May 17, 2023
When you own a business, hiring can be a very daunting but exciting thing! Did I hire the right person? Do I go off of a gut feeling? Is this person going to stay longer than 30 days? I get it, I have been there. There is a lot that goes into hiring a new employee and you want to be sure you are getting a return on investment (ROI) if you are investing the time in someone.
Having gained experience managing a small business and now owning my own company, I have encountered the ups and downs of the hiring process. Throughout this journey, I’ve learned invaluable lessons about maximizing ROI from new hires, and I’m here to show how you can guarantee it!
The main thing I’ve discovered is that guaranteeing ROI from new hires requires a strategic and well-thought-out approach. It’s not just about finding someone with the right skills and qualifications; it’s about finding the perfect fit for your company’s culture and KPIs.
Let’s Cut to the Chase!
Okay Kira, but how do I get ROI you keep talking about?
You may already have a 90 day review in place for your new hires. That’s great! But a 90 day PLAN is where you will get ROI. In this 90 day plan you will give your new hire a project that doubles as training. A project that will empower your new hire by pushing their boundaries and allowing them to show you talents you might have missed. This project can involve the services you offer, key things about your brand, social posts, really anything where a new employee can show their knowledge of your company (but within their job description).
I call this my hiring ‘hack’ because not only are you finding out the best features of your new hire, you are also handing over a project that you may not have the time for and it is greatly going to benefit your company.
What Project?
When considering a project that can benefit your company and is ideal for a new hire, think content bank! A content bank serves as a great way to understand what your company is all about while also creating a database of information that is useful.
Here are just some of the great benefits you will receive from this one project:
- Gives a different perspective on the content that is already created
- Collects and organizes information if you do not have a system already in place
- Helps them feel like a member of the team early on
- Keeps your content relevant and up to date
- Double as training time
- Allows them to get to know the company and you
Here are some tips to follow when giving a project to your new hire:
- Do not give step by step instructions, grant access to what they need and make sure they have an understanding of what they need to do.
- Always welcome questions.
- These projects should look at the company’s KPI as a whole, Not just the employees KPI
- Letting them go through content also allows them to get to know the company and YOU
- When you have someone who is less interested in the social aspect it is still a great way to get new perspective
- Listen to their ideas… and make time to talk about it.
Examples of Training Project that Create ROI Right Away
Operations Manager → Create a workflow web to interconnect business systems.
ROI: High level overview of your company
Operations Assistant → Build a SOP library by watching and updating SOPs already in place.
ROI: In the future when they become the Operations Manager they will know the SOPs inside out.
Administrative Positions → Create organization systems for your Google Drive, email inbox or anything that feels like it needs the extra help.
ROI: Finding out skill strengths to use for other projects within the company.
Coach, Account Manager, Consultant (any done for you service ) → Build a FAQ database, research library, audit programs for current and accurate information.
ROI: An in depth understanding of the company.
Getting ROI from any Employee
This extends beyond just new hires; it also applies to existing employees. Even if someone has been with your company for a while, there’s always room to explore their hidden talents and uncover untapped skills. Assigning them a project aligned with their interests or where they may want to grow can give you astonishing results.
A few things to keep in mind 💡
- ensure that the project aligns with their skill set and challenges them appropriately, assigning tasks beneath their capabilities may be boring.
- Allocate these projects during slower periods to keep your team engaged.
Find your Leadership Archetype
If you want more great ways to guarantee ROI from all employees, we can help! Take the quiz and find your leadership archetype, and become a better manager today!
If you want to dive deeper into ROI and management, you can join our management course: People on Purpose.
Make sure you share your quiz results on instagram and tag @theparadigmm or send me a DM about your great ROI hacks. And don’t forget to review and share this episode with any small business owners you know.
