How to Hire Well and Fire Well - MySuccess.com

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SUCCESSFUL HIRING AND FIRING FOR START-UPS

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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.

Transcript of How to Hire Well and Fire Well - MySuccess.com

Page 1: How to Hire Well and Fire Well - MySuccess.com

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 TA R T- U P S

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M Y S U C C E S S , I N C . B O B S M I T H @ M Y S U C C E S S . C O M 1 0 1 2 0 W . F L A M I N G O R D . S U I T E 4 - 3 0 1 L A S V E G A S , N V 8 9 1 4 7 7 0 2 . 7 4 0 . 8 0 8 0

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 TA R T- U P S

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.

Successful Hiring and Firingfor Start-ups

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Start ups: 85% Failure rate.

You good with that?

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M Y S U C C E S S , I N C . B O B S M I T H @ M Y S U C C E S S . C O M 1 0 1 2 0 W . F L A M I N G O R D . S U I T E 4 - 3 0 1 L A S V E G A S , N V 8 9 1 4 7 7 0 2 . 7 4 0 . 8 0 8 0

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 TA R T- U P S

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Hiring the right people and removing the people who don’t �t are daunting and currently

too expensive.

Too much is at stake.

The problem at a start-up is that people who don’t �t create con�icted performance that can

cause an Implosion and an Explosion at the same time. It is a disaster; and we believe it

can be mitigated.

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M Y S U C C E S S , I N C . B O B S M I T H @ M Y S U C C E S S . C O M 1 0 1 2 0 W . F L A M I N G O R D . S U I T E 4 - 3 0 1 L A S V E G A S , N V 8 9 1 4 7 7 0 2 . 7 4 0 . 8 0 8 0

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 TA R T- U P S

Some Facts about whythis area is so important:

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Top Performers out perform the average employee by

2-3x

Missed overall deliverable?

Priceless

On balance, the financial impact of a poor hire over a year:

(cash, equity, revenues, replacement costs, inefficiencies and use of other

people’s time.)

$300-500k

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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 TA R T- U P S

OPERATIONAL vs STRATEGICWORKFORCE PLANNING:

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new hires fail.

Talent and Market Demand makes it harder to get great

people today.

DDI Research; 2012-2013 Selection Fore-cast Research Study: Key Findings

250 Staffing Directors, 2000 New Hires

1 out of 8

of new hires feel confident that they made the right decision in

accepting the job.

only 51%

of the US workforce is Temp or Contract and is growing at a rapid rate; as fast or faster than in 2006.

only 30+%

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M Y S U C C E S S , I N C . B O B S M I T H @ M Y S U C C E S S . C O M 1 0 1 2 0 W . F L A M I N G O R D . S U I T E 4 - 3 0 1 L A S V E G A S , N V 8 9 1 4 7 7 0 2 . 7 4 0 . 8 0 8 0

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 TA R T- U P S

Investors:

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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”

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M Y S U C C E S S , I N C . B O B S M I T H @ M Y S U C C E S S . C O M 1 0 1 2 0 W . F L A M I N G O R D . S U I T E 4 - 3 0 1 L A S V E G A S , N V 8 9 1 4 7 7 0 2 . 7 4 0 . 8 0 8 0

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 TA R T- U P S

Winning/BreakingThrough

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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.

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M Y S U C C E S S , I N C . B O B S M I T H @ M Y S U C C E S S . C O M 1 0 1 2 0 W . F L A M I N G O R D . S U I T E 4 - 3 0 1 L A S V E G A S , N V 8 9 1 4 7 7 0 2 . 7 4 0 . 8 0 8 0

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 TA R T- U P S

A PreciseHiring Strategy

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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.

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M Y S U C C E S S , I N C . B O B S M I T H @ M Y S U C C E S S . C O M 1 0 1 2 0 W . F L A M I N G O R D . S U I T E 4 - 3 0 1 L A S V E G A S , N V 8 9 1 4 7 7 0 2 . 7 4 0 . 8 0 8 0

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 TA R T- U P S

Rising above the noise.

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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.

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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 TA R T- U P S

High ImpactPeople

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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.

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M Y S U C C E S S , I N C . B O B S M I T H @ M Y S U C C E S S . C O M 1 0 1 2 0 W . F L A M I N G O R D . S U I T E 4 - 3 0 1 L A S V E G A S , N V 8 9 1 4 7 7 0 2 . 7 4 0 . 8 0 8 0

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 TA R T- U P S

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20: 17 2 1The 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.

The Math:

Many Angel and VC Investors report that of 20 Start-Ups, 17 FAIL, 2 do OK and 1 does Extraordinary.

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M Y S U C C E S S , I N C . B O B S M I T H @ M Y S U C C E S S . C O M 1 0 1 2 0 W . F L A M I N G O R D . S U I T E 4 - 3 0 1 L A S V E G A S , N V 8 9 1 4 7 7 0 2 . 7 4 0 . 8 0 8 0

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 TA R T- U P S

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.

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 [email protected]

and let’s get talking.

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