Hiring

Provide "Better-Than-Market" Total Compensation

feedback banner (2).png

"47 percent of people actively looking for new positions say company culture is the main reason" -- Hays.com

Does this make you wonder if you might have some work to do around your office?

A couple of weeks ago, we started a series about simple strategies to improve your work culture.  I’m going to share some of my experiences with the companies who are finding success in creating a great culture. 
 
#1 – Providing Feedback
(If you missed it, check out the link HERE)

#2 – Providing a Flexible Work Environment
If you missed it, check out the link HERE

#3 – Provide “Better-Than-Market” Total Compensation   

Most people tend to think of compensation as something totally separate from company culture. However, compensation is one of the ways that you express how much you value your employees. And as you know, employees who feel valued look forward to coming into work, have higher morale and productivity, and stay longer. So it’s important to periodically take a fresh look at how you stand compared to the market related to total compensation.

Do you know what total compensation is? The elements are listed below.  We like to think of these as levers. Each are important, but if you are able to offer more compared to what is common in companies in your industry in one area, it will allow you to sometimes offer less in another. 

  1. Salary

  2. Bonuses

  3. Health Benefits

  4. 401K

  5. Vacation and Sick Pay (also now referred to as PTO - paid time off)

Let’s look at each of these individually.

Salary

In times of low unemployment as we are in right now, we suggest that you pay at least 10% over the market rate for all your positions, and up to 30% over market for positions that are “low talent availability – meaning those job candidates are HARD to find”.  For now, some of those candidates in Atlanta are experienced bookkeepers, controllers, paralegals, and sales people. For these positions, if you aren’t at 30% over market, you have a large chance of losing people even if you have an incredible culture.  Salary.com is a great place to start your research. If you want a professional analysis of the market rate for the jobs in your company, we can help you with that! 

Bonuses

As you know, bonuses, profit sharing, etc. are great ways to recognize employees for their work.  These can be a big motivator for employees to work harder and cut costs in order to increase profitability.  However, bonus opportunities need to be clearly defined and fairly implemented or they will become a de-motivator and greatly increase employee dissatisfaction.

When you’re working hard to build a certain culture within your company, bonus plans can be a great tool in helping to do that.  Tie in specific behaviors and work habits, etc. that you want to reward on top of results that you want achieved.  This shows your employees that you are serious about creating the culture you talk about and that you are wiling to put money against it to back it up.

Health Benefits

Only about 35% of today’s employees are covered by a spouse’s plan and don’t need health benefits. We know that offering benefits is expensive and can be very difficult for a small business to afford. But with the high cost of an individual getting his/her own plan, benefits comparisons are becoming a huge factor in how candidates evaluate different job opportunities. To make yourself an attractive employer, you may need to find an affordable plan, offer to cover the out of pocket costs for an individual to get their own, or at least offer a stipend toward those costs. 

401K

Most employees feel that this is definitely a “nice to have” and not a necessity.  Note that if you offer a 401k or IRA, that DOES NOT replace the need to pay properly.

PTO

Here is where you, as a small business, can make up for not having the highest pay!  Offer more vacation.  Employees are valuing time off, flexible work options (like we talked about in the last post), etc. as much as pay during some seasons of life. Most companies are starting their professional employees at 3 weeks vacation now.  And clients that give 4-5 weeks a year report high work satisfaction and longer tenure.  Although there is an opportunity cost in giving more vacation, it may be more doable for you than offering higher salaries.

A CEO told me the other day that he felt that they had such an awesome culture that people didn’t care if he paid below market and didn’t offer benefits.  I’m concerned about this CEO’s strategy.  This could work for the short-term. But even people working in a great corporate culture need to pay their bills. As the difference between what you pay and what your competitors pay gets larger, your favorite employees might surprise you with a letter of resignation. Don’t let that happen. 

