I have been following the strategy of Hire Slow, Fire Fast when it comes to recruiting and have come to realize that there are a number of severe limitations to this strategy. Here are a few:
- If your company’s customer base is growing rapidly, your team of brilliant people can become overworked and demotivated because of it. Hiring more rapidly might be a good idea in these situations.
- Firing fast is much easier said than done. Once you’ve brought on a new team member, I feel a strong obligation to give this person every chance I can before firing them for underperformance. I try to help them with training, switching them to different types of tasks, and doing everything I can to help them succeed.
- Hiring slow will limit your growth. My capacity has pretty much been the biggest limitation of my business growth over the last year.
I will still follow the strategy of Hire Slow, Fire Fast… but there are some major disadvantages to it. Your thoughts?