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Feb 16
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In Fear Of Losing Valuable Employees? Try The Golden Handcuffs.

By Business Coaching Hiring Strategy No Comments

As a business owner, especially when operating a small company, it’s common to find a star employee that perfectly complements your vision – exceeding expectations, getting the job done perfectly and making a positive impact on your business.

It’s only when you recognise that employee that the fear of losing them becomes a reality.

And the last thing that you want to do is have to find someone else to replace that person, as it can become costly, time-consuming and often difficult to achieve.

So how do you keep them happy? How do you retain them for the long-haul?

While locking them in a room and hoping for Stockholm Syndrome to take its course isn’t exactly an option – arresting them with a sleek pair of golden handcuffs just might be.

Value Is In The Eye Of The Entrepreneur 

In a lot of the smaller businesses that I deal with, I come across clients that become incredibly dependent on one, or a few key members of staff. And it inevitably leads to a fear of loss, as they believe there’s a huge risk in losing any of them.

What often tends to happen is that these key employees begin to recognise their own value and the impact that they have on the business. This leads to them either asking for more money, or some kind of guarantee that their hard work will benefit them far more than just the salary that they receive.

And it’s at that moment when business owners make the mistake of giving away or selling shares to a star employee (especially in the early stages of starting their company).

More often than not, this comes back to bite them in the ass. After a few years, the realisation kicks in that giving away or selling shares early-on was a crap decision. What ends up happening is that you give them shareholder rights and create complications if you ever wanted to sell your business at a later stage.

So before jumping the proverbial gun, you need to first ensure that this person is capable of being a good partner, not just a good employee.

Just like in dating, you need to know if they fit the role of being a good parent, a caring partner and whether or not there are any red flags to be cautious of. The same applies to that star employee – you need to work with them for a long enough time before offering them a stake in your company.

If you’re feeling pressured to make promises or provide them with a reason to stay – then I’ve got some really great tricks for you.

Arrest Their Attention With Golden Handcuffs

Being a business coach means that I always have (or find) a solution to the problems that business owners have to face.

That being said, dealing with a situation like this can be easy if you have the right tactics to approach the situation:

Profit-Share Scheme: With this option, you give the employee the opportunity to earn more based on the success of the business. If the business makes a great profit, then the employee is rewarded with a piece of that profit. This can come in the form of a percentage (say 10% of the year-end profit) or even a flat bonus.

This method works great, because harder work results in more benefits for the employee. The performance of your staff is often affected by how they feel about your company – so by sharing a piece of your profits, there will be increased levels of trust, productivity and efficiency.

To make this work, you need to be transparent around the finances of the company and clearly set the expectations that need to be met in order to benefit from the profits.

With this approach, it’s important to note that small business owners don’t always feel comfortable with sharing how much the company is making – that sort of transparency often results in staff becoming less productive, as they feel they deserve more.

Ghost Shares: This method is usually based on an agreement between the employee and owner that gives them all of the benefits of being a shareholder, without the risk or the decision-making power of actually being one.

By using this approach, you offer an agreement to the employee that will give them a percentage of the profits that are declared – as well as a cut of the value of the business, should it sell. This can also extend to a seat at the management committee, where they have the opportunity for their voice to be heard – which gives them a sense of belonging and involvement. However, in the case that they leave the company, they forfeit those shares.

Doing this works, because they believe that they will benefit from the business without feeling like a pawn. And by implementing this type of share agreement, you become aware of the type of person the employee is over time, allowing you to figure out whether or not they’re cut-out to be someone that you can open discussion around proper equity with.

One of the biggest benefits of the ghost share is that you’re able to move the business forward without relying on partners giving you the go-ahead.

Also Remember That… 

You need to make it clear to these employees that profits will be forfeited if leaving the company before a pay-out; that these pay-outs are often only reflected annually or quarterly (based on performance reports); and that they ultimately affect the profits that the company receives.

Payments also don’t necessarily have to come in the form of straight cash, but can sometimes be used for education, vacations or things like retirement funds.

Ultimately, this approach will add value to the employee, their experience and the relationship that they have with the company.

Personally, I feel that the best approach to take is to dramatically increase the person’s salary. It not only says that you respect and need that employee, but that you’re willing to pay them more than any other business is – which will motivate them to stick around.

Either way, keeping your star employees just became a whole lot easier.

I happen to have a sleek, comfortable set of golden handcuffs that are waiting to embrace you:

While you might find it stressful to ensure that your business always moves in the right direction, that you are always making the right decisions for you and your staff, and that you keep focused on the ideal path to success – I’m here to tell you that winning just became a whole lot easier.

Based on the many clients that I’ve successfully coached, I know I can add massive value to your life. I know I can make you feel like a winner. I know that you’re ready to take the leap.

