Who

01Making smart hiring choices can boost your business

In the world of business, it's often said that people are a company's greatest asset. This idea is at the heart of a concept that argues the "who" in your business - the folks you bring on board to make decisions and get things done - is more important than the "what" - the strategies, products, and services your business offers. Imagine your business as a ship, sailing towards its goals. The "what" is the ship itself, the path it's taking, and how fast it's going. But even the best ship, with the most carefully plotted course, won't get far if the crew (the "who") isn't up to snuff. They're the ones steering, keeping things running smoothly, and making key decisions along the way. So, it's clear that getting the right people on your team is key to your business's success. This idea isn't just a theory. It's backed up by extensive research, including chats with over twenty self-made business billionaires. This research revealed four common pitfalls in the hiring process: 1. Not being clear on what the job needs: If you don't know what skills, experience, and traits are needed for a role, you're likely to end up with the wrong person. 2. Not having enough options: If your candidate pool is too small, you might have to settle for someone who isn't quite right for the job. 3. Struggling to pick out the best candidate: If you can't tell the difference between similar candidates, you might miss out on the best person for the job. 4. Letting the right candidates slip away: If you can't convince the right people to join your team, they'll end up with your competitors. The good news is, these "who" mistakes can be avoided. And doing so can make a big difference to your business's performance. In fact, it's estimated that the average hiring mistake costs 15 times an employee's base salary in hard costs and lost productivity. That means a single bad hire for a $100,000 role could cost your company $1.5 million. Multiply that by ten mistakes a year, and you're looking at a whopping $15 million down the drain. So, the takeaway is clear: focusing on the "who" rather than the "what" can help your business perform better, boost profits, and avoid costly hiring blunders. It's all about getting the right people on your team.