When to go fast and when to go slow
Laurence Larry Haughton left a comment about decision-making that applies very well to hiring situations.
Good decisions require us to weigh many factors:
1. Previous similar experience (# times you've been in this exact situation before)
2. The number of times you've made the right decision
3. The cost of a wrong decision
4. Your ability to correct an error
Fast Decisions require the following scores on the above.
1. Lots of previous experience
2. A record of good judgements
3. Low costs. You don't have much to lose on a bad call
4. A lot of correctability potential. You have a lot of opportunity salvage the losses that follow a bad call.
Slow Decisions are called for when:
1. You have little or no experience.
2. You have no postive track record.
3. You have a lot to lose from a mistake
4. Mistakes cannot be easily corrected.
Low costs, high levels of experience, a scorecard with a lot of wins, and flexibility (adaptability) all allow a fast decision. The inverse says speed is haste.
Larry learned the difference between speed and haste researching his book
"It's Not the Big that Eat the Small, It's the FAST that Eat the Slow."