How can you minimize financial risks when investing in new talent?

- Strategic Hiring: Make sure each hire supports strategic business goals and brings added value. - Effective Onboarding: Helps new hires get up-to-speed faster, reducing the risk of early turnover and ensuring the investment made in recruitment pays off. - Continuous Training: Ensures you pay for results and helps align the interests of the individual with the business. - Monitor Progress: Prevents costly mistakes and improve work performance.

If you are starting out, you can attract people on a commission basis until you can afford to give them a fix + comission. It can show you have committed they are and their performance. It is true if you want top talent, the salary has to be competitive.

I totally agree, a product that would help with this expense management could be the Excel tool. I would like to make a small nuance, we can never forget the item for unforeseen events within the expense table.

Minimizar os riscos financeiros ao investir em novos talentos envolve algumas estratégias chave. Diversificar seus investimentos em talentos, realizando pesquisas detalhadas sobre o histórico e potencial de cada indivíduo, e estabelecer contratos claros e realistas são passos importantes. Além disso, manter uma comunicação aberta e transparente com os talentos, acompanhando de perto seu desempenho e ajustando estratégias conforme necessário, também contribui para mitigar riscos financeiros.

When you also invest you want to know the people behind it as much as the money. Yes know how much you can invest and make sure they have covered the bases but sometimes new just means they haven't been given their shot. Look at the principle stack and did they think long term or short. Are the budgets realistic or bloated. But main thing is people invest in people not only what is on paper so when presenting also know your figures and be prepared to justify them.

Mitigating financial risks in talent investment involves thorough scouting, performance analysis, and contractual safeguards. European football clubs, like Borussia Dortmund, excel in this aspect. They invest in young talents with a comprehensive scouting system, analyzing not only current skills but potential for growth. Additionally, they structure contracts with performance-based incentives, protecting against financial loss if the player doesn't meet expectations. This strategic approach minimizes risks while fostering talent development.

Hiring a a recommended recruiter to get you the talent you need is very cost effective depending on the budget you have as they ussually charge 10% of their yearly salary. If you are starting out, make them go through your core values, yearly objectives and most importantly make them tell you the knowleadge they have in that specific area, the skills they developed and the network they have in that area.

The importance of the research don’t relay only in scouting and other type of analysis within the pitch/court. The research goes beyond that. It is important to do a research on the Player’s background, for instance if he/she is a person that has a family or if he/she likes party and drinking. Or if he/she has a good relationship with teammates. There is a lot of research to do as discovering a new talent, not only the stats.

From my observations, organizations tend to want to initially offer low budgets for roles. It's important to look around at competitor companies to see what they are offering, because if the position gets filled with a low salary then the candidate may be enticed by a higher offer at a competitor after gaining some experience. It's important to consider the candidates skills, experience, education, and the role's responsibilities. Keep in mind, it's more cost-efficient to retain an employee, than to keep recruiting for the same role.

Prioritize Contractual Clarity: Minimizing financial risks when investing in new talent involves ensuring clarity in contractual agreements. Draft comprehensive contracts that outline performance expectations, financial arrangements, and any contingency plans in the event of unforeseen circumstances. A well-defined contract serves as a legal and financial safeguard, reducing the likelihood of disputes and offering a structured approach to handling potential setbacks.

In military we learn that no one is indispensible. Work has to be completed and will be completed. Therefore always have a back up be it talent or anything in the organisation. Never let an employee feel greater than the organisation as organisation pays and not vice versa.

Diversify your talent pool by seeking candidates with varied skills, backgrounds, and experiences. This approach helps mitigate risks associated with a narrow skill set or homogenous team. Embracing diversity fosters innovation and resilience within your organization.

We have the clearest example in the elite of European football. Real Madrid in the first leg of the galacticos better known as “the Zidanes and the Pavones” I recommend emotional intelligence training that will help manage the player portfolio.

