Life Insurance That Changes With You

Finance|Wealth, NextGenOD, Planning, Resources, Sponsors

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Before we leave all the insurance talk,  I wanted to draw your attention to a few of the opportunities with life insurance.

Despite life insurance paying out on death, it does have the ability to not only support the lives of your loved ones when you are not there, it can also provide you with several living benefits.

Living Perks of Life Insurance
All life insurance policies can be assigned to a lender.

We often see this where a bank, offering a sizeable business loan for example, will request that key persons for the success of the business be insured. Best practice is to set up personally or corporately owned insurance as the case may be, rather than creditor insurance, which does not provide you with flexibility down the road.

In addition, you can also borrow directly from the cash surrender value of a permanent life insurance policy. This can be set up multiple ways and can be a great source of funds to help set up your business expansion while maintaining insurance coverage and offer an alternate source for income in retirement.

How Does Life Insurance Change with You?
The more advanced concepts of using life insurance to provide benefits while you are still alive is often something that doesn’t become relevant until your mid or late career.

In many cases, the initial cost of permanent life insurance premiums deter clients from setting up these policies at the beginning of their career.

As a result, most clients will purchase more premium affordable short term life insurance early in their adult lives. In order to create a policy that can change with you, you will want to ensure your term insurance is both renewable and convertible.

Renewable Term Life Insurance
Renewable term insurance means that after your initial purchased time period of insurance coverage, say ten years, the policy will automatically renew for a new term at the contracted new rates, up until it’s expiry, usually at age 85 for term life insurance.

These rates are printed in your policy so you are aware of how the premiums will change with your increasing age. Renewing a term life insurance policy also means that you don’t need to undergo the application process again. This is especially valuable if your health has changed since your initial application.

Convertibility For Changing Needs
On top of any need for ongoing life insurance to financially assist your loved ones, you may also find yourself looking for additional long-term strategies as your career advances.

In addition to the above mentioned living perks of life insurance, you may need final taxation management and estate strategies, such as maximization, equalization and charitable giving.

Convertible term policies will permit you to change your plan to permanent insurance, thereby moving from a rental form of insurance to life long coverage (as long as the premium requirements are met).

And like renewability, you don’t have to undergo the application process again, risking premium ratings or a decline of coverage due to changes in your health or family health history.

Business Owned Life Insurance
We often speak about “savings buckets” and since the 2017/2018 CRA changes, saving for retirement in a corporation is no longer the benefit it used to be. Permanent life insurance is still one way that you can create tax efficient savings in your corporation.

In addition, this can help preserve your small business tax rate from passive earnings erosion. Remember however, if you are planning to sell your corporation down the road, you don’t necessarily want to sell this asset with the business, so it will be important to structure this strategy efficiently so that it will truly achieve your goals down the road.

Products That Serve You Today & Tomorrow
Life insurance is one product that not only serves your immediate needs, but if structured properly can serve you well into the future. Understanding how life insurance can be an asset class onto itself will help prepare you for the future you are dreaming of.

Read Previous Article – DISABILITY INSURANCE: MORE THAN INCOME REPLACEMENT

Advisory
As your Chief Financial Officer, I am here to help you understand your money and assist you in making smart decisions about your debt repayment, insurance protection, tax management and wealth creation. I work as your fiduciary to ensure that your best interests are always placed first and foremost.

Have more questions than answers? Educating you is just one piece of being your personal CFO that we do. Call (780-261-3098) or email (Roxanne@C3wealthadvisors.ca) today to set up your next conversation with us.

Roxanne Arnal is a former Optometrist, Professional Corporation President, and practice owner. Today she is on a mission of Empowering You & Your Wealth with Clarity, Confidence & Control.

These articles are for information purposes only and are not a replacement for personal financial planning. Everyone’s circumstances and needs are different. Errors and Omissions exempt.

