Using The A Method For Hiring Successfully
Using The A Method forHiring SuccessfullyHow to use “Topgrading” to Hire,Retain and Motivate A-PlayersBruce Elder, PrincipalghSMART & CompanyUsing the A Method for Hiring SuccessfullySlide 1 of 34 2011 ghSMART
Today’s HostKim MateusEducational Services DirectorMequoda GroupKim@Mequoda.comUsing the A Method for Hiring SuccessfullySlide 2 of 34 2011 ghSMART
Today’s SpeakerBruce W. ElderPrincipal,ghSMARTbwelder@ghsmart.comUsing the A Method for Hiring SuccessfullySlide 3 of 34 2011 ghSMART
Who MattersThe most important decisions that businesspeople make are not “what” decisions, but“who” decisions.― Jim Collins author of Good to GreatUsing the A Method for Hiring SuccessfullySlide 4 of 34 2011 ghSMART
Cost of Mishires According to management guru Peter Drucker and others, 50% ofall hiring decisions are mistakes. The average hiring mistake costs a company 15x that person’sbase salary. Hard Costs: Recruitment, compensation & benefits, severance Soft Costs: Mistakes, missed opportunities, disruption,management time Mishiring a 100K employee will cost you 1.5 million on average. Symptoms of hiring mistakes include: Not being able to rely on your team; being too busy, stressed,and tired.Using the A Method for Hiring SuccessfullySlide 5 of 34 2011 ghSMART
Voodoo Hiring Methods The Art Critic The Sponge The Prosecutor The Suitor The Chatterbox The Animal Lover The Fortune-teller Relying on resumesUsing the A Method for Hiring SuccessfullySlide 6 of 34 2011 ghSMART
“I hired your resume But what I got was you.”–CEO Jay JordanUsing the A Method for Hiring SuccessfullySlide 7 of 34 2011 ghSMART
A Player Productivity Shareholder returns for companies with top quintile talent average 22%over industry means. The top 3% of salespeople produce up to 250% more than average; thetop 20% produce 120% more. The top 3% of programmers produce 1200% more lines of code thanthe average; the top 20% produce 320% more than average. Paper plants managed by As have 94% higher profits than other paperplants. A Player investment bankers are 2x more productive than averagebankers.Using the A Method for Hiring SuccessfullySlide 8 of 34 2011 ghSMART
IRR by Assessment MethodologyMedian Deal IRR by Assessment ApproachAirline CaptainArt CriticSpongeProsecutorSource: “The Art and Science of Human Capital Valuation,” Dr. Geoff Smart.Using the A Method for Hiring SuccessfullySlide 9 of 34 2011 ghSMART
What is an Airline Captain? Someone who uses a check-list to ensure he or she follows thesame process every time. Someone who evaluates data against the checklist, not gut feel.(Captains who rely on their gut crash). Someone who respects the aircraft (business).Captains neverallow themselves to become complacent.Using the A Method for Hiring SuccessfullySlide 10 of 34 2011 ghSMART
RCES OUSCORECARDSELLUsing the A Method for Hiring SuccessfullySlide 11 of 34 2011 ghSMART
SCORECARD Mission Outcomes CompetenciesUsing the A Method for Hiring SuccessfullySlide 12 of 34 2011 ghSMART
Scorecard: Which One, Coach? Option 1 - JobDescription Fast, strong swimmer Experienced with allstrokes Competitive Team playerUsing the A Method for Hiring SuccessfullyOption 2 - Scorecard Win three or more gold medals inthe Olympics across four or morestrokes Break world and Olympic records inat least 60% of races Win and break records whenswimming for team eventsSlide 13 of 34 2011 ghSMART
Scorecard: Which One, Coach?Option 1 – JobDescription Fast, strong swimmer Experienced with allstrokes Competitive Team playerUsing the A Method for Hiring SuccessfullyOption 2 - Scorecard Win three or more gold medals inthe Olympics across four or morestrokes Break world and Olympic records inat least 60% of races Win and break records whenswimming for team eventsSlide 14 of 34 2011 ghSMART
Scorecard: Marketing ManagerRating &CommentsMission: Support direct sales force goal of growing revenue througheffective marketing materials and campaigns.Outcomes: Develop 12 month marketing plan to achieve revenue goalswithin budget of 500K. Obtain VP Sales and Executive Teamapproval within 90 days of start. Launch campaigns to drive new customer leads from current 10per month to 30 per month within 9 months.Competencies (job related and cultural):Proactive, analytical, hard working, influential, teamworkFast-paced, engineering-centric, fact-driven, results-orientedUsing the A Method for Hiring SuccessfullySlide 15 of 34 2011 ghSMART
ResearchersS OU RecruitersRCE ReferralsSCORECARD Mission Outcomes CompetenciesUsing the A Method for Hiring SuccessfullySlide 16 of 34 2011 ghSMART