E uma Estratégia poderosa de gerenciamento de riscos. Ela permite que os investidores tenham uma participação estável em diferentes áreas do mercado, ao mesmo tempo em que amenizam o impacto de áreas mais fracas. Além disso, também busca maximizar o potencial de retorno.

Regularly monitor and evaluate the performance of new hires against predefined metrics. Implement feedback loops and performance reviews to identify areas for improvement and ensure that the investment in talent aligns with organizational goals, helping to minimize financial risks over time.

Hiring is not the hard part. It’s spending the time developing expectations, providing proper training and direction followed by precise and measurable objectives. Holding your team accountable to the objectives at hand and developing equal accountability across the organization will make the good hires very successful and will allow bad or struggling talent to be identified much more quickly.

I believe it's best to build talent if you go for talent it's going to cost a lot but if you find someone with the ability to but not yet achieve and humble in learning it will cost far less than someone who already has the talent and anxious to push forward

It’s vital for any person or organisation, in this case in the world of sports, to learn from their own mistakes and to have the capability of analysing them in order not to repeat them again. A Sports manager is a multidisciplinar job so you cannot be an expert in everything, your success will be to find the correct advicing with the right experts in any task you need… And then, you’ll became a better professional.

360 feedback and personal accountability for the success of your team is so important when building and growing. It is a humbling experience to take ownership for your team’s misdirection, but learn grow, be better and move forward.

Acknowledge and learn from any hiring mistakes. Reflect on missteps, adjust your approach, and apply those lessons to future talent investments. Continuously refine your hiring processes to minimize financial risks and enhance the overall effectiveness of your talent acquisition strategy.

Ninguém gosta de errar, seja no trabalho, seja na vida pessoal. É evidente que todas as pessoas estão sujeitas a erros, mas o que as diferencia é a forma como lidam com eles. Superar os próprios erros é fundamental no ambiente corporativo, pois o profissional tem de levantar a cabeça e correr para corrigi-los.

Use them as interns until they can prove they can provide an ROI. There are plenty of highly educated and great people just looking for a great opportunity. This day and age with the turnover we are all facing they should be not only qualified but believe in what you are doing. Give them the best opportunities you can to build that resume and then hire once they know and understand what you are offering.

Leverage the power of Optionality. You want a situation where you can benefit from positive outcomes while limiting your exposure to potential losses. For example, through performance-based contracts, you can tie financial rewards to specific performance milestones, such as goals scored, assists, or playing time.

I enjoy hiring people who worked out well as freelancers or contract workers for the company. It's a great way to see if they are a good fit. I gradually increase workload until I can see they can handle a full time load and produce the same quality of work. Sharp communication, thoughtful positive and negative feedback, and metrics throughout the process can help them gradually develop into the role so that they can hit the ground running once they are hired full time.

Another way to minimize financial risk when investing in new talent is to utilize performance-based incentives. This can include structuring the investment with milestone payments or profit-sharing arrangements, which motivates the talent to perform and ensures that your investment is aligned with their success. Additionally, seeking professional advice from financial advisors or talent management experts can provide valuable insights and help assess potential risks and rewards. By staying informed, involved, and setting clear expectations, you can mitigate the financial risk associated with investing in new talent.

It's very important to get to know your employees/talent and figure out the best way to help them grow and help them get the most out of their careers. I've seen before way too many managers that get attached to having a certain top end performer on their team and don't push them to keep moving forward in their careers, or don't do too much to help them continue to develop causing the talent to stagnate. It's important to try to uncover what the ultimate career goals are of the people you hire and develop a culture of growth. When you identify trends in the behaviors of top performers, you will be able grow & establish a great culture/environment of top performance, career growth.

To minimize financial risks when investing in new talent, ensure you thoroughly evaluate candidates by examining their skills, experience, and how well they fit into the company culture. Conduct multiple rounds of interviews, assessments, and reference checks to gain a complete understanding of each candidate.