Nov. 12, 2024

Employee Attraction and Retention and How to Become the Employer of Choice in Your Industry

1 Problem for Many Employers and Business Owners: Employees! We are tackling this number one problem that we hear from business owners across every industry and that is finding and keeping great employees.

Powerful Business Strategies is broadcast...

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1 Problem for Many Employers and Business Owners: Employees! We are tackling this number one problem that we hear from business owners across every industry and that is finding and keeping great employees.

Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com January Jones Sharing Senior Success is viewed on Talk 4 TV (www.talk4tv.com).

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WEBVTT

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The topics and opinions expressed in the following show are

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solely those of the hosts and their guests and not

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those of W FOURCY Radio. It's employees are affiliates. We

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make no recommendations or endorsements for radio show programs, services,

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or products mentioned on air or on our web. No

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liability explicitor implies shall be extended to W FOURCY Radio

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or its employees are affiliates. Any questions or comments should

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be directed to those show hosts. Thank you for choosing

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W FOURCY Radio.

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Welcome to Powerful Business Strategies, where you will find out

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that everything you have ever learned about growing your business

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is wrong. Finally, a show where you'll learn the right

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way to grow your business by learning business and financial

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strategies that your competition isn't doing. And now here's your host.

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Resident of Next Step CFO Michael Barbarita and joining Michael

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for today's show as an executive moderator is chooky obia.

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Yes, this is shookey, and I believe that gratitude is

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undefeated and growth is about.

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The next step. It is an honor for me to moderate.

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Today's discussion with my good friend Michael.

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Michael, how are you good?

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How are you Chicky? And Chicky? I want to first

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on hunder all of our veterans today and thank them

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for their service. You know, we are the land of

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the free because of the brave, and so a shout

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out to all the brave men and women who have served.

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Absolutely I comprehensively concur with that word of gratitude to

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our veterans and Michael, just a quick disclaimer before we

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get started. So, by the way today's episode, folks, we

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had a record breaking audience in our last episode and

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today's episode it's titled Employee Attraction and Retention and how

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to become the Employer of Choice in your industry. This

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is in hot I demand the nature of today's topic,

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but quick kind of disclaimed. Michael and I are both

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affiliated with a number of different organizations and I currently

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serve as the managing director of business Development for Vetter Price,

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a global business focused law firm. In addition to that,

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it's truly an honor to collaborate with Michael to moderate

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business roundtables coast to coast small business owners medium sized

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business owners to document those insights in how they grow

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and manage their business. And we call this Powerful Business

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Strategies Roundtable.

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We also have a Powerful Business Strategies book.

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But please note that the views expressed in today's show

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our personal views based on experience and successful experiences. To

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be even more specific. Now, my mission as a fearless

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moderator is to ask the right questions to help you,

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the listener, learn the best that the competition isn't doing.

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So without I'll toss it back over to Michael.

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Thank you, Thank you, Cherkey. Well, I got to tell

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you I am fired up for today's show because we're

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tackling head, tackling the elephant in the room, the number

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one problem that I hear from business owners across every industry,

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and that's finding and keeping great employees. And so last

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week I was sitting with a client, let's call him Tom.

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He runs a successful construction company. And Tom looked at

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me with pure frustration and said, Michael, I've tried everything.

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I've raised wages, offered better benefits, but I still can't

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find good people. Is there even any good talent left

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out there? And maybe you're all all the business owners

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out there are feeling the same way. Maybe you've posted

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job after job, conducted interview after interview, only to end

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up hiring someone who leaves after three months, or worse yet,

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maybe you've had to turn down business because you just

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don't have the staff to handle it. Well, I got

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news for you. Everything that, and I mean everything you've

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ever learned about attracting and retaining employees is wrong, and

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I can prove that to you today. Did you know

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that right now in your market, there's probably a competitor

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who has a waiting list of people wanting to work

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for them, same market, same laborpool, completely different results. Today,

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I'm going to show you exactly how they do it.

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And remember how we've talked about using a position of

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market dominance to attract customers. I mean we have, Yeah,

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we have a total show show on that, and we've

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expressed it in a couple of other of our shows. Well,

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what if I told you that that strategy, that same strategy,

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the same exact framework, can be used to become the

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employer of choice in your industry, not just another place

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to work, but the place to work. So over the

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next forty minutes, I'm going to share specific strategies that

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have helped companies transform their businesses from being desperate for

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employees to having their pick of the linen, their pick

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of top talent. And the best part. This works in

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every industry for construction and retail, from professional services to restaurants.

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And I'll show you how a business went from ninety

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percent annual turnover that means they were replacing almost their

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entire staff every year to having ninety two percent retention.

