Motivational leader Jim Collins, author of Good to Great, is famously known for his analogy comparing business to a bus.
“First,” writes Collins, “if you begin with the ‘who’ rather than the ‘what,’ you can more easily adapt to a changing world. The people you want on the bus are the ones who roll with the proverbial rock slides. The ones who say, “Hey, I got on this bus because of who else is on it; if we need to change direction to be more successful, fine with me.”
In 2022, as the business world adapted to a post-Covid world era, it seems that leaders continue to be flummoxed by the principles of getting the right people in the right seats.
What exactly were some of the biggest hiring mistakes of 2022?
Not Hiring the Right People
The estimated cost of a mishire can be 5 to 27 times the amount of the employee’s salary according to Topgrading.com. Which means a mishire can be extremely costly to a business.
A major mistake we saw during 2022 was businesses hiring the wrong people-especially in sales leadership positions. Having the right people doing the right job is a sure fire way to keep your business on track, even during difficult times. When you hire, you need to hire the best person for the position, constrained only by your budget.
To reduce the possibility of a mishire, we recommend following a rigorous process like the 12-step that Topgrading offers, which will help ensure the right fit and benefit not only you but your potential hires as well.
Holding On to the Wrong People Too Long
Keeping the wrong people on your payroll too long was another common mistake during 2022.
If you find yourself questioning whether or not a person is the right fit for your business, then you need to listen to that inner voice and start asking yourself some hard questions.
There are at least two ways employees can be “wrong” for your business. Either they are a wrong fit for the role they are currently serving in, or they are a wrong fit for your corporate culture.
In a previous article, The Ethics of Hiring Well, we detailed the importance of hiring people to match your organization's Core Values. If the employee is fulfilling a role that doesn’t fit their skill set, is there a possibility of shifting them to a different role? On the other hand, if the employee doesn’t exemplify your core values, the cost of keeping them will far outweigh any cost of letting them go.
Not Using 2022 to Set the Foundation for Growth
In a very short time frame, customers have shifted their purchase habits, possibly more dramatically than at any other time in history. Do you have an employee or a team tracking those shifting sentiments? Are you using their learnings from the last year to adapt?
Read more: Who Should Attend Your Annual Strategic Planning Meeting? — PFD Group
Every business should plan for experimentation but in a way that mitigates risk. Otherwise, you might get caught in cuts.
Look at how changes in the market have impacted your core customers. What new needs do they have? How can you better serve them in a way that drives more growth for your business?
Despite the challenges, today’s business landscape offers so many new opportunities for agile companies.
Need help planning ahead to mitigate risks for 2023? The PFD Group can help. We’d love to support you and your senior team. Contact us and we’d be happy to schedule a call to discuss your strategic vision.