Imagine an organization needs to make a $50,000 capital expenditure (equipment, IT, renovations). Before making the investment, what actions might the team make? Would the team gather with an objective expert to discuss the specifications needed? Would they talk to several suppliers and assess various options? Would they talk to references from the supplier to determine if they are trustworthy? Would they make further purchases (insurance, warranties, training) after delivery to protect and maximize the investment?
Most leaders would answer, “of course, $50,000 is a lot of money and we don’t want to make a mistake.” Why is it then that hiring managers don’t put forth as much effort when making a $50,000 hire?
Before making a hire, leaders should gather the job’s stakeholders to determine what is needed from the role and the type of person who fits best. Hiring managers should interview and assess several candidates. They should talk to candidate references to make sure they are the right fit. Hiring managers should also invest in new hire training to ensure the new hire’s success.
And, unlike a capital expenditure, a talent investment will appreciate over time.
Effective leaders empower their team to treat their people investments with the same diligence as capital investments and experience more success.
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