ROXANNE ARNAL,

Optometrist and Certified Financial Planner

Roxanne Arnal graduated from UW School of Optometry in 1995 and is a past-president of the Alberta Association of Optometrists (AAO) and the Canadian Association of Optometry Students (CAOS).  She subsequently built a thriving optometric practice in rural Alberta.

Roxanne took the decision in  2012 to leave optometry and become a financial planning professional.  She now focuses on providing services to Optometrists with a plan to parlay her unique expertise to help optometric practices and their families across the country meet their goals through astute financial planning and decision making.

Roxanne splits EWO podcast hosting duties with Dr. Glen Chiasson.

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Onboard the Leadership Bus

Independent SightLines, Leadership, NextGenOD

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By Dr. Trevor Miranda. 

Dr. Miranda contributes his thoughts and perspectives on the topic of Independent Eye Care Practice in Eye Care Business Canada. Check out all of Dr. Miranda’s articles in Independent Insights category.

If you are a practice owner then you are a leader.

It is important to embrace this role, learn to excel as a leader and create future leaders in your organization. Too often the owner abdicates the leadership responsibility and, as a result, the void is often filled by dysfunctional power grabbing protectionist team members looking to control everything and limit the growth of others.

Driving the Bus
As a leader, you need to be able to lead from the front.

This component of leadership is tasked with the awesome responsibility of “being awake at the steering wheel”. This means being ready to make turns to keep the bus on the road to business prosperity, to deftly dodge the potholes (like the Pandemic) and knowing when to stop, rest and refuel.

The driver of the team understands what it takes to do each job to keep the team moving forward. Valuing each job is crucial to engaging the entire team to keep their eyes on the road so they can also catch threats that may end in disaster.

At the Back of The Bus
I remember road trips with soccer and hockey teams growing up.

Only the “cool kids” got the back seats. The cover of invincibility and greatly reduced accountability made the back of the bus the most coveted locale.

A great leader lets others drive. Encouraging and fostering leadership skills in others will incubate a culture of empowerment. Great leaders can sit at the back of the bus and enjoy the fun and reduced stress that comes with that.

These special leaders are in tune with the heartbeat of the team. Make sure you take time to have fun!

No Back Seat Driving
Great leaders let others lead.

The bus of business is on the road 24/7. You can’t be a good driver all the time. Encouraging other team members to lead perhaps by running a meeting, hiring new staff, creating training plans for each team member or investigating new product solutions are all key to fostering a Leadership Culture.

It is important to let the driver in training make decisions such as where to turn without constant direction. Don’t be a backseat driver! Emerging leaders of organizations need some room to FAIL (First Attempt in Learning). Crucial to a learning organization is that reviewing where we are and how we got there brings new insights.

All drivers in training need to know when they take a suboptimal route and understand ways to improve on a go forth basis.

Under the Bus
The concept of throwing a teammate under the bus needs to be revisited.

Taking team accountability for mistakes such as a missed order, incorrect Rx, or any other perceived patient slight allows the patient community to recognize the team care they are receiving.

As a leader, you should always be “under the bus” with the entire team. If we are attached together we cannot throw anyone under the bus without ourselves coming along for the ride.

The Wrong Bus
Sometimes passengers on your team bus may experience motion sickness or do not appreciate the direction the bus is going.

In your company analogy, these passengers are wishing they weren’t even on your bus. They want to fly first class (who wouldn’t?!). It is crucial that the leaders identify these team members and ensure they fully understand the direction of the organization and exactly what roles they are expected to undertake.

If that is unsatisfactory then stop the bus and exit this employee. Perhaps a different journey is more suitable for them and it’s time for them to find a different bus.

It’s better to be honest and frank in these conversations but remember to be kind.

Driving Standards
There are certain attributes that good leaders value including honesty, trust, hard work and kindness.

In the same way that we follow “the rules of the road,” great leaders don’t cut corners when it comes to “doing things the right way.” Crucially fostering other leaders is very important.

