How to master recruiting | Mads Faurholt-Jorgensen | TEDxWarwick

Summary

The speaker emphasizes the importance of effective recruitment for leaders and CEOs, arguing that selecting the right team is crucial for success. Using the example of Benjamin Zander, conductor of the Boston Philharmonic, the speaker highlights the often overlooked skill of recruiting. He discusses the challenges of finding and training the best talent, the impact of hiring mistakes, and the benefits of a structured, algorithmic approach to recruitment. The talk encourages leaders to focus on identifying needs, asking the right questions, and continually refining their hiring processes to build successful teams.

Takeaways

• 🎼 The speaker emphasizes the importance of leadership in conducting an orchestra, drawing a parallel to leading a team or organization.
• 🗣️ The main topic of the talk is the critical yet often overlooked skill of recruiting the right people for a team, which the speaker argues is the most important skill for a leader.
• 📚 There is a scarcity of educational resources on the subject of effective recruiting, with few books, university courses, or TED talks available on the topic.
• 👤 The speaker identifies themselves as a recruiter at heart, believing that finding the right people is the core of their role as a leader or CEO.
• 💡 Leadership is simplified into setting the right team and helping them achieve success in their roles, which is fundamental to a leader's effectiveness.
• 💰 The cost of a bad hire is significant, with the US Department of Labor estimating it at 30% of the role's cost, and McKinsey suggesting a 67% difference in productivity between top and bottom performers.
• 🤔 The speaker acknowledges the difficulty in recruiting due to a lack of formal training and the prevalence of cognitive biases that can affect hiring decisions.
• 🔢 To combat biases and improve hiring, the speaker's team developed an algorithm to predict a candidate's success in a role, though it is not yet perfect and serves as a tool to support decision-making.
• 👥 The algorithm aims to give every candidate a fair chance, including those who may not have traditional qualifications but possess 'whispering talents' that are not immediately apparent.
• 🧐 The hiring process should focus on three key questions: Can the candidate do the job? Will they fit the company culture? And do we fit their life and career goals?
• 📝 The speaker suggests that keeping detailed notes during the hiring process and reviewing them later can help refine hiring practices and improve the selection of candidates.

Q & A

What is the main topic of the speaker's talk?

The main topic of the speaker's talk is the importance of effective recruiting for leaders and CEOs, arguing that it is the most important skill for them to master.

Why is the subject of the speaker's talk not commonly taught or discussed?

The subject is not commonly taught or discussed because it is difficult to find books, university courses, TED talks, or other educational resources on the topic.

Who is Benjamin Zander and what is his connection to the talk's theme?

Benjamin Zander is the conductor for the Boston Philharmonic Orchestra. His role as a conductor, where he influences the sound of the orchestra without making a sound himself, serves as a metaphor for effective leadership and recruiting.

What does the speaker identify as the two main aspects of leadership?

The speaker identifies setting the right team and helping those people achieve results that will make them successful in their roles as the two main aspects of leadership.

How does the speaker describe their role in their companies?

The speaker describes their role as a recruiter, emphasizing that finding the right people is the key to a simple and successful leadership experience.

What is the cost of a bad hire according to the US Department of Labor?

According to the US Department of Labor, the cost for a bad hire for any role is 30% of the role's cost.

How does the speaker suggest overcoming the lack of formal education on recruiting?

The speaker suggests overcoming this by being proactive, seeking information, and building a structured process or framework to improve recruiting efforts.

What cognitive biases does the speaker mention that can affect the recruiting process?

The speaker mentions biases such as hiring people who are similar to ourselves, looking for people who can do everything, hiring people who are less competent than us, making quick decisions, and hiring for single positions instead of considering the team dynamic.

What is the 'whispering talent' and how does it differ from 'shouting talent'?

A 'whispering talent' is a person who may not have standout qualifications on paper but is just as capable as a 'shouting talent', who has impressive credentials and achievements that are easily noticeable.

What three components does the speaker suggest a person consists of in a work situation?

The speaker suggests that a person in a work situation consists of a brain (IQ), a heart (personality and talents), and a toolbox (past experiences and functional learnings).

What is the speaker's approach to identifying the correct needs for a position?

The speaker's approach to identifying the correct needs for a position involves understanding the trade-offs and focusing on the heart (personality and talents), brain (IQ), and then the toolbox (functional learnings and past experiences).

How does the speaker suggest testing a candidate's ability to do the job?

The speaker suggests having the candidate work at the particular job for a couple of days to the best way to test their ability and get a feel for their fit with the company.

What is the importance of keeping notes during the hiring process according to the speaker?

Keeping notes during the hiring process allows leaders to review their decisions and interpretations later on, helping them learn from their successes and mistakes and improve their hiring skills.