The scarcest resource world's not money, it’s talent.
It's not financial capital, it’s human capital.
What’s interesting is, in popular media, people’s answers to “what do small businesses and entrepreneurs need?” is always funding. The truth is, it’s not. I’ve made the mistake of giving a lot of money to average people: it yields nothing.
Giving a smaller amount of money to people who rock their jobs? That yields amazing results!
These people who rock their jobs (rock stars) find ways to perform with minimal resources because they innovate around them. Mediocre people sit around and complain about the minimal resources and then produce lackluster results.
In other words, you can’t build greatness on the backs of mediocre.
What I’ve discovered is this: when I focus on talent instead of money, I blow others out of the water. If I take the same amount of money that most people would spend to hire 12-15 average employees and instead hire 6 rock stars, my team always outperforms the other team.
My advice to you? Instead of listening to conventional wisdom (hire as many people as you can/make your money go as far as you can), make your talent go as far as you can. Give the amazing people those amazing paychecks, because they will create stuff you could never dream up.
Invest in innovation, intelligence, and passion.
Applying This Concept
Ok, here’s the real-life application of making your talent go as far as you can.
Typically, people looking for employees make job postings. But let me ask you this: who responds to job postings? People looking for a job (because they don’t have theirs anymore!). If you want true talent, you’re going to have to go find it and discover how to get it. Because the most talented people in the world still have jobs. In fact, people keep calling them and offering them jobs. The chance you find one of them wandering into your company and asking about your job posting is slim to none.
I used to schedule one day a month that was called my “talent hunting” day.
It was the day I was out of the office looking for fresh talent to bring into the company. And when I say hunt, I mean hunt.
Let me give you an example:
At one point I realized I needed someone to run HR, but I already had the “hire rockstars” mentality.
Knowing I could hire 3 average people or one amazing person, I started thinking about where to find that person. Because whoever I needed wasn’t currently looking for a job. When I started looking into where HR people hang out, I heard about SHRM.
If you’re like me, you’re wondering what SHRM is and if it’s a weird city.
I was informed it isn’t a city, it’s the Society of Human Resource Managers. Upon finding their website, I saw a big banner that said “Don’t forget to sign up for this year’s annual HR conference.” Obviously that’s where the best people are gonna be, so that’s where I went.
When I got there, I decided I wanted to look for the best people to interview. And who is going to be the best people at any conference? The people on the stage! The speakers became my talent hunting targets, and the woman who had a “Special Luncheon Keynote” became my primary target because she’d won that year’s “National HR Executive of the Year” award.
That was how I ended up with four consecutive companies that never lost a single employee.
But here’s your takeaway for implementation: start looking in unusual places to discover your new talent, because they aren’t filling out job applications. But ultimately...
Stop looking for mediocre employees, start making the effort to find rock stars.
About The Content Creator:
Jeff Hoffman is an award-winning global entrepreneur, proven CEO, worldwide motivational speaker, bestselling author, Hollywood film producer, a producer of a Grammy Award winning jazz album, and executive producer of an Emmy Award winning television show. In his career, he has been the founder of multiple startups, he has been the CEO of both public and private companies, and he has served as a senior executive in many capacities. Jeff has been part of a number of well-known successful startups, including Priceline.com/Booking.com, uBid.com and more.
About The Ghost Writer:
Susannah Scheller is the Technology Director and Engagement Curator for Grow Disrupt, and was the first permanent hire made by Stephanie! She has spent countless hours studying the world of business under Stephanie, and has over 5 years of experience in content creation and Technology Execution. Having recently completed her Bachelor of Music, she has begun devoting her focus to the creation of content that helps to support small business owners’ company growth the world over.