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Think about that. What would that mean for your business?

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No more constant hiring, no more training new people over

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and over, no more turning down business because you're short staff.

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So grab a pen and paper, because I'm about to

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share strategies that will completely change how you think about

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attracting and keeping great employees. And if you're driving, don't

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worry about it. You can cast this episode again on

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our podcast at Powerful Business Strategies dot com. So if

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you're just joining us, we're talking about how to become

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the employer of choice in your industry and is to

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show you exactly how to do it. So let me

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tell you about Tom, Like that construction company owner I

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mentioned earlier. When I first met Tom, he was paying

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three dollars more per hour than his competitors. He offered

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health insurance of four to one, paid vacation all this

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stuff and beyond, and he was still losing people fast

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that they could hire them. So know what, Tom, So

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here's what Tom said. He said to me. He said, Michael,

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I don't get it more. Yeah, I'm paying more than

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anyone else in town. What else can I possibly do?

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I have the benefits? And that right there, I think

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is the first mistake that most business owners make. They

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think it's all about the money. Well, let me share

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something that might shock you. We did a study, and

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there are many many other studies that have been done

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of people who left their jobs in the last year,

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and of course, salary ranked fifth, you know, as the

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list of reasons for leaving, that's fifth place. And here's

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even something more fascinating. When we asked them why they

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chose their new employer, salary ranked even lower. It was sixth.

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So now I can hear some of you out there say,

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you know, come on, Michael, people say it's not about

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the money, but we know it is. Well, let me

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prove it that in a real example. So there is

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this plumbing company in a market where everyone was fighting

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for exceptional experienced plumbers. Particular company was offering seventy five

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grand a year full benefits company ban the Works couldn't

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keep their competitor down the street is offering sixty five thousand,

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and they had a waiting list of applicants. Say, market

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will this completely different results? And so I want to

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know what that competitor was doing differently. Well, yeah, they.

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Michael, I mean, look you you got us all of this.

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Man, Well they had. They created what they called a

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master plumber career path. Every new hire, Yeah to the

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l angle here. Every new hire got a clear written

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road map showing exactly how they how they could grow

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from entry level to master plumber, including all the training,

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certifications and salary increases along the way. But here's where

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it gets interesting. They didn't stop there. They created what

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he called the knowledge bank system. Every senior plumber in

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the company was paid extra to create training videos, sharing

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their expertise. These videos became a library that every employee

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could access twenty four to seven from their phone. So

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think about that. Think about what it meant for a

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young plumber. Instead of just getting a job, they were

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getting in the education. And instead of just earning a paycheck,

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they were building a career. And instead of just being

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another employee, they were becoming part of a learning community.

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The ultimate results were is they had turnover dropped to

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less than five percent per year, their average employee tenure

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went from eighteen months to over six years. And here's

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what's really fascinating, Their customer satisfaction scores went through the roof.

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Why because happy, well trained employees do better work. So

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now let me show you the second major mistake businesses

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make when it comes to employees. They create job postings

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that look exactly like everyone else's. Oh yeah, yeah, it's amazing.

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If you went to a deed indeed dot com and

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look up job postings in your industry, you'll see the

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following phrases in all likelihood seeking hard working individual, yeah,

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competitive pay yep, great benefits, must be real, liable. It's

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all that same generic nonsense. It's it's what I call

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employment jargon. Remember how we talked about marketing jargon and

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previous shows, Yeah, I hope so marketing. Well, this is

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I hope so advertising to employees. It's the same thing

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just for hiring. And let me show you what happened

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when that plumbing company rewrote their job posting. So instead

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of the usual boring list of requirements, they started out

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with this want to become a master plumber of a

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tie of employers who promised training and never deliver. We're

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the only plumbing company in the region with a documented

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career path and over three hundred dollars of recorded training

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from master plumbers with thirty plus years of experience. Wow,

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take a note of that. The one to become a

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master plumber, a tie of employers who promise training and

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never deliver. That's the problem the employee has that doesn't

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want and the unique solution to that problem, those plumbers

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unique solution to that problem is really only plumbing company

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in the region with a documented career path in over

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three hundred hours of recorded training from master plumbers with

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thirty plus years of experience. Ladies and gentlemen. That is

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an example of a position of market dominance to be

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the employer of choice. And so, yeah, and applications increased

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by five hundred percent of the first month. But here's

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what's really powerful. The quality of the applicants went up too.

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Why because yeah, we were they were attracting people who

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wanted to grow, not just people who needed a job.

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And so the third mistake, and this is a big one,

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is treating hiring like a transaction instead of building an

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employment brand. You see, most businesses only think about hiring

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when they need someone. That's like only you know, marketing

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your business when you're desperate for sales. That doesn't work.

