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Many business leaders are frugal people who want to manage company resources effectively. This sort of economic thinking works well in most situations. If you’re just looking to hire somebody to do a basic job or find a supplier who offers a commodity, then asking for the lowest price and buying in bulk is probably a good idea.
There are some situations, including when it comes to talent, where there can be a pricing mismatch. In reality, cheap talent almost always ends up costing you more in terms of mistakes and missed opportunities. Meanwhile, top talent always costs you less than you think. Even if you believe you’re paying a premium for it, the most talented people can often create orders of magnitude more value in your organisation.
The “Do It Right Once” Dividend
Imagine if everybody in your organisation just did the right thing once every single time. Think about how many fewer fires you’d be putting out and how much more would get done. The “do it right once” dividend is real, instead of correcting basic mistakes all the time and sending things back. Things just work first time around, and your company operations are far slicker.
Top talent doesn’t require any hand-holding; instead, it’s proactive and just gets on with the job. It understands your objectives as well as you do, and it can step into your mindset and how you would like the company to be run
Preventing Invisible Mistakes
Another nice thing you’ll notice about top talent hires is that they are exceptionally good at preventing invisible mistakes. Amateur employees will often look at surface issues and think that they’ve resolved the problem, but talented employees don’t do this.
For example, let’s say you hire a web developer on a budget. Often they’ll be able to create an attractive home page, but it might crash under load because they haven’t thought about the bandwidth that you require, or it might have poor SEO. That’s not the case when you hire somebody who’s talented. They can see behind the scenes and understand the machinery of what you really want the home page or the landing page to do.
High Leverage
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As mentioned in the introduction, many top talent individuals have what is known in the industry as high leverage. They’re so creative and strategic they can often 10x your product’s productive output.
This is why getting advice on executive remuneration is so critical. You want to offer these people a pay packet that they can’t refuse, simply because they are generating so much value for your business. Consider an employee who costs you $100,000 a year to hire but generates over $1,000,000 in additional revenue and profits for your firm. You’d be willing to pay almost anything to keep them.
Real Solutions
Finally, you’ll notice that highly talented individuals don’t just bring problems to you; they also offer real solutions. What’s more, they’re often working on ways to resolve problems before you even recognise that there’s an issue, and they have systems they can inject immediately when needed.
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