As both a CPA and an executive, your staff is the lifeblood of your business. Hiring, supervising, compensating and terminating employees properly may seem a daunting and time-consuming task, but virtually nothing else will have a greater long-term payoff for you.

For financial professionals, there are six key steps for hiring, training and maintaining the right kind of talent in your organization:

1. Create a clear and accurate job description. Think long and hard about the experience, skills and personality traits you need. Ask other successful advisors how they describe staff positions. Consider hiring a consultant to help define your organizational culture and the kind of personality that would most likely succeed in it.

2. Interview candidates effectively. Interviewing is tricky; some people have great credentials or they interview well, but they make bad employees. On the flip side, others with weaker credentials or poor interview skills make great employees. Interviews present an opportunity to set expectations and be completely real with candidates. Trust your gut when interviewing. Usually, you'll know right away whether you want to work with someone.

3. Hire the right candidate for a trial period. Hire the best candidate as an independent contractor for a limited time period to see whether he or she produces the desired results. Keep the trial period to a three- or four-week maximum before making the choice to hire permanently. Within a week or two, you'll know whether the fit is right — that is, whether the right chemistry, skills and attitude are present.

4. Provide ongoing training and supervision. This is not just a one-day or one-week process. It begins on the employee's first day and lasts forever. Plan to outsource training for time-intensive technical and computer-related training. Ideally, you have a terrific office manager who will conduct most of the ongoing supervision. Give your office manager the responsibility and authority to get things done. Then get out — and stay out — of the way.

5. Motivate through recognition and incentives. Few people leave jobs because they feel under compensated. They leave because they feel they're not being allowed to contribute and that what they do doesn't matter. Recognize your staff regularly, both emotionally and financially. Simple recognition — saying "thank you" or highlighting employee achievements in staff-wide e-mails — is an incredibly underrated tool.

Incentive compensation is an equally powerful way to recognize staff. Set goals and make sure each staff member understands exactly how he or she will contribute to the goal and how that contribution will be rewarded.

6. Terminate employees when you must. Advisors often experience great turmoil here, especially with long-term employees who've become friends. Most of us avoid conflict at all costs, but choosing to let things go on will cost you dearly. You, your entire organization and your clients will all fare better if you recognize problems early on and deal with them.

Without great staff, your business or practice will not achieve your goals and dreams. With the right staff in place, your business will likely thrive. Successful staffing will pay off abundantly as it leads to responsive, happy and productive employees.

———————————————————————————

Patricia Abram, is a Senior Managing Principal at CEG Worldwide, LLC a leading research, publishing and consulting firm serving independent financial advisors, CPAs, insurance representatives and registered investment advisors. Download the latest research from CEG Worldwide or learn more about our coaching programs for financial advisors.