Claudio Fernández-Aráoz, who will be presenting at the World Business Forum New York in October, offers some insights on identifying talent and making great people decisions.
1. In your book It's Not the How or the What but the Who: Succeed by Surrounding Yourself with the Best, you write how "the art of great ‘who’ decisions” - of surrounding oneself with the right people - can determine success. Are there general traps to avoid and best practices to embrace when it comes to making a people decision, or does each appointment carry its own nuances?
As Capital One’s CEO Richard Fairbank put it several years ago, “at most companies, people spend 2% of their time recruiting, and 75% managing their recruiting mistakes.” This trap is the most important one to avoid if we want to surround ourselves with the best and help them thrive. A small investment now in learning how to surround ourselves with the best will yield huge personal as well as organizational dividends in the future.
Inspired, innovative, engaged and motivated employees are what every leader wants, but many leaders don’t spend nearly enough time with their employees to generate those outcomes. Leadership IQ recently surveyed over 32,000 people and we discovered that most people spend around 3 hours per week (or less) interacting with their boss. While that may seem like a lot of time, it turns out that to shape an optimally motivated, engaged, inspired, and innovative team, leaders should spend around 6 hours per week interacting with their employees. In fact, people who spend 6 hours are 29% more inspired—30% more engaged—and 16% more innovative than people who only spend 1 hour per week interacting with their leader.