To grow in today’s dynamic environment, you may believe that you simply have to spend more. Whether you are an entrepreneur or a manager in a mature organization, challenging that assumption could improve your bottom line, close skill gaps and develop talent.
So how can that possibly work? Treat every open position as an opportunity to refresh and renew: The needs of your organization are not static. Whenever someone leaves — no matter how valuable — don’t assume that you should fill the opening with exactly the same role and skill set you had before.
Then ask three questions:
▪ Could we do without this position altogether? If so, the expenses associated with overhead, recruitment, training and onboarding of someone new drop directly to your bottom line.
▪ What has changed? As technology and other forces reshape our world constantly, what worked before might not be sufficient now. By examining every opening before hiring, you can keep pace with changing needs and evolve your organization gradually and perhaps avoid a painful restructuring down the road.
▪ Can we strengthen our leadership pipeline? Could we retain and develop a top talent by offering a stretch assignment and a little more money? Then, to build the pipeline for the future, you can create a new, more junior role and still keep headcount and expenses flat.
Don’t use a plug-and-play mentality. Each hiring decision allows you the opportunity to make your organization more competitive, more relevant and more agile. All good.
Linda Clark-Santos is a consultant and executive coach. email@example.com.