Page 48 - Investment Advisor March 2021

THE NEW SCHOOL

By Caleb Brown

A Better Way to Interview Job Candidates

Resumes are not the best method to judge talent. Here’s why, and how you
can improve your hiring process.

istorically, resumes have been FINDING THE BEST SKILL SETS
a large part of the hiring pro- Here are exercises to screen for prob-
Hcess. After all, what could be lem-solving skillsets you need:
more helpful to understand a candi- Financial plans completed quick-
date’s experience and capabilities than ly and accurately: Provide a case
a chronological account of their work study, and have a fixed time limit
history for hiring firms to use as a guide to complete it. Make sure the case
to developing interview questions and has some omitted and conflicting
gather more information? data to replicate what clients actu-
Yet as much as firms rely on these ally provide. This also gives you great
pieces of paper when hiring a new team insight into how the applicant deals
member, they need to understand that a with uncertainty, asking questions and
resume review is not the most effective making assumptions.
way to ensure a good hiring decision. about a previous worker’s specifics, only Prioritizing meeting preparation
Resumes can be overrated and should sharing generalities, such as position, for several new clients: Provide a one-
be utilized only in conjunction with a title and dates employed, to avoid poten- page brief on each client situation and
more comprehensive candidate vetting tial lawsuits that might arise from shar- have applicants rank them in order of
process. Here’s why: ing negative feedback. who they think will take the most time
Self-Perception Biases: When peo- Unreliable Predictability: Past and should work on first.
ple have time to prepare a story about experience doesn’t necessarily predict Develop new client onboarding
themselves, it (almost) always is going future success in a new position. Every (or other) process: Have them pro-
to sound better than reality. It’s just firm is different, and even small nuances vide a flowchart, checklist or some
human nature. can have a substantial impact in terms of other process they have created in the
Our firm sees this all of the time — job fit. There are many variables in each past. Have them walk you through their
job seekers say they are detailed, orga- situation, and some people only can suc- thought process.
nized, punctual, hardworking, etc., ceed if everything aligns. Close warm leads: Have them role-
which doesn’t tell us anything about Nor does this just include outside play a mock prospect interview with
whether they actually are a fit for the candidates. We have seen firms who someone on your team while you
position. It only shows us how they per- had a great experience with an intern observe. Write out some likely objec-
ceive themselves. so they promoted them to an associ- tions from prospective clients to see
Measurability: Even if job seekers ate planner. But the person struggled how applicants address them.
list specific measurable accomplish- because they weren’t able to make the The key is to design an interview
ments (which is a good sign), such as adjustment of not having a set sched- process where the applicant has to
sales goals, experience with software ule, laid out to-do’s each day and daily demonstrate their skills, not just talk
programs, problems solved, ideas imple- deadlines to meet that they had while about them. It may not be time to retire
mented, etc., it is difficult to verify. an intern. resumes, but consider these suggestions
Approach interviews with the Therefore, if you are prone to as you design your hiring process and
assumption that people always have the be wowed by flashy resumes, design hone interview techniques.
best intentions, but sticking with the a screening process for each role in
“trust but verify” approach has kept a lot your firm where the job seeker can Caleb Brown is co-founder and CEO of
of employers from making a poor hiring demonstrate if and how they can help New Planner Recruiting and hosts The SvetaZi/Shutterstock
decision. References help, but compa- solve problems that need solving for New Planner Podcast which you find at
nies have become more tight-lipped your firm to grow. newplannerrecruiting.com/category/podcast

46 INVESTMENT ADVISOR MARCH 2021 | ThinkAdvisor.com