can tap into the local talent pool at home, but you might be overlooking some of the world’s best techies elsewhere around the globe.

    For instance, according to a HackerRank competition, China was found to have the most talented programmers around the globe. Chinese developers routinely excel at programming and data structures challenges and are prime candidates for companies on the lookout for the best tech talent.

    Countries like Russia, Poland, Hungary, Czech Republic, Japan and Taiwan also featured in the top 10 according to their performance across several HackerRank challenges. Besides the top performers, Singapore, Hong Kong and South Korea can also be considered when scouting for top-tier international developers.

    In addition to these countries, businesses are also tapping into technical talent hubs like India and the Philippines which are widely recognized for their IT talent, English-speaking population and high percentage of STEM graduates.

    Seasoned managers

    Another function that’s crucial to sound and bold leadership is middle and upper management. Both require capable, experienced people to lead the company’s strategy and tactics.

    Project managers are also responsible for leading the technical team and ensuring projects get completed on time and within budget. According to a PMI Salary Survey, some of the highest median salaries for project managers are seen in Switzerland, Australia and the US, followed by countries like Germany, Netherlands, UAE, Qatar and the UK. Consequently, these are the countries offering the best of the best in terms of project management talent in the world.

    Countries you can consider for hiring project managers more economically include Colombia, the Philippines, Mexico, Taiwan and China. According to the PMI Salary Survey, you can hire project managers from around $29,000 to $35,000 per year from these locations.

    Related: 4 Tips for Hiring Employees No Matter Where They’re Located

    Human resources team

    The need for skilled and experienced HR professionals is snowballing, with employee well-being and engagement fast climbing the list of what employees value the most. If your business is expanding into an unfamiliar international market, this becomes even more essential as different cultures and workplace styles come into the picture.

    Even if you aren’t expanding globally, retaining your employees will require a combination of HR expertise and innovative HR practices.

    As the “Great Resignation” continues across the U.S. and Europe, these regions might not be the most suitable for hiring HR professionals. You can instead source from China, Malaysia, Singapore, Taiwan and Vietnam. With the majority of the world suffering from a retention crisis, HR professionals have their work cut out for them.

    Hire globally and stay ahead of the competition

    Businesses need to move fast to recruit leading talent around the world if they hope to stay competitive. With people around the world contemplating quitting their jobs, the labor market is buzzing and constantly evolving. A potent mix of rock-solid technical talent, experienced project managers and superior HR professionals is essential to both growing business at home and expanding globally.

    If you’ve begun your hiring journey, you might want to focus on expanding your search outside your home country. Take stock of countries producing candidates excelling in a particular skill set and how they can work with your business needs. Asia Pacific and Latin America are currently emerging as hotspots for some of the world’s best technical and non-technical talent.

    Hiring global talent is an exciting but tricky proposition. A variety of challenges — lack of knowledge of the local labor market and outdated information on local laws and regulations — can delay your expansion plans. Partners like INS Global can help you develop a strategic approach, find the right candidates regardless of location, onboard them to your company and streamline the process for you, end-to-end.

    Related: 5 Things to Remember When Hiring International Employees

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    Wei Hsu

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  • Jobs report shows 236,000 gain in March — lifting 2023 total above 1 million — but U.S. labor market shows hints of cooling

    Jobs report shows 236,000 gain in March — lifting 2023 total above 1 million — but U.S. labor market shows hints of cooling

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    The numbers: The U.S. added a robust 236,000 new jobs in March, defying the Federal Reserve’s hopes for a big slowdown in hiring as the central bank struggles to tame inflation. The consensus economist forecast called for a nonfarm-payrolls expansion of 238,000.

    The solid increase in employment last month followed a revised 326,000 gain in February and a gain of 472,000 in January.

    While the increase in hiring was the smallest monthly rise in more than two years, the number of jobs created last month was much greater than is typical.

    The U.S. economy has shown recent signs of stress.

    The unemployment rate, meanwhile, slipped to 3.5% from 3.6% as more people searched for and found work. That’s another sign of labor-market vigor.

    There was some good news in the report for the Fed, though.

    Wage growth continued to moderate closer to level the Fed would prefer. Hourly wages increased a mild 0.3% last month, the government said Friday.

