One of the biggest assets of any organization is its people. A company is no more than a collection of people, and, although they don’t show up in the financial report, they are the core. The best companies are the best companies because they have the best people. The products or services we buy are the result of the people who developed, designed, and marketed them. When a business owner or executive hires, she hires the future of the company.
A company may be formed with a name, but certain key people who are committed to make it successful will often turn that name into a brand. McKinsey & Company, one of the world’s most influential management consulting companies, was formed by James McKinsey in 1926. In 1933, he hired Marvin Bower, who held both a JD and an MBA from Harvard University. McKinsey adamantly believed that management consulting should be held to the same high standards for professional conduct as law and medicine. Nearly all of the people hired to build McKinsey came from the top 1 percent of students at the top business schools around the country. The company follows this practice to this day and remains a world leader in the field.
The worst mistake any business owner can make is to hire the wrong person. Black belt marketers know that smart people don’t cost money; they actually save it. Remember the golden rule for hiring: hire slowly, and remove quickly if they don’t perform.
Take your time to hire and ensure you hire the best. Hiring, like marketing, is about making an investment. The best investment a company can make is to hire the right person for the job. That new hire will not only do the job but a whole lot more.
I once interviewed a billionaire who started a company from scratch in the San Francisco Bay Area. I asked him, “What is your secret to success?” His answer: “I hired the right people.”
You have no challenges in life, as long as you know your limitations. Hire people who have the skills you do not have. In marketing, great copywriters and designers are worth their weight in gold. They can design and write materials that sell for you!
Local universities and colleges are a great source for employees. It is not by chance that some of the world’s most famous companies have some of the best people on the staff. The management was highly selective in choosing future management.
Take your time when it comes to hiring. Be selective. The best people are those who truly want to make a difference. Use a standard ninety-day probation period. However good someone looks on paper or checks out with references, you just never know. Next, establish clear goals. Set thirty-, sixty-, and ninety-day goals from day one. Employees need clear direction. Without expectations, they will simply do their own thing.
Hiring smart people is key, but managing effectively opens their true potential. Once goals are set, let employees do their thing. Provide whatever support, counsel, and infrastructure is needed. Never micromanage! Review after ninety days. If they are not performing, sit them down for a coaching session.
Black belt marketers know how to find talented people with the skills to make a difference in business. Intellectual capital is brainpower to take your organization to the next level.
Once you have the best people on your team, keep them motivated. Thank them and validate them. Surprise them with gifts. You will be amazed how a small, occasional gift will help to open up true potential.