0:53 Intro
- Intro/Opening remarks
- The topic is: Hiring/
Onboarding (onboarding will be next week)
2:00 Sponsors
- Shoutout to a fundraiser Michael is working with: Girls On The Run
- SPEARity (SPEARity.com)
- Cream City Marketing (creamcitymarketing.com)
4:30 Throwdown begins
- Michael’s point
- Large scale hiring is a waste of time, energy, and money
- Mass hiring events lead to overhiring and having to let people go
- The point: hurting people and wasting money and time
- Brad’s point
- Hiring more people that all have talent can cause more competitiveness and ween out the lesser qualified people
- Does it have negative effects? Yes, but so does hiring slowly
- Michael’s rebuttal
- You still need to use resources to hire and onboard the extra employees in addition to the salary
- The cost to hire someone is 125% of their salary over a year
- Brad’s rebuttal
- The goal is to augment the speed of hiring to hit business goals in a specific time period to scale
- You might need to churn and burn in the short term(Cattle call approach), but it’s better that than over the long run
- Large companies have large pools of applicants and hire too much to help scale with the intent to not keep all of them
- Examples: Google, Epic Systems
15:50 The biggest risk
- Hiring and then evaluating (not having your own data and having to use industry standards)
- Investing more time and money to evaluate the employee to see if they’re a good fit
- Need to use own data to improve hiring process to hire the right people for the position
- You need a long term hiring strategy
- “Don’t continue to use bad hiring practices” -M
18:43 When to use these caveats
- Hiring in bulk works in some instances for a business model
- When looking at it as an opportunity rather than an expense
- $4-5k a hire each year
- Using results of a role rather than a job description
- Sales is hard to hire for bc some sale people can sell in one arena but not in another
- Some critical roles will take time to find the right person
- Some candidates in your pool do not fit your exact standards and then you can hire more than what you need bc some will eventually fall out
- You need to define hiring processes to limit the rate at which people fall out
- No role in a company will have perfect efficacy
- It takes 3-6 months to see if they are a good fit
- 3 months in, they should be 70% productive based on the goal of the hire
- Need to make it clear to those you are hiring why you are hiring this way
24:40 Hiring for strategic added value
- This is when mass hiring doesn’t work
- For critical roles, you take your time and choose the best
- For input and output role, you can hire more than needed
- Don’t smash 2-3 roles together for one role
- Hire several smaller roles
Full Show Notes Here