We have created a pathway or “journey” for each team member by overlapping training and compensation so that each employee feels some control of the direction that the team is heading.
Great execution relies on an amazing team all driving in the same direction!

 

DR. TREVOR MIRANDA

Dr. Miranda is a partner in a multi-doctor, five-location practice on Vancouver Island.

He is a strong advocate for true Independent Optometry.

As a serial entrepreneur, Trevor is constantly testing different patient care and business models at his various locations. Many of these have turned out to be quite successful, to the point where many of his colleagues have adopted them into their own practices. His latest project is the Optometry Unleashed podcast.

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Not everyone needs to be a top performer

Human Resources, Managing Others, Talent Acquisition

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Fact or Fiction?
Not everyone needs to be a top performer. We need some ‘steady Eddies’ or we’ll spend all our time trying to satisfy everyone’s career expectations.

Don’t confuse performance with pressure to offer promotion opportunities.

Many people who are at the absolute top of their class want nothing more than to be left alone to do what they do best, day in and day out. Top performers are top performers because they love what they do, and they do it exceptionally well.

All too often we convince ourselves that it’s okay to have a normal performance curve where 70% of the workforce is just ‘average’. We too easily accept the notion that average is okay and doesn’t hurt our practice.

Wrong.
The truth is average is awful.  Average in most organizations represents an opportunity cost of 23% or more of payroll – money that gets paid out with zero return.

In most organizations, and eye care practices are likely no different, 23% of payroll represents a substantial sum of money that if used elsewhere in the business could materially improve the practice.

The most valuable competitive advantage for any business is to staff with star employees who perform better and stay longer.

That’s the Fit First philosophy.

Fit First Philosophy starts with this premise. Hire for Fit, and then train as needed.
Save yourself time and money.

This post is sponsored by EyePloyment.com and Fit First Technologies

Learn more.

TIM BRENNAN

is Chief Visionary Officer with Fit First Technologies Inc, the creators of Eyeployment, TalentSorter and Jobtimize.

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Investing in Employee Satisfaction Makes Good Business Sense

Human Resources, Leadership, Managing Others

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Fact or Fiction? Investing in employee satisfaction makes good business sense.
Sounds reasonable, right?

Many organizations believe that satisfied employees are profitable employees, so they invest heavily in things they think will show appreciation – elaborate cafeterias, games rooms, group outings, on-site concierge services, and other generous perks. That’s pretty sweet, for the employees.

These companies will spend exceptional amounts of money continuously surveying “employee satisfaction” and then ponder over the results to discover new ways to enhance it.

But, Where’s the Proof?
Surprise: The truth is, there is no documented relationship between employee satisfaction and business performance. A happy workforce is not necessarily a more productive one.

The factor that is a predictor of performance and productivity, and it is in fact the most reliable predictor, is something called engagement.

Engagement is all about how focused and committed your people are to hitting and exceeding your shared objectives.  e.g. How much sweat, effort, and creativity they are willing to put in of their own free will.

The best part is that engagement doesn’t cost you, the practice owner, much. But you must set the stage for it by paying attention to the leading indicators of fit.

The formula is simple in theory.  Find employees that fit the job, fit the practice values and fit and other members of the team, and, you will have a committed and engaged staff that is more productive and profitable for your practice.

The most valuable competitive advantage for any business is to staff with star employees who perform better and stay longer.

That’s the Fit First philosophy.

Fit First Philosophy starts with this premise. Hire for Fit, and then train as needed.
Save yourself time and money.
This post is sponsored by EyePloyment.com and Fit First Technologies

Learn more.

TIM BRENNAN

is Chief Visionary Officer with Fit First Technologies Inc, the creators of Eyeployment, TalentSorter and Jobtimize.

