This week at the Barron’s Advisor Independent Summit, a group of self-made leaders gathered for an invitation-only event to learn and grow, sharing ideas and insights. This independent advisory group has come together since 2009, and it felt great to be back in person after a two-year hiatus due to COVID. I was fortunate to interview Randy Goldberg, Co-Founder and Chief Brand Officer of Bombas. More about that in next week’s blog post. I also facilitated a breakout session, Sourcing & Developing the Next Generation of Talent to Build an Enduring Firm. We discussed the three considerations if you’re serious about attracting and retaining top talent: the great resignation, the war for talent, and the new workplace rules. The Society for Human Resources Management (SHRM) has developed a helpful chart explaining “the quitter’s market” and the trend for the past twenty years. Chris Czarnik has written a useful book, Winning the War for Talent: Recruit, Retain, and Develop The Talent Your Business Needs to Survive and Thrive. Lawrence Bossidy, Former COO of General Electric, says, “Nothing we do is more important than hiring and developing people. At the end of the day, you bet on people, not on strategies.” I also outlined the Seven Central Concepts to Shape Your Hiring:
Hire for Skill Set
Hire for Cultural Fit
Hire for Potential Growth
Hire Joiners to a Career Path
Hire for Profitability
Hire to reflect Technological Changes
If you would like to receive the handouts I delivered to the audience at the conference, let us know by clicking here.
In the meantime, consider re-evaluating your last few hires. Give yourself a score on a scale of 1-5 in each of these seven areas. Consider which of these seven central concepts are positively shaping your hiring, which of these concepts you could look for “more of” in your next few hires, and which of these central concepts you might be missing entirely. Feel free to add or edit this list so you and your firm have your own customized central concepts that will shape all your future hiring.
One of my favorite lists, curated by Michael Kitces, is the “Master Conference List” of all financial advisor conferences in 2022. This week was a terrific experience, connecting in person with so many intelligent people. I learned a lot and am grateful to have the opportunity to connect with industry leaders in person once again. Hope to meet you at an upcoming conference soon!
- What are our firms’ central concepts that shape our hiring for our future company?
- Which of our team members are most responsible for developing our team talent? How might a credential from SHRM benefit them as a leader within our firm?
- Which upcoming Conferences might be most beneficial to attend and why?