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It's just there's no planning involved. There, there's no thought.

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But let me show you what a company, what building

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an employee brand looks like. So this company created what

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they call the always recruiting system, and here's how it works.

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Number one, they had monthly open houses where people can

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learn about careers and plumbing. Second, they had partnerships with

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local trade schools. Third they did they have separate YouTube

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channel sharing knowledge and expertise. Fourth, they had regular features

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on their best employees, and five community involvement showcasing their team.

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And they became known as the place to work if

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you wanted a career in plumbing. And here's what's fascinating.

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Their recruiting costs dropped to nearly zero because they had

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a constant stream of referrals from their current employees. But

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remember this, and this is crucial. None of this works

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unless it's real. You can't just market yourself as a

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great place to work. You have to actually be a

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great place to work. And that's where most businesses get

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it wrong. They try to solve their hiring problems with

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marketing and when they should be solving these problems with substance.

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So before I continue this discussion, we are going to

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take a ninety second break. Hey, their business owners, let

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me ask you something. Are you tied of blending in

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with your competitors? Frustrated with slow growth and slim margins? Well,

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I've got news for you.

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Everything you've ever learned about growing your business is wrong.

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But don't worry.

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I'm here to let you in on a secret weapon,

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your position of market dominance. It's what sets you apart,

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makes you irreplaceable, and has customers lining up at your door.

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My name is Michael Barberrita from Next Step CFO. I

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know what you're thinking. Sounds great, Michael, But how do

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I find my position of market dominance? Well, that's exactly

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why we've created our game changing implementation program called Next

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Step to Market Dominance. In just ninety days, we'll guide

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you step by step to a position of market dominance

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by uncovering your unique strengths that competitors can't touch. By

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crafting a message that resonates deeply with your ideal customer

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by building a strategy that turns you into the go.

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To expert in your field. Now this is in theory.

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These are battle tests strategies that have helped businesses like

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you as double, triple and quadruple their revenue. Don't let

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another quarter go by struggling to standout. It's time to

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dominate your market period. Go to NEXTSTEPCFO dot net forward

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slash contact. Fill out the form and in the message

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section put the word dominate or call us at seven eight.

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One three two six three A two two.

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That's next step CFO dot net forward slash contact or

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call us at seven eight one three two six three

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A two two.

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Great.

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All right, Michael, we are back. So a couple of things. Yeah,

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we do a quick recap and then take some questions. Michael, So,

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let me just have you do a quick recap on

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the three mistakes and then we'll take some questions.

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Yeah. Sure. So the first mistake is, uh, it's all

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about the money. Yep, that's number one. The second try

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to look.

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Figure second mistake.

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Second mistake, what was it?

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Oh?

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Yeah, you mean the marketing of the Yeah, the marketing.

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And then and then the third is treating hiring like

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a transaction instead of building an employment brand?

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Right on.

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The second one was about the marketing. You're right, the

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jargon that they use, Yeah, brilliant.

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So Michael really quickly and you're just two questions and

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it will continue on. So first question is.

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Would you in.

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Your job application or the job interview process. It looks

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like they're asking about the job interview process. How would

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you approach the job interview process given the fact that

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you want to have the great retention numbers, you want

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to be an employer of choice, you want to have

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this great brand. So how does that impact the job

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interview process?

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Well, how it impacts is you want to stress the

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problem that the employee employee has and doesn't want. So

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you know, in the case in the case of that,

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in the case of that plumbing company, you want to

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address how the promise of training and the promise of

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delivering the training and reinforcing that because there's other employers

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who might say it, but they just say it and

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pass it, but just continue to re enforce that and

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then go and then go into detail as into your solution.

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It's kind of where like in the conversion formula where

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you captivated and fascinated. Now you have to educate. So right,

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so I want to become a master plumber a tie

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of employers who promise training and never deliver. That's captivate,

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and then promise talking about the unique solution to that

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problem where we're the only plumbing company in the region

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with the documented career path and over three hundred dollars

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of recorded training from master plumbers with thirty plus years

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of experience. That's the fascinate and then you educate them

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with more detail about how that program works. So that's

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that's really where how the interviews are different from you know,

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from the traditional interviews really really yeah, it's really reinforcing

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what that how the problem and the solution, and then

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educating them more about how that solution will come about.

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Great and a really quick one. It's kind of an

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interesting question.

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So the idea of the job posting being just like

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their competitors job posting, there's some business owners that are saying, well,

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that's industry standard, So how do you keep industry standard

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in place but still speak to your uniqueness as an

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employer of choice.

