When to Hire and When to Fire FROM THE PRACTICE CORNER ?
This month, I want to talk to you about two critical processes in a tax resolution (or any) business: hiring and firing. The success of a company is highly dependent on the quality of its employees. It’s essential to have a hiring and firing process that is efficient and effective. I see many business owners struggle with finding the right candidates for the position they’re hiring for. That’s where the phrase, “Hire slow, and fire fast” comes in. Hiring “slow” means taking your time during the hiring process to make certain you are bringing on the right person for the job. Rushing to fill a position out of desperation often leads to a hire you’ll regret that costs you time, money, and even clients in the long run. It’s important to take your time and review resumes and conduct thorough interviews to make sure you find the right fit for your business and for the position. Keep in mind that the most important characteristic to look for when hiring is attitude. Skills can be taught. Just about anyone can learn how to do casework or answer phones, but neither attitude nor desire can be taught. Look for a willingness to learn, a positive attitude, and someone who is teachable. Firing “fast” means addressing any red flags as soon as they appear. This includes consistent performance issues, a negative attitude, or a lack of a cultural fit in your business. You will lose the respect of your good team members when you tolerate a bad one. While it’s important to give your team members the proper training and resources to succeed, it’s equally important to recognize when a person is not the right fit for your company and let them go quickly. Keeping an employee who is not performing well or is toxic to the company culture can bring down team morale and hurt the company’s bottom line. If you
have given them the opportunity to improve and they continue to exhibit poor performance or behavior, it’s time to cut the cord. Where should you be looking for quality team members? One of the best places to start is by looking within your current organization. Often, your current employees can recommend candidates who would be a good fit for the company. This not only shows you value their opinion, but it also helps to engage them in the hiring process and get them invested in the success of the new employee. I read a study once that said when an employee has a good friend at work, they tend to stay with the firm longer and are more efficient. Another best practice is ‘A-B-H’ or ‘Always Be Hiring.’ What this means is you do not want to lose out on a good candidate just because you’re not hiring at the time. You must always be thinking about hiring and telling others you’re hiring. Worst case is that you have a resume and do an interview. You can keep that in your files for when you do want to hire. But your mentality should be, “I am always hiring, and I am always on the lookout to get a good employee.” Hiring slow and firing fast is an important strategy for building a successful team. By taking the time to find the right candidate and addressing any red flags early on, you can ensure your team is motivated, engaged, and committed to the success of your business. Remember to always be hiring, engage your current employees in the process, and focus on hiring for mindset and attitude, not just experience. Keep these tips in mind and you’ll be well on your way to building a winning team that can help take your business to the next level.
–Michael Rozbruch
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