Background:
American Bank Equipment Finance, a well-established financial institution with over 50,000 served businesses and $1 billion in funded loans, sought to diversify its business by building a new sales team to penetrate a different vertical. Sales Manager Michael Fletcher faced the challenge of finding qualified candidates for this newly created position to achieve strategic 5-year growth plans aiming to reach $300 million in assets. Impressed with Naviga’s previous recruiting journey as a candidate, Michael turned to them to fulfill their hiring needs.
The Need for a Recruiting Firm Capable of Hiring High-Volume:
American Bank Equipment Finance has successfully served various industries for decades. They recently merged with another entity gaining access to more funds for lending. To capitalize on this opportunity, multiple sales representatives were needed. This step would enable sales representatives to attract more business and retain assets in house.
Challenges:
- Diversifying Business: To achieve strategic growth goals, the bank needed to diversify its operations and build a new sales team focused on a different vertical.
- Limited Resources: Michael, the Sales Manager, needed more time and expertise to source and recruit suitable candidates for the new team.
- Asset Retention: A significant portion of the bank’s deals ended up on other institutions’ books and they now want to retain most of these assets.
- Building a Strong Team: The bank had ambitious hiring goals to bring multiple sales representatives to drive business growth.
Naviga’s Role:
Michael had a positive experience while being recruited by Naviga. As a result, he decided to hire Naviga as a recruiting agency for their new sales team. He recognized Naviga’s extensive industry experience and network making them an ideal choice. Naviga’s professionalism, detailed approach, and exceptional follow-up support impressed Michael cementing his decision to work with them.
Solutions and Results:
Collaboration with Naviga: Michael was engaged with Naviga to discuss their hiring needs, strategic goals, and the desired profile of candidates.
Candidates required sales experience with construction/material-handling equipment or logistics. They must have a clean credit history and reside in a specific geographical area. Naviga gathered all the requirements and put together a Search Engagement Profile for Michael to review.
Pipeline of Candidates: With Naviga’s assistance, American Bank Equipment Finance successfully offered and hired three talented representatives, getting closer to their initial goal of five new hires.
Ongoing Support: Naviga didn’t just stop at placing three representatives with American Bank but also built a pipeline of qualified candidates for future hiring plans in quarter 4, striving to achieve a total of ten reps in the new division by the end of 2024.
Diverse Perspectives: Naviga’s team’s diverse perspectives and varied approaches contributed to the success of the hiring process. The bank appreciated the added value brought by different viewpoints and was very receptive to Naviga’s recommendations.
Strong Performance: The new hires demonstrated impressive results, surpassing expectations and significantly impacting the bank’s growth.
Future Engagement: American Bank Equipment Finance plans to continue engaging Naviga for future hiring needs, recognizing the agency’s valuable contribution to its success.
Conclusion:
Through their partnership with Naviga, American Bank Equipment Finance successfully built a new sales team, achieved their initial hiring targets, and made significant progress towards their long-term growth goals. Naviga’s meticulous approach, diverse perspectives, and continuous support have played a vital role in the bank’s success. With a strong foundation, the bank is confident in achieving its ambitious objectives and will continue to rely on Naviga’s expertise for all hiring endeavors.