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Well, just like with I hope so marketing, you can

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still use that jock, and it just doesn't do anything

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because the customer is saying, I hope. So in the

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case in marketing, and an employer is saying, yeah, I know,

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you know, I know, I know you know you have

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this program and that you know you have excellent benefits. Okay,

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you know, I hope, So I hope you have excellent benefits.

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I don't want to go to a place that has

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lousy benefits, you know. So it's it's kind of I

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hope so marketing for employees and it but it's okay

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to use the jog and it's just that's not what's

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going to get the attention of.

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The one exactly.

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That's right to the employee. It's the problem they have

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they don't want and the solution, the unique solution that

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they're looking for that they can't find. That's just like

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the position of market dominance.

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Very helpfully, thank you.

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Okay, So, if you are just joining us, we're talking

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about how to become the employer of choice in your industry.

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And I just shared how one plumbing company transformed their

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hiring through always, through what they called the always recruiting system.

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Now let me show you something even more powerful. I

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want to tell you about Sarah, who owns a restaurant,

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and like every restaurant owner I know, she was struggling

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with staffing. And the industry average turnover is seventy five percent.

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That means most restaurants replace three quarters of their staff

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every single year. I mean, think about running a business

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like that where you're constantly training new people. So Sarah

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was dealing with all the unusual, all the usual restaurant problems,

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you know, people not showing up for shifts, constantly changing schedules,

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drama between the front and the back of the house.

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Probably sounding familiar to many restaurants.

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Who's yes.

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But here's where it gets interesting. They they did something

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that most business owners never think to do. Uh. She

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actually sat down with her staff and asked them one

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simple question, what's the worst part about working in restaurants

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in general? M And what they said was it wasn't pay.

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Of course, it wasn't the hard work. The number one

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complaint was unpredictable schedules. They couldn't plan their life, they

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couldn't arrange childcare, they couldn't even commit to taking a

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class because their schedule changed every week. So did something radical.

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She created the stable schedule guarantee. And here's how it works.

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Were schedules were posted thirty days in advance thirty days.

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Employees got to pick their preferred shift. If management had

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a change a schedule, the employee you had to work

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extra not got paid time and a half even if

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it wasn't overtime. And every employee got two weekend days

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off per month. Guarantee. Staff could swap shifts to an

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app with other employees, but management handled the paperwork. Okay,

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what this sounds like, chokie is a risk reversal?

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Right?

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Exactly, it really does when you think about it. The

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employer is taking most of the scheduling risk, if you will.

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Was this complicated to set up? Yep? It was. Did

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it require more plan for management? Who bet it did?

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But here's what happened. Turnover drop from seventy five percent

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to fifteen Wow, calls Calls decreased by eighty five percent,

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Customer satisfaction went up forty percent because the employees were happy,

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and sales increased by twenty two percent. And why did

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sales go up well because happy experienced staff sell more

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and provide better service. You know that old adage that

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that McDonald's you want fries with that? Well, you know,

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they weren't selling desserts, and so now all of a sudden,

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the employees are asking would you like to dessert? And

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they're actually asking the question and it converted exactly. Uh.

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And but here's what's really fascinating. The food costs went down.

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Why because experienced staff make fewer mistakes and waste less food. Interesting,

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So let me show you another example that that really

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drive this home. There was this IT company that was

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constantly losing people to bigger firms. They couldn't match the

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salaries that Google and Amazon were offering, so they thought

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they were doomed to be a training ground for bigger companies.

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But when they interviewed their team, which is what Sarah

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did if you were called, they discovered something surprising. The

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biggest complaint was in salary, It was being on call.

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These tech professionals were tired of getting emergency calls at

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two am, like doctors and having to handle critical problems alone.

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So they created the no solo on call policy. So

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every after every after hours emergency had two people assigned.

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The second person got paid just for being available if

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you handled it, and after ours emergency you could come

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in late the next day and they wrote, they created

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a rotation so no one was on call more than

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once every six weeks.

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Ah.

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Nice. And then they developed detail emergency protocols so junior

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staff could handle most issues. And the cost actually was

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about eight thousand per month an additional on call pay.

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But the result is they have turnover dropped to zero.

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That's right, zero, No one left for over eighteen months.

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The savings in recruiting and training alone paid for the

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program three times over. But here's where it gets really powerful.

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Remember how the plumber had a position of market dominance

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employer choice. Well, they turned this into a recruiting message,

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ted of handling, and that was this tight of handling

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critical emergencies alone at two am, we're the only IT

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company that guarantees you'll never have to sew a crisis solo.

