Leading and managing in any industry can be a challenging task, but in the fast-paced world of real estate, where success depends heavily on the talent and dedication of your team, the stakes are even higher.
Ensuring you have the right people in the right positions is essential for driving growth and maintaining a thriving business.
It therefore should be a focus in your business to have a strategy in place for effective HR management where you hire, fire, and promote accordingly.
Your company’s culture starts with your people. It’s reflected in the individuals you hire, fire, and promote. The mantra "hire slow and fire fast" underscores the importance of deliberate decision-making in building your team.
Hiring.
Rather than rushing to fill vacancies, take the time to define your needs clearly, craft detailed job descriptions, and identify the skills and attributes necessary for long-term success. Remember, recruiting is not just about filling a role; it's about finding the right fit for both the employee and your business.
To attract top talent, it's crucial to sell your company's vision and values during the recruitment process. Highlight the opportunities for growth and development, and ensure candidates understand how they can contribute and thrive.
Firing.
To fire fast is to acknowledge that we’re all human and make mistakes. When it comes to staff members not working in your business, it's essential to address issues promptly, directly, and early. We can have a bias towards giving some ample room to improve hoping that things will turn around. If things don’t change, it’s important to face the decision head on. It can be tough to make the call that things are not working and that it’s time to part ways.
Having the ability to have tough conversations is essential for leaders. It takes courage and vulnerability to admit that they may have made a hiring mistake. While it can be challenging to acknowledge when things aren't working out, delaying the inevitable only prolongs the problem.
Within Real Estate Nation, we approach terminations with empathy and professionalism. If someone is exiting your business for any reason, ensure that they leave as a brand ambassador.
Promoting.
Promoting an employee represents a significant milestone in their career journey and signals recognition of their contributions and potential for growth. Determining the right time to promote requires a careful assessment of various factors, including performance, readiness, and alignment with your business’ goals.
High performers who consistently exceed expectations, demonstrate leadership potential, and show a commitment to the values of your business are prime candidates for promotion.
Employees who have mastered their current roles and show a willingness to take on new challenges should be considered for advancement.
Promoting your employees not only rewards their hard work and dedication but it also contributes to the long-term success and growth of your business.
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