This week’s Commonplace post is about hiring when you’re operating in a cash-strapped environment.
You know, if you’re a wee startup, say, and you’re competing with Google.
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Or if you’re an SME and you’re transporting dogfood and you have to hire software engineers.
Or you build swimming pools.
Or catch crayfish.
Or make noodles?
You get the drift.
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The basic idea is that you want to find underpriced talent.
And then you want to compensate for the deficiencies of said talent. After all, no talent is underpriced if they were perfect. (This is a fancy way of saying: you have good training).
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Intriguingly, a reader just pointed out to me that the general strategy also applies to the NBA. So, for instance, the San Antonio Spurs identifies flawed talent during the draft, and coaches them to address the flaws.
The money quote:
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‘Less successful teams just try to assemble the "best" players and end up overpaying for a mediocre result’ can explain a lot of things, business included.
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Have you seen Moneyball? This idea is central to that movie, which is based on a true story, and I think all sports teams do this in some form now.
You'd love it. Here's a clip.
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Yes, I have! Well actually I read the book, and had to put it down because I didn’t understand baseball 😅
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