You don’t have to be in the sports industry to sign an all-star. One person can completely transform a business, but how do you find that prized performer?
Finding and hiring the best talent has always been a top objective for companies, but more firms are realising the dramatic effect that just one person can have on their fortunes. The financial impact of hiring a top performer is 10 to 100 times their salary, according to Oracle. This means that someone earning £100,000 could add up to £10m to a company’s revenue every year.
Their impact transcends the obvious financial gain. They can improve the brand, motivate other employees, and attract new talent. As a recruiting agent, finding your client their next superstar is a sure-fire way to have them come knocking the next time they’re hiring. To do so, you need to look beyond just the best CVs and traditional recruiting methods, and start thinking outside the box.
The LeBron Effect
When NBA star LeBron James re-joined the Cleveland Cavaliers last year, his enormous impact benefited much more than just the team’s performance; Ere Media reports that the value of the franchise went up by $400 million, its operating income doubled, and the economy of the entire Cleveland area witnessed a rise in immediate revenue of $500 million.
His story demonstrates how hiring one exceptional talent can completely transform an entire organisation, a model the corporate world would be wise to adopt.
Benefits of Hiring a Game Changer
- Better Performance: the best performers are up to five times more productive than the average employee, according to Wired.
- The Ripple Effect: one top performer inspires a whole department of workers, energising them and motivating them to perform better.
- Attract More Top Talent: once you have one all-star on board, you’re more likely to recruit their talented colleagues and others who know them by name and reputation.
- Brand Strengthening: when a big name changes jobs, it’s often picked up by social and even mainstream media. Not only does this give companies positive brand exposure, it in turn makes them more appealing to other talented candidates.
How to Find a Game Changer
Making use of new technologies and social networking helps to both expand your search area and screen candidates more effectively. More than 18 million people found their jobs on Facebook, while 10 million found them on LinkedIn, according to Oracle. And social media profiles now often provide more insight into a candidate than their CV.
Painting a holistic picture of applicants gives you a multidimensional sense of their abilities, allowing you to accurately determine whether they will thrive in the context of your company. You can also use social media to preemptively engage with ideal candidates who may not need work now, but will make a perfect fit down the line. Smart screening –- such as using tech like video interviewing to ask candidates targeted questions –- is an efficient way to isolate the best talent within a sea of candidates.
Bestselling author George Anders also urges recruiters not to “fear the oddball.” Writing for Management Today, he cites the example of Brad Bird, then a Hollywood “outcast,” whom Pixar Studios picked to direct The Incredibles. The movie subsequently became one of the 50 most successful films at the box office of all time. Having a good eye for talent pays off.
Anders also advises hirers to make candidates think on their feet, and see how they behave under pressure. A candidate that can consistently produce effective responses is more likely to make the right calls when the stakes are higher and the decisions are real.
Main image source: Keith Allison/flickr