7. Not Providing Challenging And Meaningful Work. New planners have a longing to pursue meaningful and challenging work so that they can add value to a firm. Give them projects and increase the level of responsibility as they prove themselves. It is up to the new grad to prove his or her skills, but it is the manager's job to push new hires out of their comfort zones and help them avoid stagnation. Keep in mind that part of letting them try different things to build their experience means letting them make mistakes too. We all learn from failure, we grow from failure, we innovate from failure-if we don't fail, we don't grow.
8. The Feedback Trap. Avoid giving only negative feedback and disguising it as constructive criticism. Consider how you give your clients feedback. This is a great way to approach things with your new hire. At the onset of a great client relationship, you provide honest feedback about the positive aspects of the situation and the areas that need the most focus. It shouldn't be any different with new hires. Consider the different ways you communicate with different clients. You will need to find the communication and feedback style that works with your new hire. Consider personality profiles or other behavioral surveys to understand the best way to get the most out of your new hire. Keep in mind, many of these new grads grew up in the era where everyone gets a blue ribbon, so finding the best approach in managing them will save you time and headaches. Plus, don't forget feedback is reciprocal. Don't be offended when they give you honest feedback about your performance-it can only make your firm better.
9. Lack Of A Career Path. Firm owners sometimes struggle with the transition from hire mode to post-hire mode. This is similar to politicians who are always in getting-elected mode even after securing office. It is prudent for owners to think to themselves, "OK, they are hired, now what do I need to be doing, other than signing a paycheck, to give them opportunities for career progression?" Remember the characteristics of a millennial; if you hire a new grad, they want to see how their career could look in your firm. They also want to know what is required for each step in the progression up the career ladder. Most new financial planning graduates are not going to be satisfied staying in the same position for their entire career. Furthermore, if you cannot produce a career track or describe how one might look in your firm, be ready to lose out to other firms that can.
10. Not Sticking To Your Guns. If you don't have No. 1 figured out, an accurate job description can't be developed. If you don't have an accurate job description, it is virtually impossible to ask the right interview questions. Plus, without these two items, job performance metrics can't be developed. Resist the temptation while interviewing to say to yourself, "I really like that person and they could work here," if their characteristics don't fit your job profile. Stick to the position you are hiring for!
For those that have not ventured into hiring yet, you will most certainly encounter something on this list at one point or another during the process if, or when, you take the plunge. With some awareness, simple planning and concerted effort you will be well on your way for a smooth integration with your new hire. A small up-front investment of time and money in human capital will pay big dividends later.