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That was it. Those two sentences to captivate and the fascinate,

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the problem and the solution. Uh, that's a position of

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market dominance once again, employer of choice. So here's what happened. Ultimately,

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applications from experienced technicians doubled, but more importantly, they started

399
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to getting applications from senior engineers at bigger companies who

400
00:25:25.680 --> 00:25:29.519
were burnt out from being on call alone. And here's

401
00:25:29.559 --> 00:25:32.920
something else that's fascinating. Their client satisfaction scores went through

402
00:25:32.920 --> 00:25:36.640
the roof. Why yeah, yeah, because two heads are better

403
00:25:36.680 --> 00:25:40.519
than one in a crisis. Problems that solved faster and

404
00:25:40.680 --> 00:25:44.839
better because people were working together instead of struggling alone.

405
00:25:45.960 --> 00:25:47.839
But let me show you the real secret to making

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00:25:47.880 --> 00:25:51.400
all this work. Most businesses try to solve their staffing

407
00:25:51.440 --> 00:25:54.599
problems by copying what other companies do. Well, that's exactly

408
00:25:54.680 --> 00:25:57.839
the wrong way, since when you know, since when does

409
00:25:58.400 --> 00:26:02.400
doing what your competition is doing work? It doesn't. So

410
00:26:02.440 --> 00:26:05.079
the key is to solve problems that no one else

411
00:26:05.119 --> 00:26:08.920
is solving. So think about it. If everyone offers competitive

412
00:26:08.960 --> 00:26:13.519
pay and benefits, those things become the minimum expectation. They

413
00:26:13.519 --> 00:26:16.839
don't make the special. They don't make you the employer

414
00:26:16.880 --> 00:26:21.519
of choice. What makes you special is solving the real

415
00:26:21.640 --> 00:26:29.400
problems that really bug employees. So let me take another break.

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This is before we continue this discussion. This is a

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00:26:33.880 --> 00:26:38.680
good stopping point. We'll take another ninety second break. Great, hey,

418
00:26:38.680 --> 00:26:41.200
their business owners, let me ask you something. Are you

419
00:26:41.319 --> 00:26:45.039
tied of blending in with your competitors? Frustrated? With slow

420
00:26:45.119 --> 00:26:48.240
growth and slim margins. Well, I've got news for you.

421
00:26:48.920 --> 00:26:52.400
Everything you've ever learned about growing your business is wrong.

422
00:26:53.319 --> 00:26:54.000
Don't worry.

423
00:26:54.400 --> 00:26:56.319
I'm here to let you in on a secret weapon,

424
00:26:56.759 --> 00:27:00.279
your position of market dominance. It's what sets you a part,

425
00:27:00.440 --> 00:27:04.240
makes you irreplaceable, and has customers lining up at your door.

426
00:27:05.240 --> 00:27:07.759
My name is Michael baber Rita from Next Step CFO.

427
00:27:08.799 --> 00:27:11.960
I know what you're thinking. Sounds great, Michael, But how

428
00:27:11.960 --> 00:27:15.400
do I find my position of market dominance? Well, that's

429
00:27:15.440 --> 00:27:19.240
exactly why we've created our game changing implementation program called

430
00:27:19.400 --> 00:27:22.920
Next Step to Market Dominance. In just ninety days, we'll

431
00:27:22.920 --> 00:27:25.160
guide you step by step to a position of market

432
00:27:25.200 --> 00:27:29.200
dominance by uncovering your unique strengths that competitors can't touch.

433
00:27:29.519 --> 00:27:33.000
By crafting a message that resonates deeply with your ideal customer,

434
00:27:33.359 --> 00:27:35.920
by building a strategy that turns you into.

435
00:27:35.680 --> 00:27:38.480
The go to expert in your field. Now this is

436
00:27:38.519 --> 00:27:39.000
in theory.

437
00:27:39.640 --> 00:27:42.640
These are battle tested strategies that have helped businesses like

438
00:27:42.680 --> 00:27:47.160
you as double, triple and quadruple their revenue. Don't let

439
00:27:47.160 --> 00:27:50.359
another quarter go by struggling to standout. It's time to

440
00:27:50.440 --> 00:27:55.680
dominate your market. Period go to NEXTSTEPCFO dot net forward

441
00:27:55.680 --> 00:27:56.559
slash contact.

442
00:27:57.079 --> 00:27:58.599
Fill out the form and in.

443
00:27:58.559 --> 00:28:02.440
The message section put the word dominate or call us

444
00:28:02.640 --> 00:28:06.119
at seven eight one three two six three A two two.

445
00:28:06.599 --> 00:28:10.880
That's NEXTSTEPCFO dot net forward slash contact or call us

446
00:28:10.920 --> 00:28:14.400
at seven eight one three two six three A two two.