Why don’t you take the next 30 days to evaluate where you are as it relates to Total Comp and take a few steps towards confidence in this area?  I think it will be a great use of your time and perhaps even save your favorite employee. 

Thinking of Hiring a Virtual Executive Assistant?

c5423318-4ffc-4922-a9bc-d8860c9a4bb8.jpg

Consider Hiring Laura!

Ever wish you had an extra set of hands?  If yes, Laura could be the extra resource you need! 

  • 9 years’ experience

  • Project management

  • Event planning

  • Social media management

  • Appointment setting

  • Executive assistant support

  • Detail oriented

  • Skilled at meeting deadlines

  • Delightful at handling tasks with perfection

Laura is a flexible “jack of all trades” who loves to help those she supports be successful. She has recently spent 7 years working with a large employer in the Marietta area, with the last 4 years providing project and admin support to the CEO and EVP of Sales.

  • Work preferences: Laura is currently looking for a remote opportunity, working 10+ hours per week.

  • Pay rate preferences: Her rate is in the $25-30/hour range, not including IO fees.

And remember that IO takes the risk out of hiring by offering you the choice to hire directly or to keep an employee on the IO payroll. Let us eliminate your hiring risk! We pay the insurances and employer taxes. This is a huge benefit of using Innovative Outsourcing for your flexible staffing needs.

If you’re interested in exploring all the ways a great employee like Laura could be an asset to you and your team, CLICK HERE to learn more about the tasks a virtual assistant can handle.

To start the conversation about how Laura might be a perfect fit for your company, contact Sue Blanchet at sblanchet@innovative-outsourcing.com.

Don't delay, as Laura is a candidate that will be placed quickly.

The Power of a Flexible Workplace

feedback banner (1).png

“47 percent of people actively looking for new positions say company culture is the main reason” — Hays.com

Does this make you wonder if you might have some work to do around your office?

A couple of weeks ago, we started a series about simple strategies to improve your work culture.  I’m going to share some of my experiences with the companies who are finding success in creating a great culture. 
 
#1 – Providing Feedback
(If you missed it, check out the link HERE)

#2 – Providing a Flexible Work Environment
33% of employees would change jobs for one that allowed them to work WHERE they want at least part of the time.  Gallup Survey, It’s the Manager   

So, flexibility is KEY!  What does it mean to have a flexible work environment?  Two things…

  • Flexible Time – Time is the new bargaining chip. People are as interested in more free time as they are in money – especially our millenials! Do you offer a way for your team to work 7am-3pm or 9:30am – 5:30pm? Work 4 ten-hour days instead of 5 days per week? Just allowing this flexibility – and allowing them to shift it when their life changes (not every week – but once in a while) – will make you a valued and appreciated employer and put you ahead of almost every large company in town.

  • Flexible Location – While 100% virtual teams are very difficult, allowing team members to work from home 1-3 days per week has been proven to IMPROVE productivity. People will also actually stay in their jobs totally engaged for longer (and today this means something). From Gallup’s book, "It’s the Manager," “the highest engagement falls in a sweet spot of working remotely three to four days a week." Yes, it is important for managers to be trained on how to manage workers when they are remote, (this needs training and is not easy). It is also important to set expectations for employees and only allow this for employees that have proven to be trustworthy. But for great employees who have a good track record, this can be a win-win scenario. The company gets greater productivity and an engaged worker, and the employee gets to have a day or two without traffic – working in their pajamas with coffee.

Owners who think “I can’t trust my employees. They will be at the movies,” might need to realize that this new way to work is coming – whether you choose to adopt it or not! The old school mentality of requiring everyone to be onsite during the same hours will soon mean that your workplace is dated. “Currently, 60% of companies offer their employees telecommuting opportunities.”  2016 SHRM Benefits Survey.

And, if you choose to be Inflexible, you will have a hard time hiring and retaining top talent. You will be able to get employees, just probably not the BEST ones. Many large companies are still not embracing flexibility, so small employers can beat big employers in the race for great hires just by marketing their FLEXIBILITY!
 
