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The Affiliate's Guide To Hiring - Employee Development (1)

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EMPLOYEE DEVELOPMENT

You’ve hired one or more superstars. They are doing a great job at their recurring tasks. Your job as a manager starts here. You have to enable these superstar employees to maximize their potential and help them climb on that pyramid we talked about before.


How do you do that?

You learn about their professional ambitions first. Not everyone’s current job is what they want to do in 1-2 years, let alone in 10 years, if you want to keep people for long term. To some extent, many employees want to be an entrepreneur themselves at some point (self-actualization).

Enable them to start projects within your company, leveraging the resources you already have. Repay them accordingly like you would in any joint venture.

Be aware of the “Peter principle” and “Dunning-Kruger effect”.

https://en.wikipedia.org/wiki/Peter_principle
In an organizational structure, assessing an employee's potential for a promotion is often based on their performance in the current job. This eventually results in their being promoted to their highest level of competence and potentially then to a role in which they are not competent, referred to as their "level of incompetence". The employee has no chance of further promotion, thus reaching their career's ceiling in an organization.


https://en.wikipedia.org/wiki/Dunnin...3Kruger_effect
The Dunning–Kruger effect is a cognitive bias in which low-ability individuals suffer from illusory superiority, mistakenly assessing their ability as much higher than it really is. Dunning and Kruger attributed this bias to a metacognitive incapacity, on the part of those with low ability, to recognize their ineptitude and evaluate their competence accurately. Their research also suggests corollaries: high-ability individuals may underestimate their relative competence and may erroneously assume that tasks which are easy for them are also easy for others


Don’t promote people so much that they become incompetent on their job. Take it slower and keep in mind that being very good at something feels much better than making an extra buck while feeling like you are struggling with the task at hand, especially once you are past the security step of the pyramid.

Recognize where people over- and under-estimate their abilities and help them gauge better.

Last but not least, offer steady increase in salary, especially when the company is stable and the overall direction is positive. If in the long run you don’t increase your employees’ salaries by 1.5-2% per year, you are paying them less and less. That’s not good! Offering a 4-5% salary increase per year would be excellent, and otherwise, make sure there is some sort of performance bonus, even if it’s not explicit, from which all team members benefit.

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