447
00:28:16.160 --> 00:28:18.880
So welcome back to powerful business strategies. And if you're

448
00:28:18.920 --> 00:28:21.759
just joining us, we're talking about becoming the employer of

449
00:28:21.880 --> 00:28:25.599
choice in your industry. And I've been sharing real examples

450
00:28:25.680 --> 00:28:29.000
of how businesses have transformed their ability to attract and

451
00:28:29.160 --> 00:28:33.559
keep great employees. Now I want to show you something

452
00:28:33.559 --> 00:28:37.720
that will completely change how you think about employee retention.

453
00:28:38.559 --> 00:28:43.599
This particular employer called it the Career Investment System, and

454
00:28:43.680 --> 00:28:48.599
it's based on the discovery he made in his manufacturing company. See,

455
00:28:48.599 --> 00:28:52.480
this company was losing skilled machine as faster than they

456
00:28:52.480 --> 00:28:55.960
could train them. They were offering you know, good pay,

457
00:28:56.119 --> 00:28:59.559
good benefit, it's all the usual. But here's what they

458
00:28:59.599 --> 00:29:03.200
discuss it when they dug deeper that their best employees

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weren't leaving for money, they were leaving because they felt stuck.

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So they created something really revolutionary called the skill Investment account.

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And here's how it worked. So every employee got five

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00:29:19.079 --> 00:29:22.039
thousand dollars per year to invest in their own development.

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They could use it for any training or certification that

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they wanted, and if they stayed with the company for

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00:29:28.480 --> 00:29:30.720
two years after using the money, they could keep it.

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If they left earlier, they had to pay back a

467
00:29:32.960 --> 00:29:38.200
pro rated proportion, and they earned additional pay increases for

468
00:29:38.319 --> 00:29:42.799
each new skill that they mastered. And so you know,

469
00:29:43.039 --> 00:29:44.799
I know that, But you know now, I know that

470
00:29:44.880 --> 00:29:47.079
some of you are thinking, Michael, what if I invest

471
00:29:47.119 --> 00:29:50.720
all this money in training and they leave? Anyway? Yeah,

472
00:29:50.799 --> 00:29:53.640
well let me ask you this. What if you don't

473
00:29:53.680 --> 00:29:57.319
invest in training and they stay, which costs more training

474
00:29:57.359 --> 00:30:01.319
people who might leave, or not training people who stay.

475
00:30:02.279 --> 00:30:06.720
So the results were really incredible. Yeah, not only did

476
00:30:06.880 --> 00:30:10.200
the retention improved to ninety five percent, but productivity shot

477
00:30:10.279 --> 00:30:14.079
up by forty Why because people who are learning new

478
00:30:14.160 --> 00:30:20.200
skills are more engaged, more efficient, and simply better. And

479
00:30:20.640 --> 00:30:24.440
here's where it gets really interesting. They started getting applications

480
00:30:24.680 --> 00:30:30.000
from competitors' best employees. Why because they became known as

481
00:30:30.039 --> 00:30:34.000
the company that invests in its people. They became known

482
00:30:34.119 --> 00:30:36.960
as the place where you could build a career and

483
00:30:37.039 --> 00:30:41.519
not just earn a paycheck. So let me share another

484
00:30:41.559 --> 00:30:43.599
example that will really drive this home. This is an

485
00:30:43.599 --> 00:30:47.240
accounting firm that was struggling with the same issues every

486
00:30:47.359 --> 00:30:53.119
accounting firm faces brutal tax seasons, burnout, and high turnover.

487
00:30:54.319 --> 00:30:59.559
They created what they called the Life First scheduling program.

488
00:31:00.240 --> 00:31:04.680
And what happened is is mandatory no mandatory saturdays during

489
00:31:04.799 --> 00:31:11.599
tax season, remote work options, three days a week. Every

490
00:31:11.640 --> 00:31:18.240
employee got five consecutive days off after April fifteenth, flexible

491
00:31:18.359 --> 00:31:22.480
start and end times, and additional paid time off accrewl

492
00:31:22.599 --> 00:31:26.400
during the tax season. Now was the owner of this

493
00:31:26.440 --> 00:31:30.200
accounting firm nervous about this? Oh? Sure he was, and

494
00:31:30.319 --> 00:31:32.759
his biggest far was that work wouldn't get done. But

495
00:31:32.799 --> 00:31:37.440
here's what actually happened. Productivity increased by twenty five percent,

496
00:31:38.920 --> 00:31:42.359
error rates dropped on the tax returns dropped by forty percent,

497
00:31:43.440 --> 00:31:48.119
client satisfaction scores hit all time highs, and then became

498
00:31:48.240 --> 00:31:50.400
known as the best accounting firm to work for in

499
00:31:50.440 --> 00:31:55.000
their area. And why did productivity go up when people

500
00:31:55.000 --> 00:32:01.480
were working less? Because rested, happy people do better work.