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Information Technology and Innovation: One of FYidoctors’ driving factors for the future

Practice, Resources, Technology

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FYidoctors innovation and technology

For over two decades, or most of his career, Kevin Bingham has been dedicating his time to improving and prioritizing the function of Information Technology (IT) and Innovation in the workplace.

As the Vice President of Innovation and IT at FYihealth group, Kevin works closely with the companies’ multiple teams to improve the overall utility and value of IT hardware, software assets and services while also keeping a focus on customer experience.

Through capitalizing on new technologies, mindful organizational change management and adding expertise to his growing team, Kevin’s efforts ensure that the organization is always at the forefront of innovation.

CEO and Chair of FYihealth group, Dr. Alan Ulsifer, remains heavily invested in the development and utilization of technology as it continues to be a significant area of focus for the future growth of the organization.

We caught up with Kevin and some of FYi’s influential Optometrists involved in innovative technology, Dr. Michael Kaplan, based in Toronto, and Dr. Bunny Virk, in Calgary. They shared how innovation and IT are pivotal to patient care at both the leadership and clinic level to support the organization’s growth.

Fostering a Solution-Seeking-Mindset to Innovation and Technology
“Technology advancements are at the forefront of our organization, and decisions are made to support them,” shares Kevin Bingham.

”FYi has invested millions of dollars into Cyber Security to protect patient confidentiality, along with completing a digital evolution for its Shopify eCommerce platform to deliver a first-in-class digital patient omnichannel experience. “During the COVID-19 pandemic, we provided innovative technology for social distancing while still delivering eye care quickly and responding to our patients’ needs,” Kevin added.

“FYi also developed a virtual try-on tool that allows patients to try on glasses in the comfort of their own home and speak to a representative online, thus creating a completely virtual shopping experience.

All these initiatives support the growth and future of FYidoctors and, in 2021, FYidoctors won the Canadian HR Award for ‘Most Innovative use of Technology.”

Technology Focused for Future Growth
“Our company views the IT department as an investment into our organization,” Kevin shared in his interview. FYi considers technology to be one of the driving factors for success and sees the benefits of a forward-thinking approach to technology advancements.

Kevin added: “the IT team comprises over 75 full-time employees, two of whom have been with us since our inception in 2008, and employs four team members for IT project management for all the mergers, projects, and implementation of new software updates.”

As an example, when a new clinic joins the FYi network, it is a top priority for our team members to get in place efficiently so the new team can be up and running and serving patients on day one of operations.

Undergoing integration is an extensive process, and our team shares with the new clinics the process starting with, “where the business is now” and mapping out “where we (FYi) are taking them.”

This information sharing process allows the new clinics to have a clear vision of their technology roadmap for all their members, and for their patients’ files.

This approach supports every clinic towards a smooth integration to the FYi network, which includes platforms like the Acuitas Practice Management System and NetSuite.

The Evolving Technology to Support Patient Care
”Technology advancements have helped provide a more accurate and comprehensive eye examination and patient education tools,” explains Dr. Michael Kaplan, FYidoctors Optometrist. “It allows us to see the finer details of the tissue we are examining, follow any subtle changes over time, and provide better diagnosis and proactive intervention”.

Dr. Kaplan added. FYi optometrists are optimistic about the continuing evolution of technology to help provide earlier detection of diseases and ways of treating them before the damage has already been done.

“Looking into the future, potentially, a device including artificial intelligence (AI) would enhance our diagnostic abilities for much earlier detection and preventative measures. AI would integrate with our current technologies to help with earlier detection for patients,” shares Dr. Bunny Virk, FYidoctors Optometrist in Calgary.

Exam Technology Findings and Looking into the Future
“We use a wide range of technologies in our exam rooms, including Wide Field Retinal Imaging/Optical Coherence Tomography (OCT), Biometers to help with the newly emerging field of myopia management, ILux, IPL and RF to help assist with dry eye disease, and Heidelberg Retinal Tomography (HRT) to help detect glaucoma,” explained Dr. Kaplan.

