How To Retain Your Employees- Jerry Fetta
Today I am going to talk about how to retain your employees. That’s what any company wants right? Find good people, and have them stay. Companies go to great lengths to keep their people. From bonus plans, benefits plans, employee perks, and vacation time. Let’s face it if you are a business owner you run and own your business because you love what you do to some degree, and you want to be wealthy. You looked at the average life that people around you were living and decided you want more control, more income, and more freedom. Now, you need to keep your people to expand your company so you can expand your wealth. I’m going to share how to retain your employees so that you can increase your wealth faster.
The first thing is to clearly define your brand and culture. The worst mistake you could make is to adapt the form of your company to someone who works for the company. Be you and fly your flag. Every business owner is unique and that uniqueness should show through the values and culture displayed by your company. Just like a customer, if you change your product and pricing to accommodate them every time you won’t have a business for very long. This will polarize and you will attract the right people and detract from the wrong people. Any company that is afraid to really be themselves for fear of losing staff or scaring them away has a pipeline issue. It means you don’t have enough staff in the company and enough potential staff in the pipeline.
Create turnover. The way you keep people is actually creating a turnover. By being fully yourself in addition to having a fast-paced, production based environment will cause people to quit. A percentage of individuals are looking for a comfortable job where they can fit in and enjoy a moderate to relaxed paced environment and just be happy. An even smaller percentage of people want to win and achieve greatness. If you were running an NFL team, you’d want people to come in knowing that the only goal is to win a championship. Because of that you train harder, run faster, and hold people accountable to higher standards. People will quit and they will quite fast. That’s good and it’s what you want. The good ones will stay and help you win.
Train your people. Not just on product sales, that is a given. Train them to be better at communicating, negotiating, closing, selling, and money. These are life skills. By training your people on life skills, you make them better at life. Their lives will improve because they’ve worked for you and it will make more employees stay because they remember how it was before they got these skills you’ve given them. I use Cardone University for this. I am a Grant Cardone Certified Coach and Licensee and me delivery this program and training to my own staff. In addition to that, my employees have mandatory study and learning time throughout the week that I pay them for. Smarter people stick around longer and perform the same jobs with less effort.
Help you people with money. Here is the reality, most employees earn their paycheck and then go home and make bad financial decisions. They are swimming in credit card debt, student loan debt, and not saving anything. You see, most employers think they are handling this by providing a 401k plan and access to some form of beginner’s financial education. Obviously, this doesn’t work because your people are still struggling and some of them are leaving over it thinking that a higher paying job will help them. Even if they quit and get a better paying job, they will still have the same issues because they haven’t learned how to get their money right. I’m telling you, as their employer, do this for them. Hire a coach, put them on a plan, and then tie their financial plan directly back to the production they perform for you at the company. When companies do this, it is truly powerful!
I do this for my own staff and I offer this as a service for businesses too. Here is what it looks like.
- Provide Cardone University for all staff so that they learn how to sell, market, close, negotiate and making more money. This will benefit both them and the company.
- Perform a financial assessment with each employee to gauge where they are at financially.
- Have a Wealth Creation Coach come in and speak with all of your employees. Enroll them in Wealth Creation Coaching that is free as part of your Cardone University membership.
- Each employee engages in 1 on 1 Wealth Creation Coaching where they will set goals, review their finances, and create a plan. This plan will be tied to their production quotas with the company and will motivate them to train more at Cardone University.
- Managers and owners have access to the stats for training and also to the financial plan created for the employee so that you can track with metrics, the progress of each person toward their goals.
- Employees will push to achieve their goals, train more, and expand the company as a result!
If you would like a trial of how this works and to learn more about how Wealth DynamX can help you and your company click here.
Own Your Potential,
Grant Cardone Certified Coach