No matter what industry you are in, there are two types of activities that you must do on a daily basis … those that use your time resources, and those that produce revenue. When it comes to how you approach managing your business, it is critical to first understand the concept of leverage. More specifically, how you leverage your time.
So, how do you determine exactly how much “stuff” you do during your day, your week, your month that can be shifted off your plate? One of our highly successful clients, Lisa Archer, suggests that every agent spend time with some sticky notes. She had her team spend two weeks jotting down everything they did throughout their day. At the end of that time, they sat down and started separating all those notes that were dollar productive on one board, and non-dollar productive on another board.
Guess what you have now? Yup … the start of a new job description! Take all of those tasks and start to build out what that next position on your team should look like. With those things out of the way, how much more business do you think you can drive in the next 12 months?
The difference between Talent and Non-Talent
According to a recent survey from Leadership IQ Study, they found that 46% of hires fail within the first 18 months. Unfortunately, there is a startling gap between what we know leads to more successful hiring, and what companies actually do on a daily basis. And if that didn’t raise an eye brow, 41% of companies indicated that a bad hire cost them at least $25,000 and a quarter of the companies surveyed said it cost them at least $50,000!
Understanding the difference between talent and non-talent does not come post-hire. You must look for this in the interview. Easier said than done, perhaps, but there are ways to identify these traits. Asking open ended questions that generate conversations may provide answers. Questions like “Tell me about a time when you identified a problem in your job and how you developed a solution and overcame that obstacle.” Then … be quiet and listen for clues! You will start to see the difference in just a couple interviews.
Three ways to get talent in your business
Build – Potential – No proven track record in the field. This approach can be highly time consuming and can result in higher turnover rates if you do not find the right talent up front. You must have a clear on-boarding strategy with a proven and repeatable hiring system and process. Can take up to 6 months to gain clarity if this hire will be effective or if you have to start the process all over.
Borrow – Proven track record, but only project/short term. This can be effective if you are not looking to add to your team and only want to piece out certain tasks. This can be a short-term fix, but may not address long term solutions within your business.
Buy – Proven track record, to be up to speed in 60-90 days. Someone else (like MyOutDesk) has already pre-screened potential hires to see if they have the proper education, and currently employed and have experience in the field you are looking for. This dramatically reduces the hiring cycle and speeds up the time it takes your new hire to be fully productive in your business.
One word of caution, a bad hire is NOT always the fault of the employee. YOU must first understand what you are hiring for and be prepared with a dedicated process to train and on-board any new hire.
If you understand compound interest, then you can apply that same principle to leverage. Once you delegate a task and create a process and a procedure, you are able to recover your time. And get this, since you have now developed a repeatable process that someone else can handle … you get that time back for the rest of your career! That’s compound leverage!
5 Hiring Best Practices
Whether your hiring a virtual professional, an in-house assistant, operations manager … these best practices should be process you utilize for all of your new hires.
- Prioritize Job Skill Sets – Know the skills you want to hire before your search begins
- Write Inclusive Job Descriptions – Write job descriptions that attract the broadest representation of qualified candidates
- Identity-Blind Resume Review – Objective review of skills and qualifications before knowing the candidates name, gender, etc…
- Structured Interviews – Pre-planned and structured interview consistent across all candidates
- Data-Driven Hiring – Feedback and candidate scoring in real-time with peers provides objective review across all candidates
The job posting that you put out to the public should be thought of as advertising – make sure it speaks to the type and skill level of talent you are trying to attract. A job description is for you and the employee to have a mutual understanding of expectations. Take the time to make sure this is all inclusive of the tasks you expect from this role. But remember, attracting top talent is not just a matter of compensation and a list of job responsibilities, you need to give them a reason why they should work for you vs the agent down the street.
At MyOutDesk, we help our clients find the right talent for their specific needs. Our process goes much deeper than providing a few resumes. We take the time to have an in depth, one-on-one conversation between you and one of our real estate experts. We analyze your current organizations structure, a detailed job description of the role you are looking to fill, what challenges you currently face and what tools you can utilize to address those needs. We call this the MyOutDesk Business Growth Strategy Session, and many of our new clients have found this to be transformative in taking their business to the next level.
Get talent, gain leverage and grow your business!