Why Your First 10 Hires Matter the Most
Hiring the right talent is always important when bringing anyone into your company. At times, especially when a company is in peak recruitment mode, hiring decisions can be made out of desperation.
Whatever the case may be, when you’re at the early stages of building your team, the first people are crucial to the culture and growth of the business. Here are three things to consider when deciding on your first 10 hires:
1. Top Talent Brings in More Revenue
The HR team isn’t typically the first department you think of when it comes to increasing revenue for your business, but recruitment decisions are key to driving growth. As a recruiter, our job involves identifying specific characteristics that can help determine the financial impact a prospective employee could have on a business.
Just like in the sports, film and advertising industry, those who are able to recruit top talent will reap higher rewards. Targeting candidates that come with a history of success in previous roles is essential. Though these candidates might come at a higher cost than your business originally budgeted for, their output will make up for their higher salary.
For example, Google has calculated that recruiting a top technologist (versus recruiting an average one) will result in 300 times more productivity and business impact. And because the average Google employee generates over $1 million in revenue each year, hiring a single “purple-squirrel” top technologist has the potential for adding $300 million to Google’s revenue each and every year that the new hire remains with the firm. – Dr. John Sullivan
2. They Set the Tone of Your Culture
The culture of a company is usually shaped by your leader and is then reinforced by your first handful of hires. Many companies are now putting culture at the forefront of their business strategy by focusing on bringing in like-minded individuals to create a working environment that employees enjoy.
A happy workforce means more engaged employees who perform better, which will ultimately impact your bottom line. Your first recruits should positively contribute to your company culture as they will be responsible for filtering it through to new hires as your company grows.
If you create a toxic environment or bring in a bad apple, it will slowly begin to have a negative effect on your employees. According to BambooHR, one of the top 5 deal breakers for employees is dealing with difficult colleagues, so ensuring you build teams who share similar values is essential. When you hire a handful of positive, impactful leaders, you’ll build a strong powerful force that will have employees waking up excited about their job.
3. They Are Your First Brand Ambassadors
Social media has paved the way for employees to share their work life experiences, which means they are the external voices of a business at any given time. With hundreds of job boards, networking platforms and social media sites available, anyone can get a good grasp of what life at your company is really like at the click of a button.
Hiring people who are enthusiastic and passionate about your company is the easiest way to create ambassadors that can help you a) attract the best talent and b) look like a great business to existing and prospective clients.
Sites like Glassdoor are becoming increasingly important as they give your employees a chance to anonymously say what they really feel about your business, covering everything from salary reviews to interview experiences. Even Facebook, which traditionally has only been seen as a personal social network, can be great exposure for your company.
People are more likely to trust the opinion of peers who have firsthand experience of working for your business, so everyone you hire has the potential to market your company’s culture and service. They will help spread the word about who you are, what you do and how awesome it is to work for you. Ensure you choose enthusiastic hires who can instil passion about your company to new employees.
Specifically, one study by JobVite found that 46 percent of referred hires stuck around for at least one year after they were hired, which was far above the 33 percent of people hired through career sites and 22 percent hired through job boards.
Set the foundation of your company with the right people, make smart decisions even if it takes a while. It will be worth every ounce of energy and money.