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Upsize on Tap: The scoop on M&A

Jay Sachetti joined Jeff O’Brien, partner at Husch Blackwell and Dyanne Ross-Hanson, president of Exit Planning Strategies talked about the market for mergers and acquisitions, exit planning opportunities for companies that don’t end up for sale and how companies can maximize their eventual sale price during an early October panel at the first Upsize on Tap event at Summit Brewing Co. in St. Paul.

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by Alan Holz
October 2007

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Combat labor shortage with holistic approach

Searching for talent has been and will continue to be a tough assignment. Reviewing hundreds of resumes in job board databases and paying headhunter fees are common complaints.

We’ve all heard the buzz about employers of choice, the war for talent and employer branding. But leading the pack takes more than skillful recruiting and company softball teams. Employers of choice are those who know how to develop their people into future leaders and leave a good impression with the people they don’t hire.

The culture

Good employee relations begin when your help-wanted ads appear. Candidates will pick up cues during the initial contact and interview process that will make them feel good or uneasy about the firm environment.

Did the firm respond in a timely manner to their query? Was the initial discussion courteous and enthusiastic?

Once candidates arrive at your office, they should feel welcome. Alert the rest of the firm when you are interviewing so everyone can support the positive first impression. The receptionist should say hello and offer a beverage and directions to the restroom.

Candidates will also notice how staff greets one another or if they greet the candidates. In addition to making a good impression, candidates are trying to picture themselves in your company.

Some firms display photos of social events in the lobby to subtly communicate these opportunities at the firm. This also gives candidates some fuel for questions.

A U.S. Employment Engagement Survey, published in Gallup Management Journal in October last year, found that 69 percent of workers surveyed are either not engaged or actively disengaged on the job. The resulting lost productivity is costing U.S. businesses about $370 billion each year.

In order to get candidates excited about working at your firm, it is important for the people interviewing them to clearly understand the benefits and opportunities and to communicate them well. These benefits should also be apparent to anyone visiting your Web site.

Look internally at your organization. Does it offer an environment where people truly want to come to work and make a difference? Find out why or why not by interviewing a cross-section of employees; you may need to retain a consultant for anonymous interviews in order to get honest feedback.

Consider the life stage of the individual when communicating benefits. Great health insurance may be important to someone with a family. Mentoring and an identifiable career path may be the first priority of a young single professional. If you are trying to recruit stay-at-home parents, emphasize flexible shifting or telecommuting options.

Instead of an open-ended question like, “Tell me about yourself,” ask candidates how they spend a typical day.  This will reveal more about their lifestyle and what opportunities will mean the most to them.

Help each candidate visualize where you are headed as a firm and the role he or she will play. It’s OK to offer some general plans, such as a goal of hiring a certain number of employees in the next year or expanding to three new (undisclosed) locations. These signs of growth and vision give a sense of security to prospective employees.

Be honest. If you are looking for someone to aid the growth of a particular niche, make that clear during the interview. If you expect new employees to transition between different departments or services for the first few years, explain why and how that will benefit their professional development.

If the job involves a lot of phone work or cold calling, discuss why that position is critical to the goals of the firm and – if applicable – the process of promotion to other positions. Don’t just talk about the length of the shift and the number of bathroom breaks.

Can they relate?

Because firm Web sites are often the first place that candidates go to check out a future employer, your site must accurately reflect your mission and career opportunities.

Pay special attention to the “about us” page and bios of owners or management. Give candidates a sense of whether they can relate to and enjoy working with these people; have them explain what they most enjoy about their jobs.

Every company should have a careers page online that addresses tangible and intangible benefits, includes pictures of firm events and testimonials from employees about why they like your company.

Make sure your site is easy to navigate and is well branded (consistent logos, colors, typefaces) to portray a professional image. Keep online information such as announcements and events updated; this communicates a well-managed operation.

It sounds simple, but leave everyone with a good feeling about your firm. Candidates who feel respected may refer other applicants or new customers to you in the future; they may also be perfect for your firm at a later date.

Send them a personal note to say you enjoyed meeting them. Mention something specific about the conversation. Offer a resource for a problem or need they mentioned. If you promised to follow up in a week, do it.

Once you have sourced and interviewed a good candidate, however, don’t delay with an offer. On day one, make sure that new employees get more than just introduced and logged in. Follow up continuously over the next 90 days. Assign a “buddy” to take them to lunch, answer questions and be an informal mentor.

Your goal with every candidate and employee should be to create ambassadors of your firm. This requires extraordinary courtesy and treating others as you would like to be treated.

Alan Holz,
Olsen Thielen:
651.486.4536
al******@****as.com
www.otcpas.com

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