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How to Hire Well and Fire Well - MySuccess.com

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A Digital Overview(TM) for the significance of knowing how to Hire Well and Fire Well, in order for you to have the best chance to succeed as a company.

A Digital Overview(TM) for the significance of knowing how to Hire Well and Fire Well, in order for you to have the best chance to succeed as a company.

Published in: Business, Economy & Finance

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  • 1. S U C C E S S F U L H I R I N G A N D F I R I N G F O R S T A R T- U P S
  • 2. S U C C E S S F U L H I R I N G A N D F I R I N G F O R S T A R T- U P S Start ups: 85% Failure rate. You good with that? Successful Hiring and Firing for Start-ups Many Angels and VC’s quote these numbers. The odds aren’t good for Start-ups. We believe that having the right people can change that. Of course, you roll the dice with a Start-up, but having the right People lowers the need for pure luck. mysuccess.com MYSUCCESS, INC. BOBSMITH@MYSUCCESS.COM 10120 W. FLAMINGO RD. SUITE 4-301 LAS VEGAS, NV 89147 702.740.8080 page 1
  • 3. S U C C E S S F U L H I R I N G A N D F I R I N G F O R S T A R T- U P S Hiring the right people and removing the people who don’t fit are daunting and currently too expensive. Too much is at stake. The problem at a start-up is that people who don’t fit create conflicted performance that can cause an Implosion and an Explosion at the same time. It is a disaster; and we believe it can be mitigated. mysuccess.com MYSUCCESS, INC. BOBSMITH@MYSUCCESS.COM 10120 W. FLAMINGO RD. SUITE 4-301 LAS VEGAS, NV 89147 702.740.8080 page 1
  • 4. S U C C E S S F U L H I R I N G A N D F I R I N G F O R S T A R T- U P S Some Facts about why this area is so important: Top Performers out perform the average employee by 2-3x On balance, the financial impact of a poor hire over a year: $300-500k (cash, equity, revenues, replacement costs, inefficiencies and use of other people’s time.) Missed overall deliverable? Priceless mysuccess.com MYSUCCESS, INC. BOBSMITH@MYSUCCESS.COM 10120 W. FLAMINGO RD. SUITE 4-301 LAS VEGAS, NV 89147 702.740.8080 page 1
  • 5. S U C C E S S F U L H I R I N G A N D F I R I N G F O R S T A R T- U P S OPERATIONAL vs STRATEGIC WORKFORCE PLANNING: DDI Research; 2012-2013 Selection Forecast Research Study: Key Findings 250 Staffing Directors, 2000 New Hires 1 out of 8 new hires fail. only 51% of new hires feel confident that they made the right decision in accepting the job. only 30+% of the US workforce is Temp or Contract and is growing at a rapid rate; as fast or faster than in 2006. Talent and Market Demand makes it harder to get great people today. mysuccess.com MYSUCCESS, INC. BOBSMITH@MYSUCCESS.COM 10120 W. FLAMINGO RD. SUITE 4-301 LAS VEGAS, NV 89147 702.740.8080 page 1
  • 6. S U C C E S S F U L H I R I N G A N D F I R I N G F O R S T A R T- U P S Investors: Know that if the Start-up Hires the Right People and Effectively Removes the People who don’t fit, the odds of a successful return improve. Good teams and exceptional individuals can reduce the need for luck. Entrepreneurs: Know if they have the Right People, it leads to getting s*#% done, more reliable access to funding tranches as well as fast and healthy company growth. The cost of money goes down when Entrepreneurs can mitigate risk. The right people make a difference. Luck is a quotient in start-ups. Good teams and exceptional individuals can “make their own luck” mysuccess.com MYSUCCESS, INC. BOBSMITH@MYSUCCESS.COM 10120 W. FLAMINGO RD. SUITE 4-301 LAS VEGAS, NV 89147 702.740.8080 page 1
  • 7. S U C C E S S F U L H I R I N G A N D F I R I N G F O R S T A R T- U P S Winning/Breaking Through Sometimes we forget that we are all betting our futures on the people we hire – so we better do it well. Through Performance, people are the key to success. Technology is static. People who aren’t performing need to become a fit or go to a company where they can be a fit – and it has to happen quickly. mysuccess.com MYSUCCESS, INC. BOBSMITH@MYSUCCESS.COM 10120 W. FLAMINGO RD. SUITE 4-301 LAS VEGAS, NV 89147 702.740.8080 page 1
  • 8. S U C C E S S F U L H I R I N G A N D F I R I N G F O R S T A R T- U P S A Precise Hiring Strategy You need precise actions to make thing happen. Large companies have resources and process but low passion. Start-ups often have passion, and too few resources. We start with a review of your Business and overall direction. Together, we identify the areas that are worth attention and define a forward moving pathway. mysuccess.com MYSUCCESS, INC. BOBSMITH@MYSUCCESS.COM 10120 W. FLAMINGO RD. SUITE 4-301 LAS VEGAS, NV 89147 702.740.8080 page 1
  • 9. S U C C E S S F U L H I R I N G A N D F I R I N G F O R S T A R T- U P S Rising above the noise. An OK team and a great idea may get you going, but success requires too much luck. A great team will produce great ideas. They create big ideas together and attract the resources that produce results. Your job is to understand what you need, attract the right resources and direct them in ways that produce needed results. mysuccess.com MYSUCCESS, INC. BOBSMITH@MYSUCCESS.COM 10120 W. FLAMINGO RD. SUITE 4-301 LAS VEGAS, NV 89147 702.740.8080 page 1
  • 10. S U C C E S S F U L H I R I N G A N D F I R I N G F O R S T A R T- U P S High Impact People We help Entrepreneurs and Core Teams get the best traction possible, with the best people that will make the necessary difference. Right people, right time, right place, right culture, right value proposition, right future – the inclusion of all the important parts. mysuccess.com MYSUCCESS, INC. BOBSMITH@MYSUCCESS.COM 10120 W. FLAMINGO RD. SUITE 4-301 LAS VEGAS, NV 89147 702.740.8080 page 1
  • 11. S U C C E S S F U L H I R I N G A N D F I R I N G F O R S T A R T- U P S The Math: 20: 17 2 1 Many Angel and VC Investors report that of 20 Start-Ups, 17 FAIL, 2 do OK and 1 does Extraordinary. The failure rate in Start-ups is too high. It can be improved if Start-Ups do a better job of hiring the right people and removing the people that don’t fit. mysuccess.com MYSUCCESS, INC. BOBSMITH@MYSUCCESS.COM 10120 W. FLAMINGO RD. SUITE 4-301 LAS VEGAS, NV 89147 702.740.8080 page 1
  • 12. S U C C E S S F U L H I R I N G A N D F I R I N G F O R S T A R T- U P S Next Step: We should talk. Together we can take a look at where you are and what kind of people will make a difference. Send an email to bobsmith@mysuccess.com and let’s get talking. We help Entrepreneurs and Managers understand Best Practices in the tasks of Hiring people and Dismissing people for the company. We provide Talent Acquisition Strategy, Staffing and Recruiting Services to help Start-Ups Hire well. mysuccess.com MYSUCCESS, INC. BOBSMITH@MYSUCCESS.COM 10120 W. FLAMINGO RD. SUITE 4-301 LAS VEGAS, NV 89147 702.740.8080 page 1
  • 13. w w w. M y S u c c e s s . c o m