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How to hire superstars
Eben Pagan’s simple system for hiring the best
“Hire superstars only; don’t settle for average…The best predictor of their future performance is their past performance, actually.” – Eben Pagan
The cost of hiring the wrong person is high, but the cost of keeping the wrong person is even higher. According to one well-known recruiter, the real cost of bringing on a new employee is $240,000. But if you keep the wrong employee for say, two and a half years before firing and replacing them, that bad hire will have cost you close to $840,000 when you factor in total compensation, hiring, disruption costs, severance and so on. Essentially, the investment you make in that employee far outweighs their contribution.
But even if you go through all of the right processes to hire the right person, you may end up with someone who interviews well but isn’t an outstanding performer. So how can you determine if your new hire is up to snuff as quickly as possible? Eben Pagan has created a simple system to determine their performance meets your standards as quickly as possible – it’s called the daily update.
Eben Pagan is the creator of the successful Double Your Dating website, and has build a multi-million-dollar company teaching people how to improve their business and personal lives. He has focused his life on learning the psychology and behavior of marketing and business. In this interview, available in its full length in the DVD set of The New Money Masters, Pagan teaches Tony Robbins his system for evaluating new hires.
To sum up, your new hire should tell you three things at the end of each day:
1. What they did that day and the results they got
2. Any problems or challenges they faced
3. Questions they have for you
By asking your new recruit to spend five minutes each day on an email for their first 30 days, you will be able to determine if this person is a superstar, or if you both need to cut your losses and move on. This simple and efficient tool could save you hundreds of thousands of dollars!
What do you think? Is this a system that you would implement in your business?