    The increase in pay over the past year also slowed again to a nearly two-year low of 4.2% from 4.6% in February.

    What’s more, the share of people working or looking for work rose a tick to 62.6%. That’s the highest labor-force participation rate since February 2020, the last month before the pandemic’s onset.

    When more people look for work, companies don’t have to compete as hard for workers via higher pay.

    Emerging evidence of slack in a muscular U.S. labor market could encourage the Fed to take a breather after a rapid series of interest-rate increases.

    Still, the U.S. has added a whopping 1 million–plus new jobs in the first three months of the year. The labor market is not cooling off as much as the Fed would like.

    “ The Black unemployment rate fell to 5% last month, the lowest level since records began being kept in the early 1970s. ”

    Stock-index futures rallied after the report, though the stock market itself is officially closed due to the Good Friday holiday.

    See: Why Good Friday complicates how stock-market traders will digest March jobs report

    Key details: About one-third of the new jobs created last month — 72,000 — were at service-sector companies such as bars and restaurants whose employment still has not returned to prepandemic levels.

    Americans are going out to eat a lot and spending relatively more on services than on goods.

    Government employment increased by 47,000. Hiring also rose at professional businesses and in healthcare. Retailers cut 15,000 jobs.

    Employment fell slightly in manufacturing and construction, or goods-producing industries, which are under more pressure from rising interest rates.

    The strong labor market has benefited all groups, but especially Black Americans. The Black unemployment rate fell to 5% last month, the lowest level since records began being kept in the early 1970s.

    Big picture: The ongoing tightness in the labor market could inflame inflation and even push the Fed to raise interest rates more than currently forecast to try to get prices under control.

    Higher borrowing costs reduce inflation by slowing the economy, but most Fed rate-hike cycles since World War II have been followed by recession.

    On the flip side, the U.S. economy is starting to show more signs of deterioration due to the series of rapid Fed interest-rate increases since last year.

    Manufacturers have cut production and are arguably already in recession and the much larger service side of the economy is under more stress lately.

    If these trends continue the economy — and inflation — are bound to slow.

    The U.S. is still growing for now, however, and the labor market remains an oasis of strength.

    Low unemployment and rising wages have allowed Americans to keep spending. And so far they’ve keep the economy out of a widely predicted recession.

    Looking ahead: “The U.S. labor market is losing some momentum, but remains far too vibrant for the Fed to pause [its rate-hike campaign] in May,” said senior economist Sal Guatieri at BMO Capital Markets

    “Although job growth is gradually slowing, it remains too strong for the Federal Reserve,” said Sal Guatieri of PNC Financial Services.

    See: Traders see little chance interest rates will end up where Fed thinks in 2023

    Market reaction:  Futures contracts on the Dow Jones Industrial Average
    YM00,
    +0.19%
    rose 64 points, or 0.2%, to 33,723. S&P 500 futures
    ES00,
    +0.24%
    gained 9.75 points, or 0.2%, to 4,141.75. Stock trading resumes again on Monday.

    The yield on the 10-year Treasury
    TMUBMUSD10Y,
    3.404%
    jumped to 3.36%.

    MarketWatch personal finance: U.S. economy added 236,000 jobs in March. Is this your last chance to jump ship?

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  • Jobs report shows 236,000 gain in March — lifting 2023 total above 1 million — but U.S. labor market shows hints of cooling

    Jobs report shows 236,000 gain in March — lifting 2023 total above 1 million — but U.S. labor market shows hints of cooling

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    The numbers: The U.S. added a robust 236,000 new jobs in March, defying the Federal Reserve’s hopes for a big slowdown in hiring as the central bank struggles to tame inflation. The consensus economist forecast called for a nonfarm-payrolls expansion of 238,000.

    The solid increase in employment last month followed a revised 326,000 gain in February and a gain of 472,000 in January.

    While the increase in hiring was the smallest monthly rise in more than two years, the number of jobs created last month was much greater than is typical.

    The U.S. economy has shown recent signs of stress.

    The unemployment rate, meanwhile, slipped to 3.5% from 3.6% as more people searched for and found work. That’s another sign of labor-market vigor.

    There was some good news in the report for the Fed, though.