Dr.  Virk added that “innovations in contact lens materials and designs have helped with the lenses’ comfort, health, and vision. The contact lens advancements and measurement techniques have allowed us to treat individuals with corneal pathologies and transplants to improve vision, which was previously difficult. A device that works well is Corneal Topography, which measures the cornea like a topographical map for detecting early corneal pathologies and degenerations.”

All these technological advancements are a great aid in providing quality eye care for FYi’s patients.

FYihealth group is committed to providing the highest quality patient care to enhance lives across North America. It strives to be a prevalent healthcare company in the marketplace by continuing to foster conversations regarding innovation and evaluate benchmarks in technology.

This is a sponsored post by FYihealth group.

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Fashion is Magnetic. Use it to Attract New Clients

Marketing, Merchandising, Resources

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Train Your Team to Sell by Applying the Art of Styling

The Psychology of Fashion
Fashion psychology is commonly defined as the study of the impact of clothing choices on the way in which we perceive and judge others. Clothing does not always define a person, but it can be an expression of one’s personal style and be a strong indication of how they would like to be perceived.

Clothing style also provides you with an abundance of visual clues that help lead the initial sales conversation with your patients and build your credibility as the expert stylist.

As you work to discover your patient’s style, assess their current style. How would you describe what you see in their current style?

  • Formal
  • Casual
  • Edgy
  • Professional
  • Flirty
  • Unique
  • Young
  • Mature
  • Powerful

Then ask how they would like to feel in their new eyewear? Once you identify the feelings your patients/clients want, the easier it will be to curate a collection of styles that are exciting for them.

It’s More Than Trends
Eyewear is an expressive fashion accessory that is part of your patient’s identity, and the art of styling eyewear is more than just knowing the trends. I discourage selling by trends and prefer to explain how styling can be achieved through the assessment of one’s personality traits and finding frames in shapes, materials and colours that best complement that style.

There are many psychological factors that will motivate your clients to be fashionable. It could include the desire to conform, the desire to express personal creativity or a desire for uniqueness. Fashion eyewear is one of the most powerful accessories that can create one’s identity to achieve a desired self-image. Clients will move towards what they desire more than what they need.

The Economics of Fashion Eyewear
Over the last two years, Canadians have shifted their spending and are buying more eyeglasses. At the end of 2021, it was estimated that Canadians spent over $3 billion on eyewear and the market is expected to show a growth of 7.3% this year.

The online eyewear industry is constantly finding more ways to instill confidence in the consumers by providing do-it-yourself
guides on “how-to” choose eyewear.

If your frame inventory is readily available at the shop down the street or online, the desire for that product decreases when they are in your optical gallery.

Alternatively, when you stock interesting and diverse frames, you differentiate your business and essentially neutralize a big chunk of your competition. The motivation to buy from you is now more attractive and perhaps urgent as you are changing the impression of style by presenting multi pairs that all give them a different vibe. The combination of unique eyewear presented by trained style experts is a winning combination for your business.

Originality Always Wins
When I started my mobile eyewear boutique in 1997, I had no brick and mortar, lots of time and no money to advertise. I attended networking events, became a guest speaker for groups and when I attracted a new client, I created the most unique eyewear buying experience I possibly could. Twenty-five years later, even with access to so many free social media platforms, word of mouth marketing is still my best form of advertising.

My Tips to Maximize your Magnetic Referral Potential:
• Provide value with an eyewear styling session and expert advice.
• Provoke emotion and find out how your client wants to feel in their new eyewear.
• Be passionate and objective about the products you sell to your clients even though your style may not be their style.
• Project your personal image in your favourite clothing style and accessorize with eyewear for instant credibility.
• Curate a boutique collection of eyewear that is distinct to inspire your patients to stay and want to buy more than one pair.

Your passion for fashion will be magnetic when you give it your unique twist and consciously and consistently implement a styling sales strategy in your optical gallery. The more you repeat your process, the better you will be.

