Good Morning: Risk of Hire

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Risk: Your ROI must ALWAYS exceed your Risk of Hire   RWDH>RSKH

Often people are eager/willing to gamble with their money, but they are reluctant to do so with their reputations, especially in hiring"  BSD

In my coaching seminars, book, CD and my website, I have discussed often the concept risk of hire versus the reward of hire. This week one of my clients made me aware that I may have failed to thoroughly emphasize how important it is to address that risk early on in the conversation with potential hiring authorities. 

We have discussed often that you as a candidate are an opportunity for the prospective company as well as the hiring authority, but part of that opportunity is the hidden fear of the hiring authority that you are also a silent significant risk for hire. That hidden risk many times is not just the monetary or business impact on the business, but more importantly your impact on the HA’s reputation.  The risk/fear of the HA is for their personal and professional reputation, at home with family & friends, with his/her superiors and most importantly with their subordinates. In most hiring situations there is a real, almost palpable, risk for every hiring manager, to be embarrassed in front of the people they most care to be seen as nearly infallible, their subordinates.

Risk: Job, Status, Money or Reputation! In the final analysis, it is primarily Reputation.

There are at least five main tangible rewards for the HA for almost every hire, among those are:
1. reduce stress on manager
2. enable their company and  for them personally to make more money
3. allow them to shine by your success, and possibly gain advancement..or enhance their reputation for superior leadership qualities
4. make work easier for the manager
5. actually reduce the manager’s risk of embarrassment or termination by hiring you…because of your special talents, industry knowledge or connections

In fact, our S.A.L.E.S. formula, V=N+A-C* is used constantly in our program to reinforce the basic tenant of the “get THAT NEXT job” system which is that all hiring is based on proposed or proof of value. The real proof of that value, is the reduction of risk of hire and increase in the reward of hire for the Hiring Manager. (RWHD>RSKH) That risk reduction is as important in the corner office as it is in the plant or sales office. As you make your phone calls to solicit an interview with your prospective hiring authorities, you have to discuss your opportunity for that person, and for that company, it is also vitally important that you address and discuss the elephant in the room, indeed the herd of elephants in the room as the potential hiring manager listens to your “pitch’** all they can think about is not your reward but their personal RISK in hiring. Yes, I do know what I am asking you to do is unsettling, but once the Hiring Authority’s risk is brought to the fore, it may indeed shrink and your rewards will far outshine it. You must be aware of the fear that every hiring manager is thinking about in every conversation with every applicant. Our opportunity approach allows each client to quickly dispose of the hiring manager’s basic internal discomfort and focus on the positive aspects of the opportunity that you present.  Indeed, one of the reasons that we do not ask for a job, but tell them we are an opportunity for them and their company is to attempt to allay that fear even with our choice of vocabulary.*** (Indeed, a second client indicated today that their addressing that risk of hire up front actually elicited this response for the hiring Authority (HA), “Boy, are you correct, I do worry about that a great deal, I am really pleased you mentioned it.” The HA, the president of the company, actually could be seen to visibly relax after that and then accepted my client as a part of the solution not a potential part of the problem. The conversation from that point was how to fit her into the management team, not what you see & hear in most interviews, “what have you got to offer me.”)

One of the major problems in looking for a job today is that we often forget that the hiring manager truly does not have a significant interest in our getting that job. His/her single focus is not what her/his company can offer us; but what we can offer his company and more importantly him or her. It is easier and convenient, to forget or to ignore the one concept that we are most uncomfortable addressing and yet that we ignore at our peril. All sales; like all other endeavors in life has three component parts price, quality of product and risk of acquisition. In this particular case, the greatest risk is the least apparent and normally cannot be discovered through interviewing methodology alone and has currently become the single biggest impediment to even making an appointment to talk to a prospective employer. That impediment, as we have said above, is the HA’s fear of embarrassment, it actually outweighs most hiring authorities fear of termination for the wrong hire.

All hiring authorities regardless of their level, including the person at the top of the organization fear "looking bad" more than losing two or $3 million of company profits. It is one of the reasons indeed, why companies going into financial troubles or bankruptcy bring in the friends and former coworkers of the president to administer in many cases the last rites to a company. At least by having these people around the president is not subject to the embarrassment of making a mistake in hiring the wrong person and the action of bring in friends actually spreads the risk of hire. In good times, and we have not seen that for a while, the Chief Executive Officer and/or hiring authority may be willing to gamble with a questionable hire, but in times of significant economic stress, no or at least very few hiring  authorities will take that chance.

The single biggest mistake my clients can make is to only think of the Personal Marketing Strategy Program as a sales methodology without understanding its real purpose, the diminution of the risk of hire. As I said above, the elephant in the room will not go way and it requires feeding and the concomitant cleaning of the cage before any offer can be made to our clients.

If you have any questions please send us an email, we hope this discussion helps to define what your job as a candidate really is in both the phone and face to face interviews. We have found this discussion works best in a FTF**** interview, but when your call is several hundreds of miles away and you are attempting to get the HA to “pay” for your ticket there, the phone discussion can be efficacious.

*Value=Need + Application-Cost: There are two kinds of Need, Real & Perceived and two kinds of Fiscal & Emotional. When you are selling you develop a perceived need and an emotional cost and when you are buying you reverse it to a real need and fiscal cost.
**Job Search: This weekend refine your elevator pitch down to a coherent 10-20 seconds?
***Obviously the 10 different types of managers one our site often will determine how you address this risk.
****FTF   Face to Face

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Bruce Dreyfus, Managing Partner

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