From Adviser Guide: Succession Planning
Q: How should I approach hiring?
A good recruitment programme means if someone leaves, you have a clear description of their role and the specifications required to fill it.
If you are looking to recruit into a specific role, Tim Parsons, business transition director of Succession Advisory Services, said the first thing to do is draw up a written recruitment outline.
Mr Parsons said this is crucial if you are going to use agencies or head hunters.
Even if you are not going down the agency route - you may be recruiting for the position internally or have someone you know in mind - Mr Parsons said it will make you think carefully about the role and type of person you need.
The outline should cover job description, remuneration, skills required, etc.
Mr Parsons said having a good recruitment programme means if someone leaves, you have a clear description of their role, the person specifications required to fill the role, etc.
Recruiting at the graduate level so you can develop potential also has advantages, he added.
Mr Parsons said: “We are also seeing many older people looking for a change of career disciplines but wanting to begin working within firms that have definite career progression pathways.
“This brings certain advantage as people can be moulded to fit with how the business operates and work up the career ladder as prescribed by you the business owner.”
Keith Richards, distribution and development director of Tenet, said psychometric testing was part of every interview process he did and could prove particularly useful when two candidates are very closely matched.