By: Kenneth Salas, co-founder of Camino Financial.
Editor’s Note: Camino Financial is online marketplace that evaluates businesses and matches them with non-bank lenders. Different from a bank, the Company focuses on lending to small businesses seeking $5,000 to $500,000 in debt financing, and can fund a loan in as little as four days. For more information visit: www.caminofinancial.com
The underlying value of any strong and growing company is its people. Many small businesses fail to grow because most of the passion and driving force of the company resides with the owner(s). You can avoid this common failure by taking recruiting seriously. Recruiting not only entails finding a qualified candidate that has the skills to do a job, but also ensuring the candidate fits well with the work environment. I have a lot of experience recruiting and want to share a few secrets with you. These secrets will help you identify qualified employees that will likely accept a job offer and perform marvelously:
Indeed Beats Monster.Com and LinkedIn by a Long Shot
I can’t speak for all job posting websites but I’ve tried and reviewed several including Indeed, Monster, LinkedIn and Glassdoor. Indeed is the BEST and here’s why:
- You don’t pay upfront costs!! Monster, LinkedIn and Glassdoor all charge about $300 per job posting. It’s completely FREE to post on Indeed. You pay only if you want to promote via a pay-per-click ad campaign
- You don’t pay for searching through resumes. Monster charges $575 to search only 100 resumes for one position. I searched hundreds of resumes on Indeed for FREE, and only paid $1 for the people I was interesting in talking to
- It’s easier for you to view resumes and message qualified candidates. Save hours by simply scrolling over a candidate’s name to preview their resume and mass message up to 50 candidates with a single click
Leverage Your Network
Don’t just wait for the best candidates to come to you. Get the word out to ensure people within your network are aware of the job opening. While I didn’t find LinkedIn job postings effective, LinkedIn still serves as a great platform to notify people within your network of the job. Although your reach is more limited than job posting websites, the quality of the candidate will be much better. Also, your current employees (if you treat them well!) can be your biggest cheerleaders and attract new talent to your organization.
Conduct a Comprehensive Interview and Selection Process
So you spent hours on Indeed and you’ve identified several great candidates… now what? Don’t trust the resume. Technically, anyone can write a good resume (they can even write lies on it). Before any interview, pick two to five qualifications (skills or personality traits) a candidate needs to be successful. Ask an opening question for each qualification then dig DEEP. Push the interviewee to get specific and ask follow-up questions such as: “why”, “how” and “tell me more”. An interviewee should interview with at least two or three people in your company including the supervisor. A second or third opinion will likely bring new things to light which may validate or change your initial assessment. If you don’t feel qualified to interview someone (for instance, you’re hiring a programmer and don’t know how to code), find someone that can help you evaluate the candidate’s experience and skills.
Good luck! Recruiting is the first step to managing the business instead of letting it manage you. With qualified people you can trust, you can step back and manage the operations of your business at a high level (and you’ll get to leave home a little earlier ☺).
Kenneth is co-founder of Camino Financial. Prior to Camino Financial, Kenneth worked at a private fund investing in Hispanic-owned businesses. Before then, he worked in investment banking specializing in mergers and acquisitions. Kenneth received his MBA from Harvard Business School and B.A. at UC Berkeley.