Maybe you and your management team need to take 15 minutes in the next couple of weeks to determine how you could employ a more flexible work strategy. 

Shorthanded, but Reluctant to Hire?

Do you need help from an additional staff member but do not want to take a financial risk?  Reading this recent AJC article, it is understandable why small businesses are sitting on their needs for more staff, and choosing not to hire. 

“A hoped-for boom in small-company hiring never happened because owners haven't wanted to take on the added risk and expense of more staffers.”  

Has this happened at your company? We understand. We are a small business too! 

A great solution for you may be to hire ON THE INNOVATIVE OUTSOURCING PAYROLL. That is right – we can hire your extra set of hands, and we take on the risk. You just pay hourly for the hours worked. You get the help you need without the long-term risk.  Part time is where this works best, but full time might also be an option depending on the job description. 

For example: 

  • Controller - 10 hours/week

  • HR person - 8 hours/week

  • Bookkeeper - 25 hours/week

  • Executive Assistant to CEO - 20 hours a week

Do any of these sound like something you need?  If so, now is the time! Contact us to get started.

The Power of Feedback

#1.png

“47 percent of people actively looking for new positions say company culture is the main reason” — Hays.com

When you read this statistic, does it scare you or make you feel confident about your company’s employees? Is it strange to you that corporate culture is the main reason for employees wanting to make a change? Does this make you wonder if you might have some work to do around your office?
 
For the next few weeks, we are going to start a series about simple strategies to improve your work culture.  I’m going to share some of my experiences with the companies who are finding success in creating a great culture.  And don’t worry - by culture, I don’t mean ping pong tables and free snacks (although those aren’t bad).
 
#1- Providing Feedback
The first (and cheapest) strategy that helps to create a better culture is… PROVIDING FEEDBACK.  Professionals want to know that they are valued!  There are two very easy ways to do that. 

  1. Verbal Feedback – Are you taking the time each week to go up to your employees and let them know that you are thankful for something they have done? Your direct reports should hear a verbal thank you or praise at least once a month. And that should happen IN PERSON if possible. This is where walking around with coffee in the morning without an agenda is an incredible tool. Stopping by offices and cubes can make a world of difference to your employees. If you don’t have an office – a once a week check-in call just to say hello with no agenda is critical.

  2. Written Feedback – When was the last time you sent your direct reports a hand-written note to thank them for something that they exceeded expectations on? When did you write a note just letting them know that you know that they could choose anywhere to work and you are thankful that they chose your workplace? Have you done this EVER? Setting aside 15 minutes a week to encourage your employees is a great, no-cost way to radically change the culture in a really quick amount of time in your company. If your response to this suggestion is to tell me there is nothing great to say to them, then you probably should call us to help you find some new team members. Gratitude and encouragement FEED our employees – they want to feel appreciated and valued.

As you sit in your office thinking right now, “She’s wrong! I don’t have time for that”, consider this statistic: “69% of employees would work harder if they felt their efforts were better appreciated.” – Socialcast  
 
Hmm. It looks like setting aside 15 minutes each week to show some appreciation is a good business decision and will not only help to reduce turnover, it will also likely impact your bottom line.

Candidate Spotlight: Sarah is available to hire

Are you looking for a marketing/executive support specialist? If so, meet Sarah. Sarah has over 10 years’ experience specializing in brand marketing, project management, content development and executive support. More specifically, she is well versed in social media content creation and management, email campaigns, website updates, tracking analytics as well as live event management.

Sarah is dynamic, self-motivated, reliable and extremely organized. Sarah is on the market because the company she most recently was with is shutting down and she is hoping for an exciting, new professional challenge!

Work location preferences: Sarah is currently looking for a remote or partially remote position, working anywhere from 20-40 hours/week.

Salary range preferences: Negotiable depending upon the hours and scope of the position.

