Finding and Keeping the Best Employees
#1 Goal for an Entrepreneur – Find and retain the BEST employees
By Shlomo Birnbaum
Fred Allen once said “Treat employees like partners and they act like partners”. Some may feel that doing this is too risky. Well, I feel that not doing so is too risky.
Whatever product or service you offer, your company must continuously provide value in order to build revenue. Like it or not, your value will ultimately be manifested and delivered through your employees. It may be your idea or product that gets you started, but the effective level of performance will be determined by them, not you. This is especially true in rapidly growing companies, where continuous individual or team goal execution is required in order to achieve goals.
When you begin hiring employees to free your time, allowing you to develop the business further, finding the best employees possible should be your #1 goal. After all, if you are going to be sharing a portion of your income with someone else, you may as well get the biggest bang for your buck. The BEST part is that ultimately, if you play your cards right, not only will you be freed up to focus on greater growth, these new hires should eventually outperform you.
So how can you control the outcome?
We are no longer in a world of “you get what you pay for” employees. The culture you create and how you treat employees are equally – or arguably more – important than how much you pay them.
Intriguingly, only 1 out of the top 10 items by which an employee is motivated can be concretely quantified, namely compensation. It certainly receives the most scrutiny. Daniel Pink said it best: “The best use of money as a motivator is to pay people enough to take the issue of money off the table.”Everything else is based on management style and corporate culture.
So here’s the big secret: While you’ve been trying to lure the best based purely on how much $$$ you can motivate them with, younger employees may be won by the 9 items you are leaving off the table…even if they don’t realize it yet.
Well, the cat is out of the bag. Here is the Employee Satisfaction Top Ten:
- Pride in their work
- Learning and Growth
- Competitive compensation
Stay tuned on how to build and create a culture which provides “The Other Nine”.