Finding great employees is really hard. I don’t mean it’s difficult — I mean it’s virtually impossible to succeed in hiring great employees all the time. It’s equally hard to keep them, as it turns out. As Don Rainey recently wrote:
Good employees are really hard to find — A solid worker isn’t just difficult to find, he or she is really difficult to find. And they’re the first ones to leave. The truth is that 10 percent of the world is competent – and you’re looking for that 10 percent in every hire.
It’s hard to do consistently. And that’s why organizations that do it with frequency have such strong reputations. If you want to build a business predicated largely on finding, getting and keeping quality employees to succeed, you should understand that premise will be your greatest risk. Finding a market and profitably selling to it (usually the greatest risks) will take a back seat. Better yet, pursue a business that needs some reasonable percentage of employees to be really good.
But if that news isn’t bad enough, consider the other side of the coin — if you don’t have really great employees filling your ranks, then what do you have?
Your bad employees rarely quit — For one thing, poor performers aren’t really all that motivated to look, as that might involve actual performance. For another, no one else is likely to recruit them. Your marginal and weak employees are with you for life unless you move proactively. In many years of running businesses, the only time this wasn’t true was during the dot-com bubble. At that time, every idiot could get a 15 percent to 20 percent raise here in Northern Virginia by changing jobs. And they did. Aside from that blessed time, weak employees are your most “loyal.”
Don makes a good point, among several others (his article is 8 things I wish I knew before starting a business): Having, and holding on to, great employees is very, very hard work.
It’s also quite possibly the one sure-fire factor that’s going to push your company toward success. Consider a few of the leaders in the technology industry, such as Apple and Google. Both have stringent hiring processes and focus on the quality of the hire first, and growth second.
Let’s put it another way: Does it make sense to focus on growth if what you are growing is mediocre (or worse)?