The first thing that stands out about our client Eric is his commitment to serving his clients. Eric shares two qualities of great entrepreneurs.
- High self-efficacy i.e. the desire to grow and become as much as you can be.
- Generosity of spirit. Eric is a giver. He is passionate about making a difference in the lives of others. This transcends his business and touches every area of his life. He views his chosen career as a call to serve.
Yet, his commitment to service often left him feeling exhausted at the end of each day. There were just not enough hours in the day to accomplish everything that needed to be done.
The breakthrough for Eric came from our work and the realization that he could not achieve what he wanted by himself. He needed a team of people who shared his passion to serve. Today, the mantra is: “You have to do it yourself and you can’t do it alone.” Eric is part of a Business Builder Study Group whom we coach.
Entrepreneurs often hire based upon relationships, not necessarily the best fit for a role. Since Eric has no formal training as a manager, his experience in attracting and retaining the right staff was hit and miss. We are attracted to work we enjoy and perform competently. Eric struggled as a manager. He did not enjoy the role and felt inadequate as a manager of people.
Eric loves the role of financial advisor to his clients. He also wants to build a multi-million dollar advisory firm and knows he can’t do it alone. To grow, Eric needed a chief administrative officer (CAO), someone who could manage staff and deal with the operational aspects of his business. This would free Eric to focus on strategy and providing financial advice. To recruit the right talent, you have to take into account four determinants of effectiveness in a role. They are as follows:
- Cognitive Capability – Cognitive relates to problem solving and exercising judgment. Capability equates to potential. It is important to hire people who have the right mental horsepower to perform effectively.
- Knowledge and Expertise – Do they have the required skills and knowledge to function effectively in the role?
- Personal and Relationship Skills – Personal skills include time management, exercising the discipline to complete tasks, effectively utilizing resources, etc. Relationship skills reflect the ability to work with and through people to accomplish tasks.
- Motivation – Do people value the work they are asked to perform? We tend to choose work we value. It is the willingness to perform at a high level in a role.
Eric used these determinants in assessing candidates to recruit the right talent for the CAO role. He also exercised the discipline of triangulation in selecting the right candidate. He interviewed a number of people, did reference checks and used assessment tests. As time consuming as this was, the payoff came in hiring an outstanding person. Michelle has the requisite cognitive capability, knowledge and expertise, personal and relationship skills, and motivation to manage a team of capable staff. Eric is quite comfortable managing Michelle because she fully embraces his vision for the business and shares a passion for client service. Through the example set by Eric and Michelle, the team is dedicated to providing exceptional service that expands client relationships.
Eric is doing what he does best. He is responsible for strategy, meeting with clients and prospective clients and managing Michelle. She manages the rest of the team. Each team member has clearly defined accountabilities. As a result, Eric is making more money and having more fun, while building a significant business.
At The Covenant Group, we facilitate a unique process to help you identify the responsibilities, objectives, and activities (ROA) of each role inside your orgranization in order to improve the productivity and performance of your team, drive results, and achieve your overall objectives. To recruit the right talent it is important to have clear role descriptions for them to follow. To learn more email us at tcg@covenantgroup.com.
