Hire Slow Fire Fast is from an HBR article you can find here. It really is well done. I recommend you read it all.
I might amend it to say Fire Fast and Hire Carefully.
Now, I have a mitt full of exceptions given that each leader has his own personality and potential weaknesses.
Hire Slow and Fire Faster Deeper Thought
First, I was talking to a US factory leader last week, and he like some others has a good system and good success in hiring workers that consistently engage and work for the company. They hire carefully and rarely need to fire. They have little unwanted turnover. They likely only need us if they replace their present leader.
Some leaders have great ability but not a good eye for who to trust in China. If they fire quickly, they tend to fire the very guy they should have protected. Whether they hire quickly or slowly, they tend to make a mess and need to outsource hiring and firing thinking to prosper. They rarely do and muddle along,
Some companies cannot get the right candidates to the interview and just hire unhappily. Slow or fast is not the point. They need excellence and that is not their core skill set. They do well to find a good China Recruitment Agency.
Some companies delay deciding to fire and delay choosing to hire even when excellent candidates appear. Their decision making mechanism has a gap and no alacrity. Though good candidates are found, they lose them to more active companies who make the offer and pursue. Though some workers in the company are clearly not great hires, they just muddle along. These companies need to fire fast and engage great candidates and decide. They should not hire fast, but know when to hire.
Really Let’s Think More
Some companies do not fire as cannot get workers. They have no salary information on the market, but actually are in the bottom 25% of pay. They have a hard time getting any qualified candidates to commit. They need to take a harder look at their salary levels. Great leaders if found can lower the price of hiring and keeping workers, but some competitive standard needs to be reached regardless.
Despite all this, the base idea of Hire Slow Fire Fast is on the mark. However, each company needs to consider its own strengths and weaknesses when deciding how to meet the Hire Slow Fire Fast standard.