Hiring a new associate brings into play many issues — from the candidate’s educational qualifications and work experience to skills and aptitude. Your goal is to find a new employee who will help keep your business on track now and in the future.

Hiring the right associate the first time will save time and money, says Joanne Ferguson, president of Toronto-based Advisor Pathways Inc. Also, it reduces the chance that clients will be unhappy because of a disruption in services due to turnover or a new employee who is ill-suited to the job.

Keep these pointers in mind when you start thinking about bringing on a new associate:

1. Define the new role
Before you interview anyone, write out the responsibilities and expectations for the job.

A clear outline of the job and what it entails will save you time in finding the right person, says Ferguson. It will also help the new associate fit into his or her role because they will understand what is expected of them.

Defining your expectations and the new associate’s responsibilities ahead of time will also eliminate any overlap with other team members.

2. Follow the specified qualifications
After you have written out the qualifications for the job, stick to them.

Without a clear job description you may hire someone too quickly and for the wrong reason. You might, for example, hire someone you know personally and not because the person is the best fit. While hiring someone from within your network can sometimes work, it is best to give top priority to finding someone who meets the job qualifications and who shares your business philosophy.

3. Look for complementary skills
Try to find an associate who can add something to the practice.

While you and your new associate should share business values, it’s best to hire someone with strengths and skills that are somewhat different from yours, says Ferguson. That way you can focus on the aspects of the business that you do well and the other person can focus on what they do well.

For example, if you are good at financial planning and retaining existing clients, you might work best with someone who is good at seminars and bringing in new business.

4. Ask: “What would you do?”
During the interview, ask behavioural or situational questions, which can lead to deeper conversations with candidates.

Behavioural questions force people to give more detail and explain how they function, as opposed to what they like to do, Ferguson says.

Possible questions include: describe a stressful situation in your past career and how you handled; what do you believe is the best aspect of this job.

You can also use actual case scenarios from your office and ask how the candidate would solve the problems.

Ferguson suggests this scenario: You are expecting a client any minute, you have to prepare paperwork for the meeting and you are supposed to meet a friend for lunch. But the phone is continuously ringing. How would you handle this situation?

5. Involve your team
If you already have a team, involve members in the hiring process.

Have members of your team sit in on interviews, says Ferguson. They can provide different perspectives, which may lead to a more objective final decision.

IE