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Is Money the Problem or is it Management?
- CEOs are very aware of the management gap.
- Recruiting is broken. Often, men over-glorify their CVs while women downplay them. If you just use CVs to recruit, you'll miss good talent. Using data to drive vetting is a better way.
- Many employees and managers don't know what good looks like. There are not enough good models to point too. What leaders are looking for is people to come in and help them build systems, but if they don’t know what a good finance department, sales department, marketing department, etc. team and systems looks like, how can they build it?
- The pay gap between what people think they should get and what they are getting is a problem. Also, remuneration in sub-Saharan Africa is all over the board. There is as much as a 2.5x distribution for similar positions.
- Companies should look to hire managers that buy into the organization’s mission.
- Listen to a potential employee describe the mission of the company back to you and see if they are excited. Ask what the last books were that they read. Consider compassion in your recruits. This is an overlooked attribute.
- Timing is an issue with companies. If you know you need to hire management and you need to raise capital to do that, fine. Investors in the room agreed that it’s ok to pitch for capital and explain which positions you are hiring for. That will help you.
- As a CEO, if you aren’t investing 40-60% of your time finding and developing your staff, you aren’t focused right.
- The people who recruit the best on small budgets are good at storytelling. Up to a point, it’s money, but after that, it’s not. If your employees don’t feel connected to the vision, they will leave. You also need to get success. People want to feel like they are on a winning team.
- Pay people what they are worth even before they ask!
- We don’t have a shortage of talent, just a shortage of good management practices and models.
- Generally, people hire too fast and fire too slow. The advice of "when should you fire someone? When you first think of it" might not be quite right. Perhaps an employee is in the wrong position. However, you should fire employees as soon as you know they don’t align with your company’s values.
- Fall in love with the problem. Everyone on the panel agreed that entrepreneurs aren’t spending enough time developing human capital. The development community isn’t spending enough investing in the ecosystem. Investors aren’t investing enough in it.
- Companies should consider coaches or advocates for women. Men need to step in to help their partners do more for their careers.