+2783 253 3339

brent@spillly.com

 

Don’t waste another second thinking about it. Let’s have a chat.

Jul 13
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Need New Staff? Then Draw Them In With A Great EVP

By Business Coaching Hiring Marketing No Comments

Finding employees to fill very specific roles in your business can be a pain – especially if you’re a company that primarily provides niche or novel services.

And perhaps your marketing and sales are pretty much on point, but to take on more growth and demand, you need certain skilled individuals to fill these often unconventional roles.

This usually brings up two issues; the scarce skills in your industry make it that much harder to do and finding a starting point to draw in the perfect employees isn’t always easy.

So how do you attract new potential employees to your business and get them eager to work for you rather than the competition?

Well, your favourite business coach is here to let you in on a little trick:

The Value of an EVP

We all know that branding is critical to the success of any business, that’s why you’ve probably already worked on a value proposition for your clients.

In case you need a reminder – a value proposition is usually a statement that provides clear detail around the value, benefits and advantages that your company is capable of giving to potential clients and is used to spark interest and attract new clients to purchase your solution.

By using what’s called an EVP (Employee Value Proposition), you’re able to draw in new, skilled employees and let them know what your business is about and why they’d be stupid not to work for you.

The EVP is pretty much the same as a value proposition for clients, just reworked to focus on potential employees, instead.

Ultimately, it allows you to position the employer (your company) as a desirable brand to work for. It’s used to market your business as a favourable and tempting choice for new employees and gives them a clear indication as to why working for your business is an ideal choice for them.

In using an EVP that is both well thought out and desirable to the employee, you increase the likelihood of acquiring top talent and retaining your staff for longer – while giving yourself a competitive edge over the competition.

Marketing to Attract ‘Scarce Skills’ 

Known by many as ‘scarce skills’, there exists a demand for a range of roles that need to be filled within growing industries. Think about software and web development, network and information security, engineering and healthcare professionals – each one of those skills is highly sought after and companies often struggle to fill those roles. 

Other than the fact that it’s challenging to get those ‘scarce skills’, it can be an even bigger struggle to position yourself as the ideal business to work for.

Seeing as there is already a lack of people to fill those roles, you’re automatically put up against bigger companies that also require those skills, but that have more to offer potential employees; they often have bigger budgets (giving better salaries and benefits), nicer work environments (office space, meals, beverages, etc.), and reputations that provide their staff with credibility, network and exposure.

So the big question becomes: ‘what value can I bring to my staff?’

With an EVP, you can flex your brand to potential candidates, by showing them the opportunities and advantages that come with working for you, as well as why you’re a better choice than the competition.

It’s your job as a business owner to determine what the best offerings are to attract and acquire talent in the most effective way possible.

So What Does An EVP Look Like?

In constructing an employee value proposition that works well, you need to look at your own company’s strengths and unique offerings. This way, you’re able to offer value that your competition struggles to compete with and that potential talent can’t seem to find in other businesses.

For your EVP to be effective and work well, you need to consider a few important factors:

Firstly, you need to think about and map out the financial advantages of working for your organisation; how much are employees able to earn, what bonuses or incentives exist for them and do you offer any other financial benefits that come with working for you (stock options, shares, etc.).

Make sure to then address and give clear indication of the benefits that they can receive if they become an employee; do they get paid leave, retirement funds, health insurance or gym benefits?

Also look at and list any advantages aimed at career growth; do you offer paid education (sponsored courses), any training or mentoring (leadership, technical, career guidance), and opportunities for development (promotions, different positions and areas)? Bear in mind that if your financial advantages aren’t the best in the industry, beneficial career growth opportunities will help with attracting new talent.

And finally, your company culture and work environment; is there a healthy work-life balance that you can offer, are the hours flexible, will you be recognised for your efforts, is there a well-functioning team that you will be a part of and does your environment resemble a strict and formal set-up or is it relaxed, fun and dynamic?

Your EVP should contain and market the advantages of working with/for your company and include as much information as possible regarding the financial, cultural and developmental benefits that you’re able to offer.

How Do We Begin Construction? 

Knowing what your employee value proposition should contain will help you understand the steps that you need to take in order to construct it as effectively as possible.

You need to first assess what it is that you can offer the potential talent, identifying and understanding how your business can impact the employee.

With that in mind, gauge and evaluate your current and past employees to see what they love and hate about working for your company. This way, you can figure out your strengths and market them – and you can discover your weaknesses and work towards fixing them.

Now that you’ve identified what makes your company great, start writing out and constructing your EVP. There are loads of templates and examples on the web to get you started.