It will be the extraordinary experience you create that will trigger a conversation. It is the unexpected or unusual that will motivate customers to share the word about your optical gallery and your team.

WENDY BUCHANAN

Wendy Buchanan, Eyewear Image Expert is a Registered Optician, Image Consultant and Educator.  She is the creative force behind the Be Spectacular Eyewear Styling System® for Eye Care Professionals.  Wendy helps eye care practices to systematically reinvent their eyewear dispensaries to create an exceptional buying experience and increase profits.

Connect with Wendy on Instagram   https://www.instagram.com/bespectaculartraining/

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NextGenOD Dives Deep into the FYidoctors’ Future Vision Leadership Program

Human Resources, NextGenOD, PathFinders, Talent Acquisition

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Dr. Michael Naugle provides an in-depth explanation of how the FYidoctors’ Future Vision Leaders program works with NextGenOD’s  Nyah Miranda, a first-year OD student at New England College of Optometry (NECO).  Nyah and her Canadian compatriots account for 39% of the year 1 class at NECO.

Playbutton

Dr. Naugle explains how the $100,000 loan forgiveness program works, how it is tiered by geographic location, explains eligibility and all the details involved with the program.

He also explains that while it appears that income is higher if OD students stay in US, this is actually not the case when you take everything into account. (10 Mins)

Related Links:  
Dr. Naugle’s EyesWideOpen Podcast with Roxanne Arnal 

 

 

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First COVID, Now Inflation and Rising Interest Rates

Practice, Resources

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The market has continued to change.  Many are asking great questions about corporate buyers, and the impact of the rise interest rates and inflation on practice values.

Healthcare is (still) Recession and Pandemic Resilient
The market continues to expand and corporate buyers, like traditional ones, see the value in healthcare. I may sound like a broken record, especially now that we are 2 years past those initial dark days, but healthcare has proven it is recession and pandemic resilience.

People simply need humans to take care of them. Rates of return on healthcare businesses are 8% or more depending on cost structures.

The Numbers Game (Hint: It’s Not a Game)
An individual doctor will always purchase a practice unless they want to be a career associate.  A corporate entity will go after an office where an improvement in gross revenue can be made through the increase of hours and services while also, of course, trimming expenses as well.

Practice sellers may not like their hard work broken down into “simple numbers” but the reality is that numbers drive corporate decision makers. It is just business.

Sometimes corporates will pay more than an private individual doctor purchaser and other times not.
Ultimately, a vendor must put personal feelings and ego aside in order to make the decision that makes most sense for them.

Market influencers – interest rates and inflation
Good news, historically, despite the varying rates, practice values have continued to rise.  They may jump more in value at certain times and less in others but in reality, the actual values have not decreased in my 30 years of being in this industry.

These past couple of years have certainly been interesting.  Despite a pandemic and increasing inflation, values have continued to rise.

This is simple economics – supply and demand.   There continues to be more buyers than good practices available. The vendors who may have chosen to delay due to pandemic by holding on, continue to put pressure on purchasers who are looking for something to buy.

Lenders also continue to fund these acquisitions provided that the buyer can qualify.  As long as this cycle continues, values will not be negatively impacted.

Can the rise in interest rates affect a practice value?
My initial answer is no BUT I do feel the need to qualify my response.

There are certain transactions that a bank will not provide 100% which means the buyer must put some money into the deal to successfully close.

This does not mean the practice is overvalued. It simply means that based on risk, a lender is comfortable in financing only a certain percentage of the purchase price.

The market has been trained in the past 20+ years to expect 100% financing.  However, many factors have changed significantly such as increased practice values along with increased, personal debt load of purchasers.

Practice value is not synonymous with level of financing.  Values are separate from the level of financing a bank will offer a purchaser.  For example, an insurance brokerage will sell for 12-15x EBITDA yet lenders do not finance this level.

