The Secrets of Hiring, Managing and Retaining Star Employees

Presenter: Brian Waldman, Vice President of Marketing and StrategyMerchant 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

Goals for the presentation

1. Is it time for you to hire?2. Ways to structure a job description3. Recruiting candidates4. Evaluating resumes5. Interviewing6. Setting & managing expectations7. Keeping employees motivated and happy8. 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 companyHiring 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 WaldmanVP Marketing & Strategy

Merchant Warehouse