Here is a video message from Sarah: http://bit.ly/iomeetsarah

To start the conversation about how Sarah may be a perfect fit for your company, contact Matt Filer at mfiler@innovative-outsourcing.com

Interview Prep Isn't Just For Job Applicants

Everyone knows the importance of being well-prepared for an interview with a potential employer. However, how much do YOU prepare before you are interviewing candidates for a new position in YOUR organization? There are several things you can do that will help to ensure that you have productive meetings with your candidates, and you can ensure that you are not exposing yourself to any unnecessary legal risk. 
 
Over the next several weeks, we will be reviewing some important elements of an effective interviewing process. Many of these reminders come from feedback from our candidates after returning from interviews. Just a few extra minutes on the front end and a few minor changes can help to ensure that you are putting your best foot forward and that you select a person who will be a great addition to your team.
 
We believe reading through these tips will be helpful as you grow, and you can always keep them on file to review again before your next search process begins.
 
Today's Interview Element: Determine WHO You Want To Hire
 
We know this sounds elementary. Of course, you have thought about the skills and experience you need for the open position in your company. However, there are some extra steps you can take that will make a huge difference in the success of your hiring efforts.

Write a good job description.  Having a specific and thorough outline of what a candidate will do on the job makes it easier to assess an applicant’s previous experience and skills and how they line up with what you need. Make sure you list your “must-haves” and your “nice-to-haves.” Some things are essential in order for a new employee to be able to hit the ground running while others can be trained.

Know the intangibles that you need/want.  As you have probably learned the hard way over the years, skills do not typically cause an employee to fail in a position. However, it is more typically issues related to work ethic, personality match, being a team player, etc. Ask yourself these questions, as the answers will lead to a great hire. 

  • “What makes a person successful in this role?”

  • “What type of behaviors/ attitudes make a person a great member of my team?”

  • “Who on my team would I like to clone and what is it about them that makes them so valuable to me?”

Write down some specific questions.  Based on your must-have skills/experience and the answers to your intangible questions, write down some specific questions that you will ask each candidate. It’s okay to move off-script and go with the flow of the conversation, of course. But by making sure you ask each candidate 10 or so of the same questions, it will make it a lot easier for you to do your evaluations once the interviews are over.
 
Behavioral Interviewing Questions are one of the best ways to get to those “intangibles” that you are looking for in your next hire.  Stay tuned for some easy ways to implement those in our next post!

A Billionaire wants to mentor YOU!

Imagine this! You just received an invitation to meet weekly for coffee with one of the 100 wealthiest people in the world, a billionaire investor and philanthropist. He is taking a special interest in you, and he wants you to fully grasp all the important things he has learned in his 68 years of life and work.  He will mentor you by tracing his footsteps and missteps, his successes and his failures.  When your mentoring sessions are completed, you will be equipped to carry that spark as a blazing torch, enlightening your personal life and your business.

While it may not be an actual “talk-over-coffee,” Ray Dalio’s #1 New York Times bestseller Principles: Life & Work is the ONE must-read book this year, both for your business and your personal growth. Even if you are not a “book” person, there is just too much great stuff here to let this one slip by another day.

RAY DALIO is the founder and co-chairman of the best performing hedge fund in the world.  He’s made the list of the most influential people in the world by Time and Bloomberg Markets. Even if you have not a stiff of interest in hedge funds or investing, the stories he tells and the life principles he shares will keep you hanging on his every word.   

There are two overarching themes that ooze through the richness of Dalio’s wisdom.  

  • Principles are ways of successfully dealing with reality to get what you want out of work and life, so identify and use your principles as a measuring stick for all you do.
  • In applying these principles, be radically open-minded and radically transparent.  This will assure that you learn quickly, and that you don’t get hung up on what things “should” be like, but what is reality.

