In business school, I learned that there are 3 variables to consider when developing a product:
- · Speed
- · Price
- · Quality
Common wisdom says that you can usually only have exactly what you want in two of those three areas. You can have a product that is quickly made and with a competitive price, but your quality may be lacking. Or you can have a product that is quickly made and of high quality, but you are going to pay for that in price.
You get the picture.
One of the things I always found fascinating is how this concept can be applied to a variety of different scenarios. For instance, one might say that the variables for a happy life would be:
- · Friends and Family
- · Career Success
- · Outside Passions and Hobbies
You could excel in two of these three areas, but it would be extremely difficult to commit yourself equally to all three at the same time. It is far more likely you would have to choose which two to prioritize.
Applying the same thought process to hiring, lets say there are three variables to consider when looking at candidates.
· Education and Experience: Do they have the background you are looking for in this role?
· Fit: Do they seem as though they would be a good fit within the corporation and team they would be joining? This applies to personalities meshing and passions aligning.
· Salary Requirements: Are their salary requirements within the range of what you are looking to pay?
Let’s face facts: A candidate who meets both your education and experience requirements and also seems like the perfect fit for the job is probably going to be a candidate who commands a higher rate of pay. If you are going to be strict about the background and capabilities your selected candidate embodies, you need to be willing to pay for that higher quality.
If, on the other hand, remaining within budget in terms of salary negotiations is your highest priority, it might be important to consider candidates who don’t necessarily have the education or experience you are looking for, but who do seem like they could be a good fit in the position and capable of growing into it.
As you review resumes, always keep this concept in mind. You may not be able to find a candidate who fits all your requirements and is willing to step in at a lower pay, but if you are open to prioritizing two of the three realms (compromising on the third) you might find a candidate who completely surpasses your expectations!