Inflation can cause practice values to decrease.

It is quite simple – the more expenses rise (staffing, supplies, PPE), the more the net profit is negatively affected.

As such, value is impacted.  Therefore, before anyone opines as to whether higher rates and inflation impacts value, the real assessment is how these factors affect a practice on a case per case basis.

A blanket statement is always a dangerous thing to make.

It should also be noted, the final practice value is truly determined by the price a vendor and purchaser agree to. Even if increased expenses bring value down, a buyer can still offer more if they see opportunities in the practice.

Jackie Joachim, COO ROI Corp

JACKIE JOACHIM

Jackie has 30 years of experience in the industry as a former banker and now the Chief Operating Officer of ROI Corporation. Please contact her at Jackie.joachim@roicorp.com or 1-844-764-2020.

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Low turnover is a good sign we’re doing things well. Why rock the boat?

Human Resources, Managing Others, Talent Acquisition

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Fact or Fiction? Low turnover is a good sign we’re doing things well. Why rock the boat?

Low turnover can seem like an employer’s dream, but is it hurting your business in the long run?

The important question here is – how many people are we keeping?
The far more valuable question is – what is the quality of the people we are keeping?

All too often, organizations, including professional practices, find themselves in a rut where people aren’t leaving because they are comfortable. And they are comfortable because their job is easy, standards are lax, and mediocre performance is tolerated.

Comfortable employees can choke a business.

If you raise your standards, you will scare off those who crave comfort and attract better performers who share those same higher standards.

The Wrong Kind of Turnover
If you maintain the status-quo, you may well have turnover, but not of the right kind. Those leaving may well be the ones that thrive on a challenge and take price in being on a high performing team.

The most valuable competitive advantage for any business is to staff with star employees who perform better and stay longer.

That’s the Fit First philosophy.

Fit First Philosophy starts with this premise. Hire for Fit, and then train as needed.
Save yourself time and money.
This post is sponsored by EyePloyment.com and Fit First Technologies

Learn more.

TIM BRENNAN

is Chief Visionary Officer with Fit First Technologies Inc, the creators of Eyeployment, TalentSorter and Jobtimize.

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The Best Way to Gain an Advantage is to Hire the Competitors Best Performer

Human Resources, Talent Acquisition

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Fact or Fiction?
The best way to gain an advantage over my competition if to hire away their top performer.
Their loss = my gain (or so the thinking goes!).

Bad idea.

True, high performers share a set of characteristics and core attitude, but much of their performance is tied up in other factors that are external to them.

The factors can be summarized into four primary categories:

  • Fit with the manager/practice owner
  • Fit with the critical aspects of the role
  • Fit with the people around them, and
  • Fit with the practice culture and systems.

Most often, poaching talent results in three losers – you, your competitor, and the fallen star.

The fact that they are a consistently top performer in another practice,  even in a similar role, is not a guarantee they will achieve the same results in your company.

A far more effective strategy is to identify people who have the capacity (and Skills) to do well in the reality you present.

When you find candidates who are at their best in the management climate you offer, who are drawing from their natural strengths and talents in the role you offer, who engage easily and productively with the rest of the team and your customers, and who are proud to contribute to the organization … you have a winning combination.

And it might not be the person you think it is.

The most valuable competitive advantage for any business is to staff with star employees who perform better and stay longer.

That’s the Fit First philosophy.

FICTION: More often than not, hiring away the competitor’s star performer results in a three-way loss: For you, the competitor and the individual.  It will also not ingratiate you in your professional community, and eventually you may need each other.

Fit First Philosophy starts with this premise. Hire for Fit, and then train as needed.
Save yourself time and money.
This post is sponsored by EyePloyment.com and Fit First Technologies

Learn more.

TIM BRENNAN

is Chief Visionary Officer with Fit First Technologies Inc, the creators of Eyeployment, TalentSorter and Jobtimize.

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