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Value Creation Blog

Oops, I Hired The Wrong Person – Enterprise Value

Posted by Josh Patrick

New Hire We've all done it.  We thought we had a great person coming to work, they show up, and within a few hours we know we've made a mistake.  We won't often admit we made a mistake; admitting our mistake will take a few months.

During the time between knowing when we made a mistake and doing something about it can cause real harm to your business. If you've made a hiring error it's best to admit the error, work to find your hiring mistake a better place to live, and move on with your next hire.

Click here for our report on hiring for unique abilities.

Hopefully this next hire won't be another mistake.  If it is you need to look at how you go about hiring people.

I find that hiring the right person is one of the most difficult things you can do in your company.  Having a system that is easily used helps.  Here is a system I've used for over thirty years that has great results for me.

  1. We start by taking a sheet of paper out and writing down the traits of the person we're looking for.
  2. Next we write those traits under three different headings:
    • Can do – the technical skills that are necessary to be successful in the job.
    • Will do – the type of actions and activities that your potential hire will have to do for success in the job.
    • Fit factors – what is it that makes people in your company successful?  What belief systems will this person have to have?  What will their mind set have to be for success?
  3. Make sure your potential hire is interviewed by at least three people under different circumstances.  Make sure all the interviewers fill out their indivial can do, will do, and fit factor forms.
  4. Have all people who participated in the interview process get together to review potential candidates for your company.  Make sure your interviewers are clear on why they believe the person they want to hire will be successful.

Using this process will slow down your hiring process.  Many people want to just get on with it and get a new person on board.  Those who do so lose a great deal of money and momentum in their company.  Having a method for hiring new members of your team will save you money and help you get the right person the first time around.

What are your methods for hiring?  Do your follow a formalized process?  Do you even believe it’s important to have a process?

Josh Patrick

Securities and Investment Advisory Services offered through NFP Securities, Inc. (NFPSI), Member FINRA/SIPC. Stage 2 Planning Partners and NFPSI are not affiliated.

This article is published for residents of the United States only.  Registered Representatives and Investment Adviser Representatives of NFP Securities, Inc. may only conduct business with residents of the states and jurisdictions in which they are properly registered.  Therefore, a response to a request for information may be delayed.  Not all of the products and services referenced on this site are available in every state and through every representative or advisor listed.


 

Topics: for business owners, enterprise value, learning experiences, Team

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