Have you seen the cracks? Most haven’t. The number of jobs open continues to climb, the unemployment numbers continue to drop, and it seems like, from a business perspective, we are in good times!
Ford laid off 500 designers. Netflix, Carvana, Peloton, Wells Fargo, and Meta all announced layoffs in 2022, so far, as well as many more tech companies. Some of this, are tech companies getting right with their financials. They have been fat and happy for a long time and spending money like drunken sailors.
Uber’s CEO came out this past week and said that they should be treating hiring like a privilege.
What does that mean? It means, we aren’t going to freeze hiring or do a layoff, but only if you get your shit together and stop hiring anyone who can walk and chew gum at the same time. It means, that if you hire someone, you better make damn sure they are performing and adding value.
It means the soft, nice, cuddly leadership teams of the pandemic are starting to feel and see the cracks in the economy and they are getting ready. They are getting ready for some tough times ahead if some things don’t change fairly quickly. Like lower inflation. Wage growth slows. War stops. Pandemic supply chain issues ease up.
Turns out, eventually, all that VC money that is getting burned like a giant pile of leaves in your front yard in the fall is sustainable in a down economy! Some folks have been writing checks their asses can’t cash!
Is hiring, really, a privilege?
Coming from a white guy, finally, a concept I know more than anyone else about, PRIVILEGE! YES! It was only a matter of time until this came full circle and I could use my expertise on this subject! Let me tell you about some hiring privilege!
Hiring is a privilege and if you don’t treat it as such, someone will take it away from you.
The most expensive resource for most organizations is human capital. If you are talented enough to be tabbed to be a leader that gets to hire by your organization, there will be no more important part of your job, ever, for you to do well on. That doesn’t mean you can’t make hiring misses, everyone does, but you have to take this responsibility at the highest level professionally.
I believe that your number one responsibility as a leader, in any function or capacity, is to increase the talent in your organization. You do that through hiring and developing the talent that reports to you. You do that by retaining your talent and increasing your employee’s lifetime value.
Hiring is a privilege at the highest level within all organizations. There are no throw-away hires. Each one counts, each one makes a difference, either positively or negatively, there is no middle ground in hiring.
Every hire matters, whether money is cheap or expensive, growth is fast or slow.
As shown by that chart (quite an exceptional chart by the way, if I do say so myself!) the difference between an okay and a great hire is massive.
So, every hiring manager would be wise to focus on doing it well always.
I love that Maia put that chart together!