5 Things you Need to Know BEFORE hiring Employees [watch before you interview]

Summary

In this video, Laila Hormozy, Co-SEO of Acquisition.com, addresses the common struggles of hiring for businesses with revenue between $3M-$10M. She emphasizes the importance of avoiding hiring pitfalls such as letting likeness cloud judgment, hiring 'coaches not players,' ignoring red flags, recruiting from a limited pool, and hiring for potential rather than practical experience. Laila's insights are drawn from her extensive experience in HR and aim to help businesses scale effectively by making better hiring decisions.

Takeaways

• 😀 Laila Hormozy, co-CEO of Acquisition.com, aims to help businesses scale from $3M to $10M in revenue for free through her channel.
• 🔍 Laila emphasizes the importance of effective hiring, as it's a significant challenge for many businesses, especially those in the $3M to $10M revenue range.
• 🙅‍♀️ Hiring should not be based solely on personal likeness, as it can blind decision-makers to a candidate's unsuitability for the role.
• 🏈 Avoid hiring 'coaches, not players'; candidates should be ready to actively contribute rather than just supervise others.
• 🚩 Ignoring red flags during interviews can lead to hiring unsuitable candidates; trust your instincts and dig deeper if something feels off.
• 🌐 Diversify your hiring pool to avoid groupthink and to foster a range of perspectives within the company.
• 💡 Hiring from the same 'incestuous pool' of people can stifle growth and innovation due to a lack of fresh ideas and perspectives.
• 🚫 Avoid the temptation to hire based on convenience or a need for quick filling of positions, as this can compromise the quality of hires.
• 🛠️ Hiring for potential can be risky; it's generally better to hire candidates with practical experience and proven track records.
• 📈 Laila's insights are based on her extensive experience, having made many hiring mistakes in her early ventures and learning from them.
• 💼 The video is intended to educate and help business leaders avoid common hiring pitfalls, drawing from Laila's authentic experiences and lessons learned.

Q & A

What is the primary goal of Laila Hormozy's channel?

The primary goal of Laila Hormozy's channel is to help businesses grow their revenue from wherever they are currently at to between three to 10 million dollars for free.

What is the main topic Laila Hormozy discusses in the video script?

The main topic Laila Hormozy discusses is the challenges of hiring the right talent, especially for businesses with revenues between three to 10 million dollars.

Why does Laila Hormozy spend most of her time on HR?

Laila Hormozy spends most of her time on HR because she considers herself an operator CEO and believes that hiring the right people, especially for customer success roles, is crucial for the company's performance.

What is the significance of hiring the right people for leadership roles in a company?

Hiring the right people for leadership roles is significant because it directly impacts the company's culture, growth, and overall success. The right leaders can either propel the company forward or hinder its progress.

What does Laila Hormozy mean by 'coaches, not player coaches'?

By 'coaches, not player coaches,' Laila Hormozy refers to individuals who have been in positions where they only coach others but do not actively participate in the work themselves. In smaller or entrepreneurial businesses, she emphasizes the need for people who can both coach and actively contribute to the work.

Why is it dangerous to hire someone based on likeness?

Hiring someone based on likeness is dangerous because it can blind you to the person's shortcomings and qualifications for the job. It can lead to overlooking critical requirements and hiring someone who may not be the best fit for the role.

What are 'red flags' in the hiring process, and why are they important to consider?

Red flags in the hiring process are warning signs or concerns that arise during an interview or assessment of a candidate. They are important to consider because they can indicate potential issues or misalignments that might affect the candidate's performance or fit within the company.

Why does Laila Hormozy advise against hiring from the same 'incestuous pool of people'?

Hiring from the same pool of people can lead to a lack of diversity in thought and perspective within a company. This can hinder innovation and growth, as everyone may have similar ideas and approaches, limiting the company's ability to adapt and evolve.

What is the downside of hiring for potential rather than practical experience?

Hiring for potential without practical experience can be risky because it may require significant time and resources to train the individual. In many cases, businesses need people who can hit the ground running and contribute immediately, making practical experience more valuable.

What are the key takeaways from Laila Hormozy's discussion on hiring mistakes?

The key takeaways include not letting likeness blind you, avoiding hiring 'coaches, not player coaches,' not ignoring red flags, diversifying the hiring pool to avoid groupthink, and prioritizing practical experience over potential when hiring.

How does Laila Hormozy's experience with hiring influence her advice on the subject?

Laila Hormozy's advice is heavily influenced by her extensive experience in hiring, having interviewed thousands of people and made numerous hiring decisions. Her insights are based on the lessons learned from both her successes and mistakes in the hiring process.