Abstract
Leaders are shifting away from the mind‐set of setting up barriers of entry that will protect them against change, and instead, focusing on attracting talent that will allow their organizations to drive the change in their fields. Even traditionally well‐fortified barriers to market entry, such as monopolistic power, have been challenged in recent years. The author writes about the importance of talent. The real cost of hiring mistakes comes from missing out on more productive workers, which is highly counterintuitive to most hiring managers. These hiring managers often point to the fact that most of the work in their team has been performed by their average performers, not their stars. That might be true. A star performer is unlikely to perform a disproportionate volume of work, for example, write 10 times more code than an average computer engineer. However, the quality of the code they write can lead to a disproportionate amount of value, for example, billions of people every day using Google instead of Alta Vista and other search engines. The article concludes with such questions as: Is your hiring strategy reflected in your actions? Are you spending your time and energy in line with your stated strategy?
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