https://youtubetranscript.com/?v=SkM0o2bUGY4
So when you think of the Big Five, when you think of this course, we’ve talked about the relationship of parents to their kids, a bit about the relationship with somebody you might date or a partner. How can this help leaders? How does it help in the workplace? Oh, that’s great. Well, one of the things that it can help you understand is who you should select for hiring. If you’re hiring managers and administrators, you want people with high cognitive power, so that’s associated with openness to experience, intellect and IQ. You want people with high cognitive power, especially as the job complexity increases. Low complexity jobs, which are ones that you can learn and then do by rote, they don’t require so much general cognitive ability. But if you’re hiring people to stay on top of a dynamically changing environment and they need to learn and make complex decisions, then you have to hire for general cognitive ability. The difference economically between making the proper hiring decision and the improper hiring decision is overwhelming. It’s going to make or break your enterprise. And then if you want managerial and administrative types, you also want to hire for conscientiousness. And so if you use an amalgam of general cognitive ability and conscientiousness, you can improve your hiring accuracy. Well, you can imagine your failure rate is 50% in that 50% of the people that you hire are below average in 50% or above. It’s just an arbitrary cutoff. If you use a decent selection process, then you can decrease your error in hiring by 50%. And so that will definitely make or break your business.