Next, you want to promote that EVP through the right platforms and channels, so that people can see and respond to it. If it lands up in the right places, it’ll attract far more attention and either draw in the potential talent or be shared by people that know people.

As with any strategy, your final step is to evaluate, measure and determine whether or not this approach is working. If it needs to be reconfigured, reworked or rephrased, then identify where you might have gone wrong, rectify any issues and try it again.

And there we have it.

A great trick to use for attracting new talent and identifying new ways to retain your existing employees.

You can thank me now – leave a comment, send me a message, give me a call, share the post.

Or!

You can take it a step further and think about the positive difference that I can make for your business… And take action.

From client/employee retention and satisfaction strategies to making effective use of the freelance space, all the way to the mindset and psychology that drives entrepreneurs and leaders to achieve the phenomenal – I’ve got your back.

I come loaded with the insight, experience and just enough secret recipes to get the most out of being a business owner and achieving great success.

Keen to find out more? I’ve got just the thing for you:

Ring ring! +2783 253 3339

brent@spillly.com

 

Jun 09
Love0

Culling And Stacking Staff – Your Vitality Curves.

By Business Coaching Consulting Hiring No Comments

Every single business needs a great level of attention paid to retaining the right staff and culling those that don’t fit the ideal avatar of a suitable employee.

It can certainly be a difficult or tough process to undergo, but in order for your business to be as successful and as progressive as possible, there needs to be a level of measurement applied that will determine which staff contribute the most and those that are the most destructive to your company.

And in coming to terms with those that don’t bring any value, that are a weak culture-fit and that simply can’t grow – you need to get that rifle locked and loaded and begin hunting.

Rifles Ready; It’s Time To Go Hunting 

As a business coach that comes into contact with so many different businesses and entrepreneurs, there’s always an apparent vitality curve that needs evaluation and consideration.

Within the vitality curve you always find a small percentage of employees, around 10%, that sit on the edge with no value to bring to the company; these employees tend to be a bad fit in both productivity and culture. While they work at a slow pace, with low-output and a distinct inability to get certain responsibilities done, these members of staff are to be considered problematic for the healthy operation of your business and need to be pushed out.

The greater portion of the curve, which is generally around 70-80%, will be the staff that perform at an average rate and do the job well-enough to have the business operate effectively. These employees generally make up the majority of your business and keep it functioning at a healthy level without hassles and the requirement to possibly terminate them. I recommend training, motivating and incentivising those that fit in this category.

And finally, you’ll find on the other end of the curve your company’s top performers, also around 10%, which drive your business in the right direction and bring better profits, efficiency and promise. These employees should be treated with a higher level of respect and should be compensated, accordingly. Give these staff members great incentives, prizes and/or motivation to keep doing an amazing job.

When it comes to dealing with the bottom 10%, your poor performers, then it’s recommended that you find ways to get rid of them, either by firing or working them out of the system.

As criticised and difficult as this method might be, you need to cull this group of non-performers, as they act as leeches to the company – constantly feeding off of your business and never bringing anything to the table.

The former CEO of General Electric, Jack Welch, is famous for doing exactly that; firing and getting rid of the bottom 10% of performers on a yearly basis, keeping his top 20% of performers incentivised and motivated, while coaching and training the other 70% in order for them to keep developing and progressing in the business.

Even with a strong defense and great interview approach, there will always be a few rotten eggs that end up in any business, so it’s helpful to divide, categorise and select those that need better incentives, more training or to be culled.

This method is quite popular in some of the biggest companies out there and is often referred to as “rank and yank”, where employees are ranked and yanked out according to how well or poorly they are performing. It ultimately makes way for a better performance culture and the overall efficiency of the business.

It’s Not Always Fun, But It Needs To Be Done

 Obviously it takes up loads of time and energy to proactively get rid of staff and ensure that you’re constantly evaluating which of them make a good fit every year, but you’ll come to see that it becomes a necessary evil.

While it can be highly criticised and seem like a harsh route to take, your business will reap the many benefits that come with a strong, determined and high-functioning environment of performers that have what it takes to keep you on a trajectory of growth.

Keep in mind that you’re not being vindictive or malicious, but rather keeping your company’s best interests at heart.

In the belief that everybody deserves a second chance, you are more than welcome to act on that and give every employee a chance to improve and deliver on expectations. Offer training, coaching and advice to help bring about a change in attitude and if it doesn’t work, then you know that your rifle is in arm’s reach and ready to fire.

Remember that you also might run into dishonest and malevolent employees that might not necessarily deserve second and third chances, but that should be fired and replaced by someone with more promise and that will appreciate the opportunity to work for you.

Also, be open to creating an environment that takes care of average employees by training them and giving them the opportunity to grow in the company. This keeps them hungry and motivated to reach the status of a top performer and will most certainly bring positive results.

