Resort-style residential development breaks ground in St. Petersburg

Capstone Building, a Birmingham, Alabama-based general contractor broke ground on a $45 million resort-style residential project in St. Petersburg, along with Phillips Development and Realty. The project, The Sur Club, will encompass four stories with 296 units across 320,384 square feet with a 160,779 square foot five-level parking structure. The property will have one, two … Read more

Turn off your smartphones … I’m talking relationship building

Close-up of two business professionals in suits shaking hands during a meeting.

I’m joking. Don’t turn off your Smartphones … just put them aside long enough to read this. I began this article focused on how to build a strong relationship with your banker, but it has morphed somewhat. Relationship building isn’t unique to banking — it crosses all industries. It is about people, business and life. … Read more

Create a culture of fulfillment

How many times have you heard a CEO say people are their most important asset? While the sentiment is admirable, how do we demonstrate to our people that we really believe this? Having competitive pay, health insurance, vacation days and a 401k are great, and free snacks and air hockey are nice, but is that … Read more

Pay Tampa Bay event adds keynote speaker, shares other updates

Courtesy of the City of Tampa

The Mandalay Group announced updates for the upcoming Pay Tampa Bay, or #PAY TAMPA BAY, event, including additions to the advisory board, two keynote speakers and a new community partnership in the Florida technology corridor. The theme for 2020 event is “Banking, Blockchain and Beyond.” Event proceedings are being co-sponsored by BlockSpaces, a Tampa based … Read more

The top three mistakes made when recruiting and hiring

Close-up of two business professionals in suits shaking hands during a meeting.

In working with thousands of business owners over the past three decades, I routinely hear of their recruitment and retention woes. Since there is a right and wrong way to do anything, I’d like to address the three biggest ‘wrong ways’ a hiring process can be done.

 

TOO MANY INTERVIEWS.

This is a bigger problem in the corporate arena but it has application in any business. There are just too many interviews.

HR interviews the candidate, passes them off to a manager, who passes them off to the head of the department or division and up the corporate ladder.

The first thing we need to do is consider the plight of the candidate. Usually, they are looking for a job because they’re either miserable at their current place of employment or not working at all. They are, generally, unhappy and there is probably a lot of personal stress affecting them and their families.

I have a hard time getting companies that I help to admit this but all of these interviews are generally thrown in to cover the interviewers’ backs. If the candidate doesn’t work out, it gives an excuse of “they interviewed them too.”

I get it; but at the end of the day someone needs to make a decision and be willing to hire the wrong person. You can always hire the runner-up later.

TAKING TOO MUCH TIME INTERVIEWING AND DECIDING.

This is related to #1, but you may need to consider going faster. If there’s no way you can cut the number of interviews down, then speed up the process. Depending on the position, the process should reach a conclusion in two to three weeks maximum. Two or three days is MUCH better.

Again, think about the candidate. They need a job. Let’s do them a favor and get the process completed as expeditiously as possible.

Sorry to tell you, but #1 and #2 are the MAIN reasons for losing good candidates. They are looking for a job and usually need to get the process done fast. By itself, too many interviews and moving too slowly can, by process of elimination, cost you the best candidates.

Think about it. The motivated, hungry candidates might even take less pay just to get the process over with. Who does that leave you? Candidates that have a hard time making a decision or aren’t that motivated. Possibly, candidates that are more interested in the financial package than contributing to the overall purpose of the company.

THE OFFER.

First of all, don’t enter into the hiring process without having your minimum and maximum tolerated offer very clear to everyone involved in the decision process. I suggest using caution when trying to save a few thousand dollars per year when it comes to having a quality employee; especially in a position that’s critical to sales, product development or customer service. Having the maximum offer too low can immediately eliminate the perfect person for the position.

The old adage of ‘you get what you pay for’ applies here. I’m all for saving money, but be sure to evaluate what the right hire can do for the company. That benefit has a price tag.

Once the pay is established internally, someone needs to ask the candidates what they’re expecting. If you aren’t in the ballpark, let’s find out early in the process before more time and money is spent vetting out candidates. ASK THEM!

If these three issues are properly addressed, the process will be a better experience for all involved and you’ll end up with supremely better results.

Greg Winteregg

Greg is an internationally recognized entrepreneur, lecturer and mentor that specializes in helping small business owners reach the maximum potential for their business. He’s lectured to and worked with business owners in ten countries across three continents and built several successful small businesses himself. Contact Greg: [email protected].

How executives decide their personal and corporate philanthropy endeavors

Ahead of the start of the giving season, Tampa Bay Business & Wealth held its inaugural publisher’s dinner to discuss charitable giving. The dinner was held at Parkshore Grill in St. Petersburg and was presented by Metropolitan Ministries.  Here’s a transcript of that discussion, which was recorded and transcribed by court reporter Dana Stockton. It … Read more