This entry is part 5 of 8 in the series Business Pit Stop

CHAPTER FOUR – CHECK YOUR TALENT

The top F1teams are always looking to hire the best talent. The team principal is responsible for the entire operation. The aerodynamic engineer is one of the most sought-after individuals, since their designs can make the difference between great and exceptional. The drivers, engineers and mechanics are all important pieces of the team. Great care is taken in selecting the talent. So it should be for your organization as well. Always strive to hire top talent and continually develop them.

• Create your “employer brand.” Good people are drawn to companies with great reputations, but they steer clear of bad organizations. Engage your team to utilize social media to help with your branding.

• Hire slow and fire fast. Don’t take just anyone to fill an open spot. Find the right person, but if you make a mistake and they are toxic, get rid of them quickly.

• Hire better. Check your ego. If you always need to be the smartest person in the room then you will end up only hiring people that are worse than you. This quickly dilutes the level of talent and the company will never get better. Always upgrade talent and replace poor performers.

• When you hire good people, give them direction and then get out of the way. Stop micromanaging. No capable professional will stay in that environment for long.

• Manage your turnover rate. Employee turnover costs money in hiring and training. Too much turnover means you’re not hiring properly, not paying properly, or you or your management team are bad bosses.

Malcom Forbes said, “Never hire someone who knows less than you do about what he’s hired to do.” You can’t know everything. Instead hire those who are experts in their fields and allow them to do great things for the company. Payroll is one of the largest expenses in a company, so manage it well – make sure you are prioritizing talent and giving it the focus it deserves.

Next up: Chapter Five – Check Your Attitude

Lindsley Medlin

Pitlane Strategies LLC

Copyright © 2018 by Lindsley D. Medlin, Jr.

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