When it comes to growing a practice for the long term, talent acquisition is just as important as client acquisition. The people who handle the day-to-day work of the firm are crucial to its operations, particularly as firm owners and other leadership focus their time on higher-level strategic initiatives rather than routine operational details. However, developing a strong hiring process can be challenging – and it’s easy to overlook its importance until the next hiring need arises. A firm with a clear and well-defined hiring process can attract stronger candidates and evaluate them more effectively, creating a compound effect that strengthens the firm over time.
In this guest post, Eddy Ricci, founding partner of Lead Advisor, explores how firms can refine their hiring processes to attract top talent and how small firms can stand out in a competitive talent market.
Ideally, the interview process is mutual: the firm needs enough information about the candidate to make an informed decision, and the candidate needs enough insight into the firm to do the same. To that end, interviewers can benefit from emphasizing speed (aiming to complete the process within 30 calendar days), connection, and candidness about the firm’s strengths and areas for improvement. Additionally, discussing how the firm’s core processes, values, and growth opportunities may directly impact the candidate can help candidates better understand what it’s like to work at the firm.
A proactive hiring process considers all components of the role, including compensation, team dynamics, and the purpose of the role (especially if it’s being refilled). It also plans for a smooth onboarding experience. Ideally, the process is intentional, documented, and repeatable – minimizing internal stress and reducing the time required to make a successful hire. This foundation can be built by creating not only a detailed job description but also an onboarding plan and ensuring the team is aligned and prepared for the new hire.
Once the job is listed and an initial candidate pool is formed, the hiring process can follow three interview stages. The first stage is a brief ‘same page’ screening to confirm the candidate’s qualifications, answer initial questions, and outline the next steps in the process. Some firms may also include a work assessment after this step. The second stage is an in-depth interview, focusing on the candidate’s technical skills and alignment with the firm’s goals and values. At this point, candidates can also ask detailed questions about their potential role in the firm. The third and final stage is a mutual alignment interview, which addresses any remaining questions and ensures both sides are ready to move forward. By the end of the process, both the candidate and the firm should feel excited about the decision to move forward!
The key point is that firms that craft a repeatable hiring process can create a better candidate experience. A warm, connection-focused, and communicative interview process not only helps firms stand out to candidates but also improves the quality of their evaluations – ultimately increasing the likelihood of finding the perfect mutual fit!
Read More…