Top Methods for SourcingTop Five Best Methods for Sourcing TalentSample of Billionaires, CEOs, and InvestorsHow OftenMentionedSource1Referrals from business network77%2Referrals from personal network77%3Hire external recruiter65%4Hire a recruiting researcher47%5Hire internal recruiter24%Referrals are the single greatest way to find highly talented peopleUsing the A Method for Hiring SuccessfullySlide 17 of 34 2011 ghSMART
Key Sourcing QuestionAsk people you know, “Who are the most talented peopleyou know that I should consider hiring?”Virtual Bench:As you learn about talented people, create a list and make a point to reachout to the people on your list to get to know them. This is your “virtualbench” – a bench of talent that you can call upon when the need arises inyour organization.Using the A Method for Hiring SuccessfullySlide 18 of 34 2011 ghSMART
Screening InterviewReferrals FlowStreams Topgrading Interview Researchers Focused InterviewS OURecruitersFriends DeputizeRCE ID Pools Reference InterviewSCORECARD Mission Outcomes CompetenciesUsing the A Method for Hiring SuccessfullySlide 19 of 34 2011 ghSMART
Screening Interview1.What are your career goals?2.What are you really good at professionally?Please give me some examples.3.What are you not good at or not interestedin? Please give me some examples.4.Who were your last 5 bosses, and how willthey each rate your performance when wetalk with them (1-10)? Why?Using the A Method for Hiring SuccessfullySlide 20 of 34 2011 ghSMART
Topgrading InterviewFor each job in the last 15 years, ask:1. What were you hired to do?2. What accomplishments were you most proud of?3. What were some low points during that job?4. Who did you work with?5. Why did you leave that job?Using the A Method for Hiring SuccessfullySlide 21 of 34 2011 ghSMART
Focused Interview1.2.3.The purpose of this interview is to talk about(one or more key outcomes or competencies).What are some of the biggest accomplishments you havehad in this area?What are your biggest mistakes and lessons learned in thisarea?Using the A Method for Hiring SuccessfullySlide 22 of 34 2011 ghSMART
Reference Interview1.2.3.4.5.In what context did you work with the person?What were the person’s biggest strengths? Pleasegive me some examples.What were some of the person’s biggest areas forimprovement back then? Please give me someexamples.How would you rate their overall performance in thatjob (1-10)?The person mentioned that they struggled in that jobwith (e.g. hitting their gross margin targets);tell me more about that.Using the A Method for Hiring SuccessfullySlide 23 of 34 2011 ghSMART
Select: AnalysisMap data from Topgrading Interview Built four marketing programs thatresulted in revenue growth of 15%.Ran seven lead generation campaignsthat generated 10x more leads overbaseline.Clearly proactive and hard-working.Not particularly analytical.Etc.Using the A Method for Hiring SuccessfullyOnto ScorecardA 90% chance of successB 50% chance of successC 25% chance of successRating &CommentsMission: Support direct sales force goal of growing revenue through effectivemarketing materials and campaigns.Outcomes:1.Develop 12 month marketing plan to achieve revenue goals withinbudget of 500K. Obtain VP Sales and Executive Team approvalwithin 90 days of start.2.Launch campaigns to drive new customer leads from current 10 permonth to 30 per month within 9 months.Competencies (job related and cultural):Proactive, analytical, hard working, influential, teamworkFast-paced, engineering-centric, fact-driven, results-orientedSlide 24 of 34A-AB AA 2011 ghSMART
Select: Red Flags and Green FlagsRed FlagsGreen FlagsThe Candidate:The Candidate: Does not mention past failures.Exaggerates his or her answers.Takes credit for the work of others.Speaks poorly of past bosses.Cannot explain job moves.Lacks support from his or her family.Seems more interested incompensation and benefits than thejob itself.Tries too hard to look like an expert.And, for managerial hires, has neverhad to hire or fire anybody.Using the A Method for Hiring Successfully Always has a plan.Hits his or her targets.Gets pulled from job to job.Takes responsibility for pastfailures.Shares credit for successes.Is open and direct.Provides references for anyoneyou want to talk to.And, for managerial hires, tendsto hire and develop great teams.Slide 25 of 34 2011 ghSMART
Select: Decide Who to Hire1. Take out your scorecards that you have completed oneach candidate.2. Make sure you have rated all of the candidates on thescorecard. If you have not given each candidate an overallA, B, or C grade, do so now. Look at the data, consider theopinions and observations of the interview team, and putpen to paper with a final grade.3. If you have no As, then restart your process at the secondstep: Source.4. If you have one A, decide to hire that person.5. If you have multiple As, then rank them and decide to hirethe best A among them.Using the A Method for Hiring SuccessfullySlide 26 of 34 2011 ghSMART
