Recruiting your first employee when starting your own business is definitely a nerve racking time! I remember when I set up Collingwood in 2005 and, despite having been an Executive Search Consultant for over 8 years, I am sure I was as nervous as someone who had never recruited before!
Recruiting anyone is an investment in your business and should be considered in the same way as buying a capital asset. Preparing to succeed is critical and so spend time really thinking about not only the role, experience and behaviours of who will add the most value to your business now and in the future but also detail what the role is and your clear expectations of it.
Don't take risks as hiring the wrong person is 3 times worse than recruiting no one at all! You are better to struggle on your own that recruit the wrong person. Believe me I it is a key learning point from my 11 years leading Collingwood and my 19 years in Executive Search partnering start-ups to grow.
It’s easy to make hiring mistakes in your first year, but there’s a way to navigate through them. You’ve got a startup idea, a plan of action and the capital to start out. All you need now are a few employees to help you keep everything going. So you read a few resumes and schedule a couple of interviews. But once you’ve met the candidates, you’re struck with a terrible revelation: you have no idea what defines a “good hire.” The 2015 Benchmarks and Trends in Spending, Staffing, and Key Recruiting Metrics from Bersin by Deloitte found that the cost to hire is now $4,000 per employee. That can begin to add up if you continually make bad hires in the first year of your business.