Recruiting Top Talent
“Marjorie was undoubtedly the best candidate interviewed, but in the end we simply could not afford her.”
When hiring employees, settling for someone who is less than the best can inadvertently be the default position, especially when budgets are tight and benefits packages are thin. However, the best companies thrive, in part, because of the risks taken by hiring top talent.
All hires come with a measure of risk, however as a hiring manager you can determine where to take that risk. Will you risk taking on a new hire that is not as skilled and dedicated as you would like, because it will only take up a small portion of your budget? What might the long term “costs” associated with that risk look like?
Taking on top talent may be a risk, but it is a calculated one. Here are just three things to consider as you weigh the risk:
Top talent does not have to be the most experienced talent. An article in FastCompany magazine reminds us that millenials are not only more likely to still access and apply information from their recent academic studies, they are also more open to new ideas than previous generations, which can be a real asset when trying to keep a competitive edge. Being open to balancing your team with seasoned experts and younger, but more economical, talent can make your salary budget go further without sacrificing quality.
Your hires reflect your brand. Branding is king and while products do speak volumes of your brand, so do your employees. Top companies are not only ranked by what they produce, but by who they produce. Having an excellent work culture used to be optional, but recent studies say that is no longer true. Companies have to pay attention to culture, and culture is influenced greatly by hiring right. Some companies are just great to work for, and top talent will gravitate towards those companies.
This is a long game. Great companies ought to outlive us, so why think short term? Constantly making stop-gap hiring decisions will only prove to dramatically reduce the lifespan of the company and the products, services and jobs it provides for the community. Every decision, including hiring, can be seen as an opportunity to extend the lifespan of the company, and with it, the impact it can have. If the investment in top talent will ensure the company is around for decades to come, isn’t it worth it?
Building the right team will be prove to be worth the perceived risks. Try to recruit the best that your industry has to offer.