Creating a successful business isn’t just about having a stand out product or service, a huge chunk of it will be determined by the quality and reliability of your team. As such, finding great talent is the basis of all recruitment efforts in companies, big or small. However, managing to hire such people is easier said than done.
In today’s world, A-level players know more that they have loads of options with companies all over trying to get them on board. Regardless, to stay competitive, you will have to embrace the challenge and try to lure the best professionals you possibly can. Not only that, but you will have to come up with innovative ways to ensure you retain your star players.
Many entrepreneurs make the mistake of taking on most of the responsibilities in their businesses. For some, it’s because they haven’t found a person skilled and experienced enough to take critical roles for others it could be that they don’t have the finances for it. Indeed, good quality people will cost you more but there are many ways for you to get talented people without having to depart with a ton of money. And with headcount costs being some of the biggest costs in businesses these days, it is common to hear a lot of business founders admit to lacking enough money to hire a really strong person. From the start look at hiring people as an investment rather than a cost. Whereas costs are basically meant to continue operations under the prevailing conditions, investments will look to change the future of these conditions (revenue structures). When people think of hiring as a cost, they tend to go for the lowest possible and this cannot be without compromising quality.
Steve Jobs, Apple’s former CEO, attributed his success to their desire exceptional lengths to hire the best people in the world.” This kind of employees bring numerous benefits, solutions to existing problems, cutting edge ideas and inevitably helping you attain or sustain a higher turnover resulting in increased profits.
Ways you can attract very talented people
One way you can bring talented individuals into your business is by partnering with them. You can start a joint venture with someone who is very skilled and talented at a particular sector of the business. There are a number of technology businesses that I went into early on in my business career. Taking into account that I had no idea whatsoever about programming, it made sense for me to partner with someone who has that knowledge. I departed with equity in the business in order to get that right talent and complementary skills that I needed. I could be very good at marketing and sell that technology but my partner was the one developing it.
If you are not yet prepared to get into a partnership you can still hire talented people. One secret about star players is that they like being around other star players. Essentially, by projecting yourself as A player you will be able to attract an A player; someone with super discipline, great work ethos and showing a great vision for your business. Once you relay that to another A player, he or she will be more than happy to join you for a lesser amount of money. Once the business picks up, you can give them a number of shares and equity or even a promise of an increase in their salary as an incentive.
To achieve this, you have to be able to sell yourself and your business. Remember, as an entrepreneur you are trying to solve a problem in the market and if you can go all out and solve the challenge, and then you make a lot of headway in the industry. This will not reflect on you and your business but also on the people behind it. An A player would definitely want to be a part of that. To them, money isn’t the number one motivator. What actually gets these individuals is the challenge of doing something that is going to enhance their potential. I did hire an MBA once and I could only manage to pay him half his monthly rate. He joined me because he liked the vision that was put across. He also realised that he would be very close to the founders and directors of the business and made him feel honoured and appreciated for his skill set and abilities.
Many business people will think that since they don’t have the funds they can’t hire talented people. That could be far away from the truth. You just be clever, charming witty and you will be able to get really talented people to join your team.