The marketplace today is competitive, no doubt. And this is true no matter what industry you operate in. There will always be the older and bigger competitors who already have a dominant market share, as well as new entrants seeking to serve some minute percentage of the same market. So, it always feels like shooting oneself in the foot when an employer or founder leaves the best talent to hire someone less qualified, all in a bid to save cost.
In every skill, there is a top 20 percent, top 10 percent, top 5 percent, and top 1 percent. At the very least, you should target getting talents from the top 20 or even the top 10 percent. The value of exceptional talent cannot be overstated. By seeking out and nurturing the best individuals for your business, you can avoid costly mistakes and drive rapid growth.
Let me explain how talent can give you a competitive edge.
When you recruit from the top 10 percent, problem-solving is no longer on you alone. With the creativity and problem-solving abilities they have acquired from previous jobs, they can help you spot opportunities, tackle challenges, and create inventive solutions that may have otherwise been overlooked. These talents come into the business with their depth of knowledge in a particular skill you already know you don’t have.
Top talent in the top 10 percent will consistently deliver high-quality work. They are often very detailed and meticulous in their work, as they take pride in what they do. As a result, Your products, services, and projects will benefit from their commitment to excellence, ultimately leading to greater customer satisfaction. Also, you will be spared the headache of micromanaging them, and you can focus on what you do excellently.
Leadership and Mentorship
Great talents become catalysts for growth not just through their work but also through their influence on others. They can inspire and mentor team members, fostering a culture of continuous learning and improvement within your organization.
Avoiding Costly Mistakes
You don’t know it all, and even if you do, you can’t do it all. By hiring top talent, you bring in a certain level of experience and expertise instrumental in making sound decisions. Their insights can help you navigate complex challenges, mitigate risks, and avoid costly errors in judgment. By their efficiency level, they can also streamline processes and minimize the margin for errors, reducing the need for time-consuming revisions and costly delays.
In times of crisis or unforeseen challenges, top talent can be your most valuable asset. Their ability to adapt, strategize, and lead effectively can make all the difference between a business that weathers the storm and one that falters.
When investors want to put their money into your business, they are often interested in the quality of talents you have on your team. Great talent on the team means their funds will be appropriately managed to achieve business goals. Don’t shortchange by seeking the cheapest talent you can get. A talented team can instill confidence and facilitate opportunities for expansion and collaboration.
Establishing market leadership
The presence of the best talent on your team can quickly position you as a market leader. Plus, these exceptional individuals will drive innovations in your company in a way that will put you ahead of the competition.
Rapid growth and scale
Hiring the best talents can help you grow faster and quickly adapt to the challenges that come with scaling. Also, the presence of top talents is more likely to attract additional high-caliber team members
What do you do if you cannot afford to pay them?
Some people may quickly say top talent is expensive, and a company may be unable to afford them at a certain point. Here are some options to consider in such a situation.
Consider a part-time or flexible work arrangement. This could mean having them give you one day a week or whatever other terms you agree to.
Hire them to consult and design a system for you. When they have done this, you can now have other team members work with the system they have designed. You can hire them to offer occasional training to the team members.
Offer them a profit-sharing model and what you can afford to pay them. Analyze your business and evaluate what you can save or make extra profits by having them on your team, then offer them a percentage.
Partner with them. This is another good way to engage top talent at the very early stages of the business. You can bring them on as partners and offer some percentage ownership in exchange.
Don’t settle for less. Engaging top talent should be at the forefront of every employer and founder’s strategy. There will always be a way to get the best talent on board if you look for it. The impact of exceptional individuals on your business’s success cannot be underestimated. The competition is relentless, and if you must grow, you must go on the journey with the right people.
Author of ‘The Entrepreneur’s Diary’
17 octobre 2023