In today’s ultra competitive business world there is only one difference maker, Human Capital. Keeping and growing quality employees is paramount, because it has the greatest effect to the bottom line of any business.
Consumers buy most products on the future promise of greater human connection. We are in the great age of social connection, and one of those connections is between potential clients and your employees. Loyalty is earned through relationships, not pricing.
I run an ad and get people, isn’t that my only cost? Not even close! Advertising for help is the least expensive part of employee turn.
Every time an experienced client facing employee leaves a portion of your client base leaves too. Your customers are buying a combination of the name on your building and the employee they meet most often. What does it cost in advertising to gain back 20% of a lost salesperson’s client base?
It takes many man hours to train a new employee. At AutoHQ we spend 60 hours with every new employee we place in sales, and this is just laying out the entire process, not the practicing necessary to master any of it. How much does it cost to have a manager or high level employee set aside 60 hours to spend nurturing this new employee?
New employees are going to have to spend at least 30 days per process step to make it habit, and even longer to master it. How many clients are lost losing a salesperson selling 35% of your traffic, and gaining a new employee selling 20% for 6 months until they master MOST of your selling process?
The answer to each of these questions is THOUSANDS of dollars!
How do we avoid this? What is causing my employees to leave, or decline in performance so we have to terminate? The answer is so much simpler than you might think.
Employee motivation and commitment is driven by their perception of a shared future with their company.
It is human instinct to seek growth. It is why we went to the moon, build skyscrapers taller, explore frontiers, and go into work every day. Our attitude towards our career is a direct reflection of how we see it in our growth trajectory. There are a few areas of growth we look for, and suggestions to help use these areas to keep your employees.
Financial Growth – Does the business have a solid plan to help me improve my income? Is there going to be ample clients tomorrow, next week, next month, next quarter, etc.. Share advertising plans, and budgets to your employees. Give them a shared vision of opportunity.
Empowerment/Responsibility Growth – What is the DOCUMENTED blueprint to become more empowered? If I advance what would be my new responsibilities so I can aspire to grow into them? How long does it take to move up, and is anyone in the business helping me design a plan to be promoted? Simple solution, create a complete job description workbook and have it available to all employees. Use quarterly reviews as a time to look at what the next level employee does, and what it takes to earn that job based on the job description. That includes graduating from being an entry level to master salesperson.
Knowledge Growth – Will I be more knowledgeable, and thereby more valuable, by staying with this company? Employ a training plan and clearly communicate the future value to the employee. Have reading lists and discussion sessions with material that has relevance to an employee’s future success in your company.
The only thing worse than losing a trained employee, is having an untrained employee stay. Zig Ziglar
Family/Friend Growth – How does this company fit into home life? Does the schedule allow me to see my family? Is the company community involved? This is all about planning, planning, planning. Have your management sit down at the beginning of every month and ask what time the employee would like off. Get rid of the environment of making employees beg to see their child’s game. Most companies are more than willing to help an employee manage their schedule, but never communicate it.
It all boils down to communicating your company’s future with the employee. Speaking a language of shared commitment.
For more help keeping your employees, or finding the right ones for your company email Gregory Gershman at email@example.com