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June 2018

How to Bulletproof Your Hiring Strategies

18-LB-551 blog stock photoNot long ago, one of the nation’s Big Four accounting firms launched an unconventional approach to hiring top talent. It announced it would stage its own “film festival” comprised of employee-made videos. The festival encouraged creation of videos depicting why the firm is an exciting place to work, and drew more than 300 entries.  The strategy’s success was soon emulated by companies across many industries.

As this example demonstrates, creativity’s important in hiring the right employees. And never has it been more critical to recruit the best than in this era of near-historic full-employment. Companies should strive to solidify their practices because mistakes in hiring can cost hundreds of thousands of dollars in recruiting, training and replacing workers.  Here are a few ways to strengthen your hiring strategies.

  • Develop “Future-focus” job descriptions. Avoid describing a job opening as it exists today. Instead, craft a job description hinting at the growth the position offers. Tell what the job requires today, and also how it should evolve over time, enabling candidates to evolve with it. You’ll lure candidates seeking growth.
  • Create social media content attracting talent. Use your company’s presence on social media channels like Twitter and LinkedIn to forge a brand appealing to today’s talent. Also explore new social media sites designed to connect job seekers with opportunity. More than 91 percent of employers in a recent survey report using social media to hire. The percentage will surely grow.
  • Consider Artificial Intelligence (AI). Adopting cutting-edge technologies like predictive analytics and AI isn’t the future. It’s now. Employers are already seizing on these advances to sift through candidate pools and hire.

Embrace these approaches, and you'll go a long ways toward ensuring ironclad hiring practices. What goal could be more worthy in this era of fierce competition for talent?

What hiring “best practices” has your company found to be successful?

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The Commercial Loan Term Sheet: An Important Step before Getting a Loan

When visiting business banks to seek a commercial loan, it’s a good idea to request a commercial loan
term sheet.  A term sheet is a sign your loan request is moving forward.  It’s usually issued after the loan officer and credit officer have reached an accord on proposed terms, and before the full underwriting of the loan request. 18-LB-550 blog stock photo_cropped 


Commercial bankers use these non-binding documents to achieve a number of goals. First, a term sheet is meant to give the loan applicant a sense of the parameters and terms of the loan, should it be approved. Second, a term sheet provides the loan applicant the assurance her loan request has been formalized. And third, the offer of the term sheet is a signal to the borrower she can submit a deposit, and doesn’t need to shop other banks to determine if they can better the offer the term sheet lays out.

Here are a few ways commercial loan term sheets help your banker serve you better:

·         Term sheets are sometimes called conditional commitment letters. They are not actual commitment letters. These documents do not legally bind lenders to proceed. However, they do demonstrate lenders’ interest in making commercial loans. They also provide good faith estimates of loan terms.

·         The term sheet should summarize the primary terms and options, identifying the prospective borrower and the lender, and listing terms that start with the loan amount and include the interest rate, maturity, collateral and fee.

·         The term sheet is written in specific non-binding language. That language states that after undertaking due diligence, the lender can turn down the loan request. However, a term sheet is often a positive indication the loan will be granted.

Borrowers usually collect multiple competitive commercial loan term sheets from banks. They should also learn as much as possible about the loan-closing records of banks from which they’ve sought term sheets.

What questions do you have about commercial loan term sheets?

For related content, check these articles:

·         Debt Ratio’s Crucial Role in Landing Business Loans

·         How to Know the Right Amount When Borrowing

·         Consider These Key Factors When Applying for Online Business Loans