Every financial advisor has the same problem. You struggle with hiring, managing, and keeping a top team.
When your team is weak, it distracts you from meeting with clients and prospects, costs you in the bottom line, and generally makes your life frustrating.
Rather than give you a “5 steps to your next great hire” post, I want to share a first principle idea that will point you in the right direction while giving you great latitude to personalize it for your business.
First Principle of Hiring
I previously had the pleasure of attending a talk by Patty McCord, the former chief talent officer at Netflix. She told a story about how during the interview process to hire her, she asked Reed Hastings to describe what his ideal company would look like.
After Hastings answered, he then asked McCord the same question. McCord responded with this gem:
“My ideal company would be one that was a great place to be from, like having been at Apple or Microsoft in the early days.”
That’s the first principle of hiring—build a company that is a great place to be from.
Here’s how it works.
Let’s say you’re looking to hire someone today and you’re reviewing their resume. As you scan their work experience, what company would make you think, “Wow, what a great place to be from.”
Then ask yourself, “What are the characteristics, the values, the reputation of that company that I could adapt here to make my company ‘a great place to be from?’”
Once you identify what makes a company a great place to be from, start systematically making your company one of them. And here’s the key thing and how it connects to hiring great people–by building this kind of company, talented people start knocking on your door saying they want to work for you.
Apple, Google, Amazon, Netflix, they get tens of thousands of unsolicited applicants a year because they are known as a great place to be from. When your firm gains that reputation, you’ll have talented people reaching out to join you. Reaching that position is a huge competitive advantage and creates a flywheel effect.
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