The Secrets of Hiring, Managing and Retaining Star Employees Presenter: Brian Waldman, Vice President of Marketing and Strategy Merchant Warehouse

About Merchant Warehouse

• • • • • • Established in 1998 Over 80,000 active merchants 9 million transactions per month 7 billion annual processing volume 1000+ pieces of equipment on hand 170+ employees

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Is it time for you to hire?

Ways to structure a job description Recruiting candidates Evaluating resumes Interviewing Setting & managing expectations Keeping employees motivated and happy Handling issues & terminations

Is it time for you to hire?

• Determining if you are ready to bring on a full time employee can be tricky. Ask yourself: – Can I outsource this activity?

– Do I have enough work to keep this person busy full time?

– Can I clearly define my ROI?

– Can I commit the time needed to hire & manage?

Ways to structure a job description

• • • • • • • Spend time carefully defining what you need Be clear about the type of person you need/want Look on the Internet for things you can steal Don’t over/under reach – be realistic Make sure pay is where it needs to be Make sure it sells the opportunity Consider temp to perm if appropriate

Recruiting candidates

• • • • • • Where do you want to post?

Can/should you reach out to a network?

What about my buddy or friend’s kid???

How should people apply?

Setting up an email for this only.

Setting yourself up for success.

Evaluating resumes

• • • • • • Expect many un/over qualified candidates Have an open mind Remind yourself what is important Be diligent Remember the poor job market – it can help and hurt Have a system

Interviewing

• • • • • • • Interviewing can take a lot of time Do you have others you can involve?

Is a phone screen worth while?

Be prepared – know what you need answered Set expectations Find ways to uncover issues and test knowledge Don’t stop interviewing!

Managing expectations & performance

• • • • • • • • Always be clear regarding your expectations Work at communication Understand motivations Check in without over doing it Remember – “What gets checked gets done” Set regular intervals for formal feedback Books on leadership and management Watch Star Trek The Next Generation

Keeping employees motivated and happy

• • • • • • Money is important, but not most important More connection to goals Formal feedback and development Occasional social/fun interaction Listen to concerns – consider them warnings Praise and find small ways to reward

Handling issues & terminations

• • • • • • Even great employees sometimes need correction Don’t be shy or make more of it Document issues clearly Make sure ramifications are understood Work together to solve issues Terminations should be expected

A Few Notes for Sales Agents

• • • • • Phone interaction is a great way to screen Expect them to sell themselves to you and show enthusiasm In an interview try and role play and put up objections If they can’t establish a rapport with you they probably can’t with customers Make sure your comp is aligned with the goals

Cost of job posting sites:

• • • • • • Networking - Free Newspaper – varies Craigslist - $25 Linkedin – $195 Monster – $210 - $395 (Based on location) Careerbuilder – $419

Recommended articles:

• • • • How to hire your first employee http://guides.wsj.com/small-business/hiring-and-managing-employees/how-to-hire-your first-employee/ How to hire your first employee – Inc magazine http://www.inc.com/guides/hr/20710.html

How to retain employees http://guides.wsj.com/small business/hiring-and-managing-employees/how-to-retain-employees/ How to attract talent to a small company Hiring mistakes to avoid for your startup http://guides.wsj.com/small-business/hiring-and-managing-employees/how-to-attract talent-to-a-small-company/

Books:

• • • • The One Minute Manager Hiring Your First Employee: A Step-by-step Guide 101 Biggest Mistakes Managers Make and How to Avoid Them Becoming a Successful Manager : How to Make a Smooth Transition from Managing Yourself to Managing Others

Basic Candidate Requirements

• • • • • • • Basic Computer Skills (word, email, excel) Attention to detail Ability to prioritize responsibilities Balance between “smarts and salesmanship” Compelling, persuasive personality Drive and accountability to hit daily, weekly, monthly targets Competative

Thank You, Any Questions?

Brian Waldman VP Marketing & Strategy Merchant Warehouse