501
00:32:01.680 --> 00:32:07.640
That simple. Yeah, but here heah. But here's what's really fascinating.

502
00:32:08.200 --> 00:32:12.279
Their revenues actually increased as well. Why because their employees

503
00:32:12.319 --> 00:32:16.039
started referring high value clients to the firm. They were

504
00:32:16.079 --> 00:32:18.960
proud to work there and wanted their friends and family

505
00:32:19.079 --> 00:32:22.799
to do business with them. So, now let me show

506
00:32:22.839 --> 00:32:26.000
you how to implement this in your business. Now, it

507
00:32:26.119 --> 00:32:32.359
starts with what I call the employee experience audit. You need, yeah,

508
00:32:32.359 --> 00:32:34.319
and you need to map out every touch point and

509
00:32:34.400 --> 00:32:37.359
employee has with your company. That's the key. And those

510
00:32:37.400 --> 00:32:45.279
touch points usually are the hiring process, onboarding, daily work experience,

511
00:32:46.599 --> 00:32:54.480
training and development, performance reviews, career advancement, recognition and rewards,

512
00:32:55.519 --> 00:33:03.359
communication systems, work life balance, and exiting process. And so

513
00:33:03.680 --> 00:33:08.000
at each touch point you have to ask yourself or

514
00:33:08.079 --> 00:33:14.240
interview employees, is this experience making people want to stay

515
00:33:14.279 --> 00:33:17.839
and grow with us? Or is it pushing them? Each

516
00:33:17.920 --> 00:33:21.079
touch point you have to make an evaluation as to

517
00:33:21.119 --> 00:33:26.240
whether or not it's something that attracts or detracts the employees.

518
00:33:27.480 --> 00:33:29.920
And so here's an example. A company in the trades

519
00:33:30.000 --> 00:33:35.440
completely transform their onboarding process and instead of using instead

520
00:33:35.440 --> 00:33:39.440
of the usual first day paperwork and safety videos, they

521
00:33:39.480 --> 00:33:43.160
created what they called a success week because they felt

522
00:33:43.160 --> 00:33:46.920
that the most important week of employment was that first

523
00:33:47.000 --> 00:33:50.720
week that that really set the tone. And so on

524
00:33:50.839 --> 00:33:53.319
day one you would meet your success team and mentor.

525
00:33:54.400 --> 00:33:58.440
Day two you would learn systems and processes. Day three

526
00:33:58.519 --> 00:34:02.480
you would shadow your mentor. Day four you had hands

527
00:34:02.480 --> 00:34:06.680
on practice with feedback, and then day five you would

528
00:34:06.680 --> 00:34:11.239
plan your first ninety days of growth. And then ninety

529
00:34:11.320 --> 00:34:13.920
day retention rate went from sixty to ninety eight percent.

530
00:34:14.000 --> 00:34:18.440
Why because they showed people from day one that this

531
00:34:18.679 --> 00:34:20.880
wasn't just another job, that it was a place where

532
00:34:20.920 --> 00:34:25.119
they could actually succeed. And He's the most important thing.

533
00:34:26.920 --> 00:34:31.000
None of these strategies work and isolate. You need what

534
00:34:31.079 --> 00:34:34.920
I called total employment experience. It's not enough to have

535
00:34:35.000 --> 00:34:37.559
good pay, of good benefits, of good training. You need

536
00:34:37.639 --> 00:34:42.960
all of it working together, creating an environment where people

537
00:34:43.000 --> 00:34:49.679
want to stay and grow. So we've spent the last

538
00:34:49.679 --> 00:34:53.559
several minutes talking about the bigger elephant in the room,

539
00:34:53.000 --> 00:34:56.599
and the elephant in many boardrooms as a matter of fact,

540
00:34:57.760 --> 00:35:02.840
how to become the employer of choice in industry. And

541
00:35:02.920 --> 00:35:05.519
now I just want to give you some specific action

542
00:35:05.800 --> 00:35:11.159
items that you can implement starting tomorrow. Okay, but first,

543
00:35:11.280 --> 00:35:13.679
let me just share one last story that brings all

544
00:35:13.679 --> 00:35:18.000
of this together. There was this company in the landscaping industry,

545
00:35:18.719 --> 00:35:23.480
and like everyone in his industry, he struggled with hiring

546
00:35:23.559 --> 00:35:27.559
and retention, and he was constantly losing people to competitors,

547
00:35:27.639 --> 00:35:30.079
sometimes for as little as fifty cents more per hour.

