Hiring the Best and the Brightest

Steve Logterman

Vice President

Fidelity Bank

steve@fidelitybankmn.com

fidelitybankmn.com

Topic: Banking / Finance

In the past year or two, many companies have gone through the process of improving their cost structure, and the market is starting to show signs of optimism.  As business improves many business owners will be faced with the question of when to add new personnel. If you’re one of the businesses that made smart choices, grew leaner and weathered the storm, you’ve probably been eyeing prospective hires and thinking about the extra skills and expertise your business could use.

How do you grow your employee base in a controlled, sustainable manner? Do you look for permanent hires at a fixed cost, or do you work with contractors or hire temps? What goes into making the best match – for you, your business and any potential employee?

Explore Your Options. Hiring someone is a fixed cost. If your business has sudden, unpredictable spikes in orders, using a staffing company or temp agency could be the best solution.  This option will allow you to utilize people with the skill you need, when you need them. This gives you the advantage of trying someone out before you make a permanent hire.

Outdo Your Competition for the Best Workers. There could be many wonderful new hires out there, but you’re still up against your competition for the best of the best.  Differentiate your company. Develop a strategy that clearly defines your company’s purpose, articulates your brand, and captivates potential workers. Make them want to work for you by thinking like the worker you seek. What would make your workplace inviting to a digital generation worker, a baby boomer or a gen-y worker?

Don’t neglect physical details. Facilities that are always clean, with proper lighting and inviting workspaces can have an edge. Take a tour around your office or facility and try to see it the way a potential hire would. What do the most recent hires say about working at your company?

Make the Right Match. Evaluate qualifications for your open positions. Does new technology mean that you need people with additional skill sets not required before? Can you find employees with the skills that you need who also have a knowledge base that might help facilitate your company’s growth?

Which Worker Will Better Serve You? One of the biggest issues the manufacturing industry is facing is a lack of younger machine experts. Depending on your overall goals, it may be a sound investment in your company’s future to hire a younger, less experienced worker. Training might need to be provided in this case, but salary expense will be less and you can train them to do things your way.  However, it might be critical that you have an experienced, more expensive specialist that can get up to speed immediately.

Recruiting new employees is never an easy process and the timing can be difficult.  If your company is experiencing growth, you many have no choice but to add to your staff.  Putting together a thoughtful plan to execute these additions will help you in the long run.