Hiring Greatness: Understand Your Business’s Return On Investment
Most decisions a business makes are small. A single sale, choice or interaction doesn’t add that much value for a small business owner, or damage it much if it goes wrong. Hiring an executive is different. They can make or break an organization. Hire a star and you win because they will unleash a tsunami of innovation, empower employees and generate wealth for the owner. Hire the wrong person on the other hand and you risk much more than short-term turmoil; a bad hire may, in fact, mortally wound a small business.
For every small business owner, a lot rides on hiring the right executives and the risks are now higher than ever. Here is a few from Hiring Greatness: How to Recruit Your Dream Team and Crush the Competition which will you hire top executives:
Understand Your Business’s Return On Investment
Every investment must be measured by the return produced. Too often business owners view the acquisition of staff as a simple process of expansion. But the acquisition of key players is an investment like any other, one which should have a demonstrative Return On Investment which clearly justified the effort and cost involved. Executive-level roles should always be tied to strategy. Being clear on how the executive will contribute to the bottom line is critical to understanding who to hire. This document often called a Position Profile or Success Profile is a job description on steroids. It speaks to the success of the role providing a backdrop for interviewing and a ‘check-list’ for deciding who’s the correct one to hire. Hiring decisions are then tied to the business’ needs, not candidate availability.