From the course: Job Market Basics for Business Leaders
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Hire slowly and fire quickly
From the course: Job Market Basics for Business Leaders
Hire slowly and fire quickly
- One of the most important sayings among business leaders I know is hire slowly and fire quickly. This means that when you're building up your teams and hiring new people, it's okay to be prudent and take your time and make sure you're hiring the absolutely right people at exactly the right time. Because if you mess up the hiring process and you hire the wrong people, or you hire the right people at the wrong time, there's going to be significant financial cost to that. The second notion, to fire quickly, implies that in case you make a mistake, either hiring the wrong people or hiring at the wrong time, you want to make the decision to cut those workers as quickly as possible. This notion comes from the same place as hire slowly. After all, you want to preserve capital and make the best decisions for your team. If someone isn't working out, you don't want to drag your feet and wait to fire them because they might…
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