Throughout my career, I’ve heard and believed in the mantra, “hire slow, and fire fast”. Knowing how much a bad hire can cost (up to $240,000!), this belief in taking your time to find the right person makes a ton of sense to me. A bad hire can disrupt projects, destroy teams, harms your culture and can be a drain on precious resources.
In today’s market, especially in I.T., the thinking and mantra has to change to hire fast and fire fast. The competition for talent is the fiercest that I can remember in over 15 years of recruitment. Mediocre candidates are often having several opportunities to chose from. More candidates are receiving counter offers.
My suggestions to attract talent to your team are:
- Always be cultivating your network for your next hire, even when you don’t have a position.
- When you have a position, know exactly what you are looking for -e.g. what’s non-negotiable and where you can compromise.
- Streamline the process so you can move very fast when you meet with a candidate – move very fast throughout EVERY stage of the process.
To be clear, I’m not suggesting that you completely compromise and hire candidates that you know will fail. You can get the right person for your position, but you need to be very mindful of the landscape and move from “hire slow, fire fast” to “hire fast, fire fast”.