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The Justin Goodbread Show

The Financially Simple podcast is your one-stop resource for small business owners. Gain unique insights into growing, refining, and selling businesses. You will hear ways business owners have reduced their tax liabilities, increased their income, improved office morale, saved for the retirement of their dreams, and more.
Host Justin Goodbread is a serial entrepreneur, CFP® (Certified Financial Planning professional), CEPA (Certified Exit Planning Advisor), and CVGA (Certified Value Growth Advisor) with years of experience guiding business owners from start to exit in their business.

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  2. Not a Good Fit...What to Do When You Hired the Wrong Person

Not a Good Fit...What to Do When You Hired the Wrong Person

Oct 10, 2022

What do you do when you hire the wrong person into your company?

One of the most difficult aspects of owning and running a business is human resources—people, and hiring them. As business owners, we spend a lot of time, money, resources, sweat, intellectual equity, and energy trying to hire the right people: we articulate and write the perfect job description and go through hours of countless interviews. So, when we realize that an employee isn’t a good fit for the role, it becomes a difficult challenge for us to approach.

In this episode, I discuss the steps to take when you’ve hired the wrong person. I explain why cultural fit is non-negotiable in your organization and outline passive and proactive approaches to identifying poor cultural fit. I describe the signs that tell you’ve hired the right person for the wrong role and how you can fix the issue. I also highlight how you can mitigate legal action following the termination of an employee due to poor fit or performance and underscore the importance of leading with empathy and grace.

“Cultural fit is non-negotiable. Positive corporate culture enhances productivity through collaboration and creates engagement. A poor cultural fit can demoralize the team and cause burnout.” - Justin Goodbread

 

This week on the Financially Simple Experience:

  • Leadership and providing a pathway to success for employees
  • Why cultural fit is non-negotiable when hiring employees
  • The tell-tale signs of an employee with a poor cultural fit
  • Passive and proactive approaches to identifying cultural anomalies in your company
  • Addressing workplace toxicity and the importance of creating safe reporting mechanisms
  • Avoiding the “Me” monster and the importance of valuing growth over ego
  • Leading with empathy and how to deal with low-performing employees
  • What to do when you’ve hired the right person into the wrong role
  • Mitigating legal action and lawsuits from firing an employee with a poor fit

 

Resources Mentioned:

 

Our Favorite Quotes:

  • “As leaders, we need to ensure that we’ve done our very best for our employees—those whom we’ve hired into our companies to excel and succeed.” - Justin Goodbread
  • “Identify and address the problems of a cultural fit before they can make major problems; if you allow them to fester, your company’s productivity and profitability can dive.” - Justin Goodbread
  • “Lead with empathy and be transparent. However, we need to always be ready to make hard decisions and let people go.” - Justin Goodbread

 

About The Financially Simple Podcast
If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you’ve come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin’s combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey. 

If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/

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Financially Simple is a division of WealthSource Partners, LLC (“WSP”), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC (“WBA”).

This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast’s guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast’s hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.