    Wage growth continued to moderate closer to level the Fed would prefer. Hourly wages increased a mild 0.3% last month, the government said Friday.

    The increase in pay over the past year also slowed again to a nearly two-year low of 4.2% from 4.6% in February.

    What’s more, the share of people working or looking for work rose a tick to 62.6%. That’s the highest labor-force participation rate since February 2020, the last month before the pandemic’s onset.

    When more people look for work, companies don’t have to compete as hard for workers via higher pay.

    Emerging evidence of slack in a muscular U.S. labor market could encourage the Fed to take a breather after a rapid series of interest-rate increases.

    Still, the U.S. has added a whopping 1 million–plus new jobs in the first three months of the year. The labor market is not cooling off as much as the Fed would like.

    “ The Black unemployment rate fell to 5% last month, the lowest level since records began being kept in the early 1970s. ”

    Stock-index futures rallied after the report, though the stock market itself is officially closed due to the Good Friday holiday.

    See: Why Good Friday complicates how stock-market traders will digest March jobs report

    Key details: About one-third of the new jobs created last month — 72,000 — were at service-sector companies such as bars and restaurants whose employment still has not returned to prepandemic levels.

    Americans are going out to eat a lot and spending relatively more on services than on goods.

    Government employment increased by 47,000. Hiring also rose at professional businesses and in healthcare. Retailers cut 15,000 jobs.

    Employment fell slightly in manufacturing and construction, or goods-producing industries, which are under more pressure from rising interest rates.

    The strong labor market has benefited all groups, but especially Black Americans. The Black unemployment rate fell to 5% last month, the lowest level since records began being kept in the early 1970s.

    Big picture: The ongoing tightness in the labor market could inflame inflation and even push the Fed to raise interest rates more than currently forecast to try to get prices under control.

    Higher borrowing costs reduce inflation by slowing the economy, but most Fed rate-hike cycles since World War II have been followed by recession.

    On the flip side, the U.S. economy is starting to show more signs of deterioration due to the series of rapid Fed interest-rate increases since last year.

    Manufacturers have cut production and are arguably already in recession and the much larger service side of the economy is under more stress lately.

    If these trends continue the economy — and inflation — are bound to slow.

    The U.S. is still growing for now, however, and the labor market remains an oasis of strength.

    Low unemployment and rising wages have allowed Americans to keep spending. And so far they’ve keep the economy out of a widely predicted recession.

    Looking ahead: “The U.S. labor market is losing some momentum, but remains far too vibrant for the Fed to pause [its rate-hike campaign] in May,” said senior economist Sal Guatieri at BMO Capital Markets

    “Although job growth is gradually slowing, it remains too strong for the Federal Reserve,” said Sal Guatieri of PNC Financial Services.

    See: Traders see little chance interest rates will end up where Fed thinks in 2023

    Market reaction:  Futures contracts on the Dow Jones Industrial Average
    YM00,
    +0.19%
    rose 64 points, or 0.2%, to 33,723. S&P 500 futures
    ES00,
    +0.24%
    gained 9.75 points, or 0.2%, to 4,141.75. Stock trading resumes again on Monday.

    The yield on the 10-year Treasury
    TMUBMUSD10Y,
    3.404%
    jumped to 3.36%.

    MarketWatch personal finance: U.S. economy added 236,000 jobs in March. Is this your last chance to jump ship?

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  • Jobs report shows 236,000 gain in March — lifting 2023 total above 1 million — but U.S. labor market shows hints of cooling

    Jobs report shows 236,000 gain in March — lifting 2023 total above 1 million — but U.S. labor market shows hints of cooling

    [ad_1]

    The numbers: The U.S. added a robust 236,000 new jobs in March, defying the Federal Reserve’s hopes for a big slowdown in hiring as the central bank struggles to tame inflation. The consensus economist forecast called for a nonfarm-payrolls expansion of 238,000.

    The solid increase in employment last month followed a revised 326,000 gain in February and a gain of 472,000 in January.

    While the increase in hiring was the smallest monthly rise in more than two years, the number of jobs created last month was much greater than is typical.

    The U.S. economy has shown recent signs of stress.

