KickStart: Share money, praise and profits to attract and keep the Very Best People!
I learned so much from my residential customers. After all, our clients had to be financially successful even to afford our high prices💲💲 So, I would just 1) ask questions and 2) LISTEN to my client’s answers.
One very wealthy CEO (who I suspect was a bit bored in retirement) often regaled me with his stories. Since I was trying to build a Critical Mass Business that could run without me I focused on Paul’s hiring tips. His first tip was…
Never forget, pigs get fat but hogs get slaughtered!
Now Paul admitted that he used this concept in many business dealings. (Especially with the IRS!) But Paul said the second (related) secret of his employee retention strategy* was to…
Always leave something on the table.
Paul then translated it to me by saying, “Steve, your best employees, the ones you want to keep, aren’t stupid. They realize as the boss you deserve more. But your key employees should FEEL like they’re sharing in your company’s success!”
* Remember, the more experienced employees you “retain” the fewer new people you’ll need to hire. (I’m sure you’ve noticed the current hiring environment is brutal!)😥
IMPORTANT: You’ll get 100’s of new hiring ideas and systems in my 3-hour, online SFS: Hiring the Very Best! LIVE seminar. To learn more and/or easily register online click HERE.
So HOW can you apply Paul’s down-to-earth business tips?
1. It’s not ALL about the money! Translation? Recognizing a job well done with a sincere “Thank you, Charlie!” can have a huge ROI.💖 Especially since verbal appreciation is (wait for it) FREE! (And it makes you feel good too!)
2. Don’t keep the praise to yourself. Paul reminded me to always, “Praise in public, reprove in private.” You’ll supercharge your employee recognition efforts by publicly commending employees in front of their coworkers. NOTE: Your regular company staff meeting should be primarily focused on positive appreciation and ‘cheerleading’.
HINT: My clients often confess they worry about praising their workers ‘too much’ because they’re afraid their people will ask for a raise. NEWS FLASH! Your employees already want (and likely deserve) more money! Read on for how to proactively deal with this need…
3. Pay your workers 20% more than the ‘going wage’. Like it or not, you are ‘competing’ for employees against any other job they qualify for. (Not just the industry you work in.) Yes, I know- a ‘marginal worker’ won’t become a better person with a bigger paycheck.👎 BUT you will attract (and keep) better employees by upping the wages you pay.👍👍
NOTE: Can’t afford to ‘pay more’?😬 Then 1) raise your prices and 2) share these new profits with all your workers! Remember, right now is the perfect time to ‘charge more’ because your clients expect you to raise your prices. But they’re not going to pay you more unless you ASK FOR MORE!🙄
Resource: Learn how to book your clients at higher prices in my 3 hour, online SFS: Winning over your caller! LIVE seminar. Click HERE for 100’s of ‘Lead Conversion’ ideas and systems to easily book prospects who use text, email, Facebook, website chat or even… the phone! HERE are our upcoming class dates…
4. Dangle a ‘bigger carrot’ with a Worker Efficiency Bonus(WEB) Plan. Once you’re paying above average salaries then offer your workers a slice of the ‘excess profits’ they create. How? By 1) tracking, 2) recognizing, and 3) rewarding the workers (or even better employee teams) that excel at efficiently generating higher profits.
Simply put? When your employee(s) work harder/ smarter/ more efficiently then they share the wealth!💲💲💲 Properly implemented and communicated, Paul’s and my WEB Plan won’t cost you a penny and will super motivate (and retain) your Very Best People!
Best wishes going forward!
Steve