ghSMART A Method for Hiring ScreeningScreeningInterviewInterview ResearchersRCE Recruiters TopgradingTopgradingInterview Interview FocusedFocusedInterviewInterviewS OU Referrals ReferenceReferenceInterviewInterviewSCORECARD Mission Outcomes CompetenciesSELL 5Fs of SellingUsing the A Method for Hiring SuccessfullySlide 27 of 34 2011 ghSMART
The 5 F’s of SellingFit. Ties the company’s vision, needs, and culture together with thecandidate’s goals, strengths, and values. “Here is where we are goingas a company, and here is how you fit in.”Family. Takes into account the broader trauma to the family ofchanging jobs. “What can we do to make this change as easy aspossible for your family?”Freedom. Is the autonomy the candidate will have to make his or herown decisions. “I will give you ample freedom to make decisions, andI will not micromanage you.”Fortune. Reflects the stability of your company and overall financialupside. “Here’s what you can make if you accomplish your objectives.”Fun. Describes the work environment and personal relationships thecandidate will make. “I think you will find this culture one that you willreally enjoy.”Using the A Method for Hiring SuccessfullySlide 28 of 34 2011 ghSMART
SOURC EghSMART A Method for Hiring SCORECARDSELLUsing the A Method for Hiring SuccessfullySlide 29 of 34 2011 ghSMART
When Do You Evaluate Talent?When Hiring key employees Promoting people Investing in a business M&A Restructuring Making changes to strategy On-going“The biggest change since I have been named CEO is people and talent.It has assumed strategic proportions as far as the percentage of time itconsumes. We have a people component to the agenda weekly. Andquarterly, we spend half of our offsite reviewing talent.”-John Varley, Group Chief Executive, BarclaysUsing the A Method for Hiring SuccessfullySlide 30 of 34 2011 ghSMART
Summary1. First who then what. Get the right people on the busand in the right seats.2. The “who” really matters. It is your biggest value lever.3. Hiring A Players has a tremendous ROI. Avoiding Band C Players only adds to that ROI.4. Use the A Method for Hiring to behave like an AirlineCaptain. Improve your people success rate from 50%to 90%.5. Do it always – whether you are hiring, investing,restructuring, making strategy changes, promotingpeople, doing an M&A deal, or just conducting day today business.Using the A Method for Hiring SuccessfullySlide 31 of 34 2011 ghSMART
About ghSMART Founded in 1995, ghSMART is the leading management assessment andorganizational development firm serving boards and CEOs of Fortune 500corporations and major private equity firms. Our mission is to use our expertise in human behavior to help CEOs andinvestors build valuable companies through hiring, developing, and keeping toptalent. We have conducted over 14,000 executive assessments, trained over 30,000managers, and helped hundreds of executives through coaching engagements inthe past 14 years. We authored the New York Times best seller, Who: The A Method for Hiring(Random House, 2008). ghSMART arms CEOs, boards, and investors with rigorous tools for analyzingand maximizing performance of senior leaders. We enable our clients to apply tomanagement the same rigor and fact-based approach that they deploy in otheraspects of creating value (e.g., finance, technology, operations etc.).Using the A Method for Hiring SuccessfullySlide 32 of 34 2011 ghSMART
Learn More in the book Who Instant New York Times, Wall Street Journal, BusinessWeek,and USA Today Bestseller. Describes a simple, 4-step method for hiring the right peoplewith a 90% success rate. Is based on the most extensive research, interviews, andexperience ever assembled on the topic of talent management. ghSMART experience serving hundreds of clients. Extensive interviews with over 80 CEOs, billionaires, investors,and business leaders including Jamie Dimon, Wayne Huizenga,and General Wesley Clark. Original research by the University of Chicago on traits predictiveof CEO success based on analysis of over 300 ghSMARTevaluation reports.Using the A Method for Hiring SuccessfullySlide 33 of 34 2011 ghSMART
Thank YouBruce W. ElderPrincipalghSMART & Company, Inc.3455 Peachtree Road NESuite 500Atlanta, GA 30326Tel (678) 296-9260Fax (404) 745-8723bwelder@ghsmart.comhttp://www.ghsmart.com 2010 ghSMART & Company, Inc. All rights reserved. Topgrading, Topgrading Interview, and The A Method for Hiring are or may be registered trademarks in the U.S. and/or other countries.Using the A Method for Hiring SuccessfullySlide 34 of 34 2011 ghSMART
Screening Interview Topgrading Interview Focused Interview Reference Interview Screening Interview Topgrading Interview Focused Interview Reference Interview SCORECARD SELL Referrals Recruiters Researchers Screening In
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