Ok so let's talk about, shall we?
I’ve been asked by a number of online coaches now, how to go about hiring talent, but do so in the most authentic and conscious manner possible. Not only have I noticed this being a major hindrance for many when it comes to outsourcing their work out to others that may be more skilled than them in particular areas, but its become this area where many coaches like you and I carry most of our fears into.
Figured it was time we break this down in the simplest of terms and be able to come up with a strategy that would help us all gain some clarity. In other words, much needed clarity not only on what our next steps in business would be, but also in how we go about allowing that insight to help guide us in our next moves within our personal lives as well.
Here’s where we’ll start at. We have two options here that we’ll dive into and of the two, the goal for today’s blog is to better understand what each stand for and how they would either add or take away from your business needs.
You ready?!
Let's do this.
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When we find ourselves in a position where we know it's time to hire someone to help take care of a task within our business, we are more than likely to consider the following two options.
Option A: Hire talent with low salary + less experience
or
Option B: Hire talent w/high salary + more experience
Now let's do some dissecting. Let's list out the possible pros and cons for either option and see where you find yourself.
Option A:
Pros:
this would allow you the ability to stay within your budget and gives you more wiggle room to hire for other tasks
they are most likely more open-minded and eager to learn/gain experience
you can teach them your ways of coordinating tasks inside your business
they may feel inclined to stick it out with you for longer periods of time, just for the sake of experience and comfort levels(newbies are often times afraid to venture off)
Cons:
your ability to fully trust their quality of work may be questionable
they may need their hand held more than you’d hope
they need more direction, guidance and motivation to get job done, more training needed
it could lower the image and expectations of your business
it may take longer to make back what you paid them
Option B:
Pros:
you’d get to pick someone worth the investment
the quality of work will be at a higher caliber
their experience and network will add much value to your biz for future tasks
it will help portray a quality focused image for your brand
you’ll get a faster return for your investment
no need to teach or hold any hands here, less training
Cons:
its more of a risk financially, since you don’t have too much more to play with
they may lack an optimistic view and not feel need to be taught what they were hired for
they have many options, so can discontinue working for you at any point so incentives/benefits are key to retention
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Now that the above gave you some food for thought, let's take what we just learned and put it over to the side for just a moment.
Before we can make the conscious decision to hire anyone for another task within our business, it's really important to understand and be able to fully answer the following questions.
What tasks do you need to outsource?
Within your list of priorities, how important is it that you need to hire talent for this job?
How much do you have within your budget to utilize for this work?
Are you in a strict budget or do you have some wiggle room?
Do you need to pay for anything else (such as supplies, time, etc) to help onboard this talent and get them started on the work you need done? If so, how much would that cost?
When does the work need to be completed by?
Do you need to just hire for this project alone or do you have to hire for others down the road?
Pssssst, these questions here are just the basics my friends. These will help open up the necessary mental doors so you can better understand the fundamental business need that hiring such talent has on your current operation and where you see it going within the next few years and so on.
Now that you have a general understanding of the above, let's dive a bit deeper so we can better understand what specific type of talent you are looking for. Go over the following questions and answer them as best as you can.
When looking for someone to hire, what are the fundamental traits, qualities and attributes that you are looking for?
What type of mindset would you prefer they have?
Would you want them to have similar core values to the ones your business currently represent or are you indifferent about that?
What are your thoughts on retention? Is that important to you and your business? Would you want them to be the ambitious type of talent or not so much? Ambitious in the sense that they’d want to do a great job on this project and from there be able to work on future ones with you or not in terms of talent just wants to get this job done and doesn't seem to care about maintaining long term business relationship with you for the sake of just getting paid and not caring about anything besides that?
Ok now we’re getting somewhere. Are you starting to see how one basic question can lead to many more meaningful ones?
Trust me, the purpose here isn’t to just focus on one thing and only one thing. We want to make sure that you have the clarity you need within both yourself and your business, before bringing and outside party into the mix and getting them to work with you.
As for your fears in not making the wrong decision in regards to hiring the wrong person, paying the wrong amount, all these fears and such will all start to vanish slowly but surely.
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Now to take this one step further, I’d urge you to consider one last question.
What do you think is most important, time or money?
(Really take some time to answer this, before reading any further-it’ll tell you a lot of yourself as a person, an online coach and a soon to be boss of your future talent)
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Im sure just like me, you’ve heard some say “time is money.” But boy do I disagree. You see, the rich value time over money, and here’s why. Time is fluid, it is endless and it cant be measured in just one sitting. However money in itself is very set in stone. In other words, time operates at a variable rate whereas money operates at a fixed one.
Another way to look at this is to think about time as something you can never “get back,” whereas with money you can at a rate you’ve never imagined of. So when it comes to this idea of understanding which is most important, it's lucrative to understand that both are essential elements of any significant decision making process. However the caveat here is to know which of the two is of most value to both you on a personal level, as well as a professional one.
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Here’s something that can help you better apply this.
Think of what you do for a living right now.
If you were run the numbers accurately, what would your average hourly rate be? Some of you may find this difficult to run being it may take some time to average out the total sales for the programs you generate monthly. Regardless, take some time to sit yourself down and do this, you’ll be glad you did.
Once you’ve come up with an average hourly rate in which you are currently running and managing your business at, now you can begin to work backwards. You can start to look at each and every task that needs your attention and begin to analyze whether or not it is worth your time. Now that you know the value of your time, you are better able to understand how much more weight it carries rather than cash alone.
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Moral of the story here is, the option you choose here will strongly depict the quality of your business. Yes, you can start with option A and work your way up to option B. But whatever you do, try not to go the other way around. The more you can focus on the end goal of your business, the easier it will be to make the following decision. Just remember, time is more valuable than money. Now choose wisely my friends ;)
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Until next time my friends, keep your head up and know that whatever “obstacle” that comes your way throughout your business journey, its really just a blessing in disguise.
XO
-Bauer
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