    The unemployment rate, meanwhile, slipped to 3.5% from 3.6% as more people searched for and found work. That’s another sign of labor-market vigor.

    There was some good news in the report for the Fed, though.

    Wage growth continued to moderate closer to level the Fed would prefer. Hourly wages increased a mild 0.3% last month, the government said Friday.

    The increase in pay over the past year also slowed again to a nearly two-year low of 4.2% from 4.6% in February.

    What’s more, the share of people working or looking for work rose a tick to 62.6%. That’s the highest labor-force participation rate since February 2020, the last month before the pandemic’s onset.

    When more people look for work, companies don’t have to compete as hard for workers via higher pay.

    Emerging evidence of slack in a muscular U.S. labor market could encourage the Fed to take a breather after a rapid series of interest-rate increases.

    Still, the U.S. has added a whopping 1 million–plus new jobs in the first three months of the year. The labor market is not cooling off as much as the Fed would like.

    “ The Black unemployment rate fell to 5% last month, the lowest level since records began being kept in the early 1970s. ”

    Stock-index futures rallied after the report, though the stock market itself is officially closed due to the Good Friday holiday.

    See: Why Good Friday complicates how stock-market traders will digest March jobs report

    Key details: About one-third of the new jobs created last month — 72,000 — were at service-sector companies such as bars and restaurants whose employment still has not returned to prepandemic levels.

    Americans are going out to eat a lot and spending relatively more on services than on goods.

    Government employment increased by 47,000. Hiring also rose at professional businesses and in healthcare. Retailers cut 15,000 jobs.

    Employment fell slightly in manufacturing and construction, or goods-producing industries, which are under more pressure from rising interest rates.

    The strong labor market has benefited all groups, but especially Black Americans. The Black unemployment rate fell to 5% last month, the lowest level since records began being kept in the early 1970s.

    Big picture: The ongoing tightness in the labor market could inflame inflation and even push the Fed to raise interest rates more than currently forecast to try to get prices under control.

    Higher borrowing costs reduce inflation by slowing the economy, but most Fed rate-hike cycles since World War II have been followed by recession.

    On the flip side, the U.S. economy is starting to show more signs of deterioration due to the series of rapid Fed interest-rate increases since last year.

    Manufacturers have cut production and are arguably already in recession and the much larger service side of the economy is under more stress lately.

    If these trends continue the economy — and inflation — are bound to slow.

    The U.S. is still growing for now, however, and the labor market remains an oasis of strength.

    Low unemployment and rising wages have allowed Americans to keep spending. And so far they’ve keep the economy out of a widely predicted recession.

    Looking ahead: “The U.S. labor market is losing some momentum, but remains far too vibrant for the Fed to pause [its rate-hike campaign] in May,” said senior economist Sal Guatieri at BMO Capital Markets

    “Although job growth is gradually slowing, it remains too strong for the Federal Reserve,” said Sal Guatieri of PNC Financial Services.

    See: Traders see little chance interest rates will end up where Fed thinks in 2023

    Market reaction:  Futures contracts on the Dow Jones Industrial Average
    YM00,
    +0.19%
    rose 64 points, or 0.2%, to 33,723. S&P 500 futures
    ES00,
    +0.24%
    gained 9.75 points, or 0.2%, to 4,141.75. Stock trading resumes again on Monday.

    The yield on the 10-year Treasury
    TMUBMUSD10Y,
    3.404%
    jumped to 3.36%.

    MarketWatch personal finance: U.S. economy added 236,000 jobs in March. Is this your last chance to jump ship?

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    Source link

  • The Best Way to Retain Employees Is to Use These 6 Strategies | Entrepreneur

    The Best Way to Retain Employees Is to Use These 6 Strategies | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The year started off with HR continuing to make headlines, as news of massive layoffs within tech and other industries have dominated headlines and discussions about the incredible capabilities of predictive AI — like those displayed by ChatGPT — have complicated the hiring process. It might seem that, after years of record-low unemployment and rapid hiring pushes, 2023 will usher in a new era for managers and employees alike; one that may again favor employers’ interests, juxtaposed by a strong desire for employees to feel a sense of purpose and belonging at work.