It is impossible to highlight the favorite parts of this book, but from a staffing perspective, let me jump right to Part III where Dalio hits the very heart of building a business based upon solid work principles.  Because there is just so much rich information, Dalio does us a tremendous service, and begins this section with a summary and table of these principles, indexed to the pages where each topic is covered in more depth.  He begins by saying, “An organization is a machine consisting of two major parts:  culture and people.” Then he proceeds to itemize how to get the culture right, and how to get the people right.  These are not pie-in-the-sky ideas, but instead he outlines specific steps.  For example, to support his principle that you need to create a culture in which it is okay to make mistakes, but unacceptable not to learn from them, Dalio provides five specific steps any business leader can follow to assure this happens. 

After learning how to get the culture right, my favorite section explains how to get the people right:

  • Remember that the WHO is more important than the WHAT
  • Hire RIGHT, because the penalties for hiring wrong are huge (then he adds eight steps to assure you succeed in this)
  • Constantly train, test, evaluate, and sort people (and he gives you very specific strategies to accomplish this)

As a reader and a business leader, you are challenged to manage your business like someone operating a machine to achieve a goal. Just as a machine operator knows the components that produce the product, “…know what your people are like and what makes them tick, because your people are your most important resource.”

Ray Dalio admits that he is no different from you. "Whatever success I’ve had in life hasn’t been because of anything unique about me—it’s because of principles that I believe anyone can adopt."

So grab a cup of coffee, open the book, either hardcopy or audio, and enjoy a few moments each week as Ray Dalio fills you with the inspiration and wisdom that may make you think differently about your life and work.  Oh, and Part III of Dalio’s book — that’s our sweet spot, so Innovative Outsourcing would be honored to come along side you to put these principles in motion as you build your team at your company.

Listen to Ray Dalio’s Ted Talk 
Watch the Animated Series (30 minutes divided into 8 short episodes) 
Book Summary Outline 

Your next new hiring task just got easier!

Assembling an ideal staff is no small task. And when you need to replace or add an employee, the rest of your work can't just be put on hold while you devote time to this critical team-building part of your company.

You need high-performing team members that fit into the culture that you’ve so painstakingly built over the years. Finding the perfect fit can be an exhausting, time-consuming process, typically taking an average of 60-80 hours per hire.

HERE IS HOW THIS WORKS

When you make the decision to allow our experts to do most of the really time-consuming work for you, Innovative Outsourcing will source and present fully vetted top candidates. All you have to do is choose your favorite from the cream of the crop.  This reduces your time investment to about five hours instead of 60-80.  

Businesses just like yours have been relying on us for over 24 years. Innovative Outsourcing has been taking the hiring pressure off business owners and helping them build the teams they need for ultimate success. This short video highlights the steps in our proven process so you’ll know what to expect when you partner with us on your next hire.  Have an opening in your company?  Then let’s get started finding a great addition to your team now! Or better yet, let us get to know you now so when are are in a pinch for a new hire, we are all set to get to work for you. Give Matt Filer a call, and we will get started.

Matt Filer
Business Development
phone | 404 259 6449

Take it from the hens!

Business Culture:

  • It's what makes your best employees choose to stay with you or take another job offer.
  • It's what makes some companies 12% more profitable than their competitors
  • It's what creates a line outside your door “just in case you have an opening”.  
  • It's what good small businesses spend time maximizing
  • It's what small business owners usually have no idea how to create.  
  • It's what you are creating (good or bad) even if you don’t know you are - THIS SHOULD MOTIVATE YOU!

Take a look at this Ted talk.  The health of your business may depend on it. 

Do you know what your culture is in your company?  Is it positive, negative or neutral?  Are you sure?

IO considers culture incredibly important as we help you hire and retain your best team.  We have a new product that can help you determine what your culture is and the things that you must do to create the culture that you want.

If you are interested, please contact Matt Filer, mfiler@innovative-outsourcing.com, 404-259-6449.

http://bit.ly/2ow1WDo
Image Credit: http://www.wildhenfarm.com.au/