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I recently revisited Jim Collins’ “Good to Great.” I first read the book back in college when I was obsessed with the thought of being my own boss and never answering to anyone. It was a good read, but for where I was then, it seemed a little too corporate. But now that I’ve been running a business for more than a year, I can apply the analysis directly to my current situation.
My favorite point is about the importance of hiring GREAT people if you want to build a great company. Collins claims that people are not the most important asset. GREAT people are. He goes so far as to say that “good to great” companies first worried about getting the right people in the door and the wrong people out, and then worried about setting the right vision or plan for the company. Some companies lost millions of dollars a day while they waited around to find the right people.
They lost millions because it’s not easy to find GREAT people to work for you. Most great people have great jobs and make great money. They’re not hanging around Monster.com waiting for someone to read their resume. The truth is, it costs a company a ton of time and money to find great people. And most companies would rather settle for good or even average people. Unfortunately, that’s not good enough.
Seth Godin reaffirmed Collins point in his post the other day, when he wrote
“If your organization can thrive with ordinary folks, then the marketing you’re doing right now to fill the ranks might even be overkill. You’ve got plenty of resumes. No need to pretend you’re doing anything much more than bottom fishing, though. That plaque for employee of the month? You can sell it on eBay.
On the other hand, organizations that work best with extraordinary talent are almost certainly not investing enough in finding and developing it. If marketing works so well that you spend a fortune on it, why aren’t you marketing your jobs? If talent is so important that you are betting the company on it, why aren’t you actually investing in finding and retaining that talent?”
Godin’s absolutely right. To be a truly successful business, you can’t just market your products. You have to constantly market your jobs.
The top companies already get it. There’s a reason that the big four - Deloitte, Accenture, Ernst & Young and KPMG appear at the top of the list year after year for best places to work. They spend money, time and energy marketing their jobs by branding themselves as employers of choice. It’s not like they have earth-shattering positions available. They’re mostly accountants, auditors and consultants. But they take their hiring seriously. And that’s why they’re great companies.
So yes, finding great people is expensive and time consuming. But hiring the wrong people is even more expensive and more time consuming. If your company is trying to figure out where to cut costs right now, make sure you consider the advice from Jim Collins, Seth Godin and The Big 4 before you decide to cut those recruiting and marketing budgets.
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Comments
11.25.08
What we have is called "The Bozo-Explosion" where I work! The bosses are incompetent and because of a inferiority complex, hire people that make them feel superior. And if you are fully capable and competent then you become a threat to their existence and they "show you the door!"
I have seen good people (contractors) fired because of managements incompetency.
11.25.08
CK, Wow that sounds like a lethal environment to work in! I would run far, far away.
11.25.08
If the economy would turn around ... But if it did I'd have to be careful not to get run over by the stampede of people running out as well!
Since receiving my MBA I have been moved to a lower position. HR states that since I didn't loose title or pay it is not considered punishment! The reason - due to the abuse (I was placed in a laborous tasks for punishment for filing a complaint against a co-worker - no good deed goes unpunished!) I was injured on the job due to over use and repetitive movement that basically riped my shoulder. I was also working in a environment that, if not careful would have cause heatstroke or even death. At least I was smart enought to avoid that!
I was told by management that the new assignment was temp ... yea, RIGHT!!! Now management changed their mind - I have gotten so use to their lies that I don't believe a word they say! But I am not the only one who think this!
I had the money or of someong wanted to open a tech office (with me as manager) I could open one in a few days. I have co-workers approch me, wanting to work FOR me as manager. I would have two assistents, and HR person, about 3- 4 techs, 2 network admins, a programmer or two ...
BTW - I work for the local government office! And most of us want to leave!!!
11.25.08
PS - did I mention the cronys at work?!? They are the only ones who get promotions ... When they anounce a promotion people have running bets who the crony would be!
11.25.08
The cost of putting the wrong people in the wrong seats on this Collins bus, is seen within many organizations. I enjoy the companies that promote someone to thier level of incompotency, then hire an director to do the persons job that you just promoted. The team member that was promoted is promoted because "He has put his time in!" suddenly execs. see the incompotent leader they promoted, instead of rapidly changing the responsibilities or looking for the right person they hire someone to do the job that the promoted individual is supposed to do.
I agree many organizations boast about marketing etc. very few invest in finding the right people. The right people usually have great jobs.
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