Blueprint #9: Why I hire owners, not employees

Lesson: I Hire Owners, Not Employees.

In the competitive landscape of talent acquisition hiring owners over employees can be a strategic advantage. What I mean by this is that attracting top employees and outbidding huge companies like Meta, Google, and others can be tricky. As a small or new business you often won’t be able to meet them on salary or benefits, but you do have a competitive advantage.

During my time at Limelight Health as the VP of Operations I experienced challenges in attracting top talent. Engineers were flocking to Google, Meta, and Oracle because the giants can offer a higher salary. Instead of playing the game, we needed to re-invent the game if we were going to attract top talent. I started pitching our Learning & Development budget, mentorship programs, how their voice will make an impact and our unique work culture.

Before I knew it, I was attracting owners instead of employees. People with an owner’s mentality want their opinions to be heard, they want to learn more about their niche, and a unique work culture piques their interest. They were open to lesser compensation for an opportunity to bet on themselves and have more impact and influence to grow quicker. They wanted their destiny in their hands and not some giant companies.

Insight: Find those who are willing to bet on themselves.

Attracting people to your company should go beyond just a compensation package. Here are three things I would keep in mind when hiring:

1. Unconventional Attraction: To attract talent, emphasize non-traditional benefits. Highlight aspects like mentorship, impact, influence, and the camaraderie of being part of a dynamic team. Leverage a Learning and Development (L&D) budget and team offsites as unique selling points.
2. Compensation Beyond Salary: Instead of trying to match the perks of larger companies, focus on what your business can uniquely offer. Limelight leaned into what they were good at, offering opportunities for growth, mentorship, and a unique work culture.
3. Attracting the Dynamic:Seek individuals willing to bet on themselves, much like those attracted to Limelight's unique offerings. Look for those lookingt for the chance to contribute meaningfully, grow with the business, and earn not just a salary but a stake in the success they help build.

There will be A and B team players that are willing to bet on themselves. It is your job to find them and offer them something that they want more. Do what your business can afford when offering compensation and offer what your business is uniquely advantaged to offer instead of trying to compete head on with giant companies in the market

Action Item:

How do you think creatively about attracting the right people to your business?

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