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I've been on a Warren Buffett kick lately.
Not
only do I think he'll be remembered as one of the towering
figures of our time (as were Carnegie and Ford in theirs), I
believe the principles that underlie his success can be
applied to
recruiting.
Take time management, for example. If you consider time
as an asset that can be invested, then why not utilize the
same strategies as the greatest living investor in order to
maximize your returns?
Where To Put the
Eggs
Most financial advisers want you to invest in
mutual funds. They'll tell you it's foolish to put all your
eggs in one basket.
Yet that's exactly the opposite
strategy that made Buffett a multi-billionaire. In his
view, diversification is okay—if you're looking for average
results.
To get outstanding returns, forget about
diversifying. Do your homework, ask tough questions and make
an informed decision. Then, invest heavily in one or two
stocks—as opposed to the hundreds that make up a typical
mutual fund—and stick with them over the long haul.
The
same strategy applies to recruiting. You can adopt the "mutual
fund" mentality and divide your time, trying to serve many
different clients. Or, you can do your homework and carefully
choose one or two clients to work with, based on
objective criteria, such their willingness to work with you,
their ability to attract industry talent, and so on.
By
building "key accounts" with a small number of companies that
have multiple, ongoing hiring needs, you'll focus your energy,
deepen your understanding of their needs and establish
long-term relationships.
Risk vs.
Reward
True, there's an element of risk any time
you concentrate your resources. But the payoff can be huge.
Top recruiters know that it only takes two or three key
accounts to put up big numbers, and that the more scattered
your attention, the harder it becomes to work efficiently.
Besides, you can always hedge your bets by keeping your eyes
open for new clients. When you need them, they'll be
there.
Here a few more gems from the Warren Buffett
playbook that directly apply to
recruiting:
1. Focus on what you understand. It's not
necessary for you to be able to perform your candidates' work,
but if you can't visualize or explain in plain English what
their job entails, it'll be difficult for you to match up jobs
and people.
2. Make decisions with your head, not
your heart. We sometimes maintain relationships that are
no longer (or were never) useful. By breaking
dysfunctional attachments, you'll do yourself a
favor.
3. Sidestep problems that are beyond your
control. As recruiters, it's our job to fill positions.
And by so doing, we solve personnel problems. But if the
company is unwilling to pay a competitive wage,
or can't
put together a realistic set of requirements, or make
decisions in a timely manner, it's no longer a personnel
problem. Rather, it's a structural problem.
Occasionally, we can coach our clients to correct
their mistakes; or serve as management consultants to address
some of the business issues they face.
But when
employers act as their own worst enemies during the
recruitment process, there's not much we can do, unless we
want to fight with them or spend countless hours trying to
solve a problem that's not of our making, and beyond our
control.
The Running of the
Mills
When Warren Buffett gained control of the
Berkshire Hathaway textile mills in the 1960s, the U.S.
textile industry had already begun its slow, downward spiral.
Rising to the challenge, he spent the next two decades trying
to turn the business around.
Finally, in 1985 Buffett
closed the mills. Despite all his efforts—and his reinvestment
of millions of dollars in new equipment—Buffett couldn't solve
the underlying problem: offshore competitors could produce the
same products at a fraction of the cost.
Though his
failure was painful (and expensive), Buffett learned an
important lesson, which he summed up this way:
"After
25 years of buying and supervising a great variety of
businesses, I have not learned how to solve difficult
business problems.
"What I have learned is how to avoid
them."
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