    While candidates will likely have less leverage going into negotiations than they did at the height of the Great Resignation, the power balance in the workforce may not shift as significantly as one might think. Unemployment is still incredibly low and there are still roles sitting unfilled at businesses around the country. News of layoffs elsewhere may even send employees who feel undervalued or at risk in their current roles to seek new opportunities to get ahead of an unforeseen loss of income.

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    Alison Stevens

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  • Watch Out for These Red Flags When Hiring a Virtual Assistant | Entrepreneur

    Watch Out for These Red Flags When Hiring a Virtual Assistant | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Finding the perfect virtual assistant can be a challenge. You want to make sure you hire someone who is reliable, efficient and experienced. However, there are some red flags you should be on the lookout for when hiring, as I understand all too well having worked remotely in the hiring business for almost 20 years.

    Knowing what to look for can help you avoid onboarding someone who isn’t the right fit for your business. Below are the most common red flags I have encountered during the hiring process when looking to onboard a virtual assistant (VA).

    Related: 3 Signs That You Need a Virtual Assistant — And What Type to Hire

    Lack of communication skills

    As a virtual assistant, this person will most likely spend the majority of their time communicating with you via digital messages, so if they are not clear up front, they are most likely not a good fit for your team. Additionally, if you ask a direct question such as, “How long have you managed x, y and z?” and they respond with something that does not make sense like, “Yes, you should use that software,” then that can show a lack of attention to detail and understanding, both of which are very important skills to possess as a VA.

    If your job candidate passes this first step, they should move on to an interview. This may be a video call or over the phone. Again, ask very direct questions that demonstrate a candidate’s knowledge and communication skills. For example, if your company uses certain software and your VA is required to be familiar with it, ask them a very specific question about how the software works — also ask them if an imaginary emergency scenario occurs, how would they fix that, taking you through the process step by step. Their answer will demonstrate their expertise and it will give you a chance to see if they can explain a complex process in simple terms.

    Unprofessionalism

    While this may seem obvious, there are some subtle signs that someone is unprofessional which can later translate into how they work. This is especially important to notice if you are working with a remote team. One clear sign of unprofessionalism is if the person appears to be working during the interview. It is always important to clarify if they are just taking notes, but if they seem distracted and are typing while looking off-camera, this is a good sign they are not paying attention. If they are unable to dedicate a few minutes to an interview, they will most likely not have time to fully dedicate to your organization.

    Another red flag is when someone shows up to an interview unprepared. The easiest way to spot this is if you ask the candidate to complete a task before the interview — such as reviewing your website or some company literature — and they show up to the interview having not done that at all. Some subtle signs appear if you ask them particulars about the job description and notice that they seem surprised or are unable to answer questions related to the job description.

    Related: The Virtual Assistant: A Startup’s Secret Weapon

    Inability to follow instructions

    This is an easy red flag to spot and ties into the communication and unprofessionalism examples given above. If you ask the candidate to complete a task and they do not do it or they do it wrong, this is not a good sign. Of course, everyone is human and makes mistakes. Second chances are always important on both sides. However, if the candidate continues to turn in subpar work that does not follow your company’s standard operating procedures, then that candidate may not be a good fit for obvious reasons.

    A virtual assistant must be able to read instructions and be able to follow through with them. While a person may have good communication skills and appear to be very professional, they still may not be able to follow directions in the manner which your company provides them. It is best to find this out ahead of time by offering a short test project to the most qualified candidates.

    Not asking questions

    If a virtual assistant candidate does not ask questions, this could be of concern. Most people will have questions about their roles and tasks at some point and time. The person that works with your company should feel comfortable asking questions. If not, they may do their tasks incorrectly and cause more problems down the line.

    While there are tips out there urging job candidates to ask questions in interviews, that is not overly important. Sometimes, companies do such a fantastic job explaining the position that candidates may not have anything to ask immediately. What is more important is that the person is able to ask questions when given directions. If something does not make sense, they should feel comfortable reaching out. Once more, giving candidates test projects or tasks before fully hiring them is a great way to see if they will ask questions and how they work with you on projects.

    Related: Should You Hire a Virtual Assistant?

    By keeping an eye out for these red flags, you should be able to better define your job candidate search to find the candidate that works best with your company.

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    Lesley Pyle

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