Finding difficulty in taking aim of the staff that need culling is a common occurrence and you don’t need to worry, because I’m here to help you with that (and a whole lot more). My coaching services include rifles and ammunition, along with the tracking techniques to sniff out and determine those who are detrimental to your business. Let me in and I’ll show you how it’s done.

We can meet via Zoom call, face-to-face, at the shooting range, or even a traditional phone call will work wonders. Let me know how I can help you:

+2783 253 3339

brent@spillly.com

May 16
Love0

How To Identify A Team Players In Your Agency

By Business Management Coaching Consulting Hiring Recruitment

The best leaders seek out A players for every area of their business. This is not a problem for the most successful and profitable businesses. But your company, especially if it’s a startup, might not have the financial ability to hire A players for every position. So what can you do to find these people on a shoestring budget and how do you recognize an A player? What are the common competencies and traits they possess that make them more qualified than their peers? 

This excerpt is taken from “The Marketing Agency Blueprint: The Handbook for Building Hybrid PR, SEO, Content, Advertising, and Web Firms” by Paul Roetzer. It covers the personality traits that you should be looking for when hiring A team players.

“Although intelligence and experience are key, their character, internal drive, personalities, and innate abilities are the intangibles that truly differentiate great candidates from good ones. Let’s take a look at some of the most desirable competencies and traits of marketing agency A players: 

Analytical: They make quick decisions based on logic and reason. They love data, and use it to educate, build consensus, and drive action. They are measurement geeks, and look to apply critical analysis to agency activities, and they integrate it into every phase of client campaigns. 

Balanced: They maintain a strong work-life balance. They have personal interests and hobbies that regularly present opportunities to unwind and recharge. This keeps stress levels controlled and energy high. Balance becomes more critical as professionals move up into management levels, and their responsibilities and stress levels grow. 
      

Confident: They put in the extra time and energy needed to gain knowledge and experience, which translates into confidence and composure. Confidence is not to be confused with arrogance and entitlement, which are two of the most undesirable traits of an agency professional.

Creative: They bring innovative approaches and thinking to projects. They have an innate ability to work within standard systems while efficiently integrating original ideas and strategies that strengthen the agency and client campaigns.
        

Detail-oriented: They are incredibly organized and thorough in all communications and activities, which instills tremendous confidence in their clients, peers, and managers. They rarely make careless mistakes. Their attention to detail enables them to excel at time management and project management.
        

Focused: They avoid multitasking in favor of concentrated effort. They know priorities at all times and work efficiently to deliver. They have the ability to shut off distractions, and are often the most productive and efficient workers.
        

Intrinsically motivated: As defined in Daniel Pink’s classic book, Drive, intrinsically motivated people seek: autonomy, the desire to direct their own lives; mastery, the urge to get better and better at something that matters; and purpose, the yearning to contribute to something greater than themselves.
        

The “it” factor: They maintain a strong presence and positive aura. They command attention when they walk into a room and exude confidence without an air of arrogance. They have an intangible element that cannot be defined, but it makes them uniquely capable of succeeding in an agency. They are born leaders.
        

Listener: They excel at listening and understanding the needs of others. They are adept at making others the focus of conversations.
        

Positive: They bring a positive energy to the agency that is uplifting and encouraging to the entire team. They make favorable first impressions. People want to be around them and work with them.
        

Relationship-builder: They know that strong relationships are the key to success in business, and proactively build connections with peers, clients, media, partners, and vendors. They are strong communicators who do the little things that matter, such as sending personal notes to recognize achievements and milestones. 
        

Risk-taker: They take calculated risks. They do not let fear of failure hold them back, and, as a result, they tend to be more aggressive and proactive professionals on behalf of the agency and its clients.
        

Social web savvy: They monitor and participate in forums and social networks relevant to their interests and the industry. They engage with peers and influencers, and they maintain a professional presence on all social networks that positively represents themselves and their agencies.
        

Strategic: They are capable of fully assessing situations, and considering short- and long-term outcomes. They know how decisions and activities affect different audiences, and how they work to achieve business goals. They make seemingly unrelated connections others commonly miss.
        

Team player: They function extremely well within a team environment, but they also excel when working independently. They always seek opportunities to support team members and encourage collaborative learning.
        

Tech-savvy: They stay immersed in technology news and trends. They continually evaluate emerging products and solutions for opportunities to improve efficiency and performance.
        

Writer: They possess exceptional writing skills and the capability to clearly and concisely articulate their thoughts. They use creative and technically sound writing to produce powerful and effective communications. Copywriting is one of the most valuable competencies in a marketing-agency professional.”