The real deal with hiring, firing and building the best team for your business
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Transcript of The real deal with hiring, firing and building the best team for your business
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The Real Dealwith hiring, firing, and building the best
team for your business
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Hiring new team members is consistently named in the top three challenges for
entrepreneurs.
I’ve got bad news, it’s not going to change.
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But maybe it doesn’t have to be so bad.
Today I’ll cover a few things that I’ve learned along the way to save your sanity, including:
How do you know it’s the right time to hire someone?
What does a good startup employee look like?
How do you decide on compensation?
What does interviewing look like?
You’ve hired the wrong person, or someone no longer fits the role / organization… Letting someone go.
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How do you know it’s the right time to hire someone?1
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You are losing money by not making the hire.
How are you losing money? You’re not able to take advantages of opportunities that could drive revenue, like:
- Onboarding customers - Account management of existing
customers - Thought leadership opportunities - Doing stuff that anyone could do
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You are losing money by not making the hire.
How are you losing money? You don’t know your own worth.
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Let’s just say, for instance, your salary or compensation (salary plus options, equity, etc.) equals $100,000:
You work an 8 hour day
(lol)
5 daysper week
All 52 weeksof the year
X X
that’s 2080 hours worked
pay attention, it’s getting good
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At $100,000 in compensation, you are worth approximately $48/hour.
Which means you would need to think it’s a good idea to pay someone $48/hour
to do the task.
While the list is different for every business we’re talking about day-to-day tasks that eat up your time -
the time spent doing things that ONLY YOU can do.(like developing the product and taking it to market)
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What does a good startup employee look like?2
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Things you may think are good but aren’t:
Super cheap labor
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Things you may think are good but aren’t:
Your former coworker (as your new employee)
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Things you may think are bad but aren’t:
People with a bit of an ego.
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Things you may think are bad but aren’t:
Someone changing industries / roles
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Some qualities I’ve found that result in awesome team members:
➡ People that are focused on outcomes.
➡ People that don’t just thrive in chaos, they manage it.
➡ People who can command authority but be humble enough to take out the trash.
➡ RESILIENCE.
➡ People who are data driven and curious.
➡ A sense of muther-effing-URGENCY.I get to say muther-effing… Yay startups!
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How to decide on compensation.3
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Remember that thing about super cheap labor? Here’s where it comes back.
I decide on employee compensation as a factor of the following items:
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➡ Fair market value / salary averages
➡ Company stage (seed, series A, etc.; includes options/equity)
➡ The Revenue Generation Factor (RGF)
➡ Prior experience in market
Erin’s Salary Consideration Chart
I don’t care if you don’t like it… Make your own.
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Interviewing.4
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Interviewing sucks. We all know it.
Here are a few things I think are important in the interview process.
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➡ Never hire someone after only one interview
➡ Eat with them before you hire them. Lunch ,dinner, whatever… You’d be surprised what you learn.
➡ Dismiss people who haven’t done their homework.
➡ Test their ability to handle the unknown.
➡ Discuss compensation up front. Don’t waste time with people who are completely out of your ballpark.
A redhead’s guide to interviews
Yes, having red hair DOES help.
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What does that mean? It means as you get to know people and make hires, make a list of the traits and things that drive you nuts or denote someone that’s going to suck.
Here are a few of mine… and no, I’m not kidding.
➡ Asking for perks day one. (Had someone ask for all organic lunch service and a yoga staycation)
➡ Saying ex-presso and ex-specially.
➡ Eating in a gross way. (Horror stories.)
➡ Showing up late any time in the first two weeks.
➡ Blaming others and / or whining.
And most importantly: Know your REDFLAGS
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Friendly fire.5
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So you’ve hired a dud.
Or someone just doesn’t fit the company needs anymore.
What now?
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Firing people can be one of the most stressful things you do.
Especially when you’ve been working in close proximity for months and likely formed a friendship.
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A few things to consider…
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You have to consider your business.
If someone isn’t working out but you keep them around - you are sacrificing: - your other employees - your revenue - the potential of the position
Don’t ever forget this. It will get tough and you’ll want to throw this out the window.
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You don’t always have to fire them.
Make sure you’ve talked to them first. ➡ Is there a motivation problem? ➡ Have they been given tasks they weren’t
trained on properly? ➡ Is there something else going on? ➡ Could they fit another role?
It’s expensive and time-consuming to bring on new people, so think about this stuff first.
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If you do end up having to fire them: If you’ve done the other stuff I mentioned and you do need to let someone go…
➡ Don’t over explain. (Everything you say can be used against you later - I’ve seen it happen.)
➡ Thank them for their time at the company. If possible, offer to write a recommendation for a future role.
➡ Don’t apologize. ➡ If warranted, offer some severance compensation. ➡ Be ready to have them leave as soon as you’re done.
Which means shutting down email, access to things, etc.