548
00:35:31.239 --> 00:35:34.119
And one day he said something that really struck me.

549
00:35:34.840 --> 00:35:37.679
He said he felt like he was running a training

550
00:35:37.719 --> 00:35:42.519
school for his competitors. I hire people, I train them,

551
00:35:42.519 --> 00:35:46.559
and then they leave for somewhere else. That probably sounds familiar,

552
00:35:46.599 --> 00:35:51.559
especially in the trades. So what he did was something

553
00:35:51.840 --> 00:35:56.079
really radical. He turned his company into an actual training school.

554
00:35:56.840 --> 00:36:01.559
He created the Green Career Academy. So every employee got

555
00:36:01.800 --> 00:36:08.320
certified training and landscape design, they got equipment operations certifications,

556
00:36:09.320 --> 00:36:16.639
they got business management training, leadership development, and safety certifications.

557
00:36:17.719 --> 00:36:22.239
And here's what happened. Not only did his turnover drop

558
00:36:22.280 --> 00:36:26.559
to almost zero, but his competitors started sending their people

559
00:36:26.639 --> 00:36:31.599
to him for training. He turned his biggest business problem

560
00:36:31.840 --> 00:36:34.679
into a profit center, and he charged those He charged

561
00:36:34.679 --> 00:36:40.039
those competitors. It just it was just incredible. So let

562
00:36:40.079 --> 00:36:43.400
me let me give you five specific actions that you

563
00:36:43.440 --> 00:36:47.760
can take this week to stop transforming your business into

564
00:36:47.840 --> 00:36:54.559
an employer of choice. So, first, conduct stay interviews with

565
00:36:54.639 --> 00:36:57.000
your best employees. Don't wait until they leave to have

566
00:36:57.039 --> 00:36:59.800
an exit interview, call it a stay interview. To find

567
00:36:59.840 --> 00:37:03.760
out what keeps them around. Ask them why did they

568
00:37:03.880 --> 00:37:07.760
choose to work there with you? What would make you leave?

569
00:37:08.760 --> 00:37:11.639
Be frank, open, honest, This is this is this is

570
00:37:11.719 --> 00:37:14.880
just being really open with people. What's the best part

571
00:37:14.920 --> 00:37:18.199
of working here, what frustrates to you the most, and

572
00:37:18.280 --> 00:37:21.840
what one thing would make this a better place to work.

573
00:37:23.119 --> 00:37:25.280
So if you ask those questions that have open and

574
00:37:25.440 --> 00:37:28.519
honest discussions with employees, they'll really appreciate it, by the way,

575
00:37:29.320 --> 00:37:33.840
but you'll learn so much. The second map out a

576
00:37:33.880 --> 00:37:38.119
clear career path for every position in your company. People

577
00:37:38.159 --> 00:37:41.159
need to see a future, not just a job. Show

578
00:37:41.199 --> 00:37:43.920
them exactly how they can grow, what skills they need

579
00:37:43.960 --> 00:37:47.920
to develop, and what rewards will be for them will

580
00:37:47.960 --> 00:37:53.239
be available to them. The third thing is look at

581
00:37:53.239 --> 00:37:56.039
your job postings. If they look like everyone else's, rewrite

582
00:37:56.039 --> 00:38:00.480
them to focus on what makes you truly different. To

583
00:38:00.559 --> 00:38:04.760
focus on the problem that employees have that they don't want,

584
00:38:05.960 --> 00:38:09.679
because remember, it's not about what you want, it's about

585
00:38:09.679 --> 00:38:16.280
what your ideal employees want. And then fourth, you create

586
00:38:16.400 --> 00:38:21.440
a total employment experience plan. Look at every touch point

587
00:38:21.519 --> 00:38:25.599
from hiring to advancement, and then make sure that one

588
00:38:25.679 --> 00:38:30.639
reinforces the other and why you're the employer of choice.

589
00:38:31.119 --> 00:38:34.079
So look at every touch point from hiring to advancement

590
00:38:34.119 --> 00:38:37.800
and make sure that each one reinforces the other and

591
00:38:37.920 --> 00:38:41.719
why you're the employer of choice. And then fifth, and

592
00:38:41.760 --> 00:38:46.360
this is really, really really crucial, stop marketing your employment

593
00:38:46.400 --> 00:38:50.880
brand even when you're not hiring. The best time to

594
00:38:50.920 --> 00:38:53.199
find great people is before you need them. It's like

595
00:38:53.920 --> 00:38:56.480
the best time to get a credit line for your

596
00:38:56.519 --> 00:38:59.280
business is before you need it because banks will never

597
00:38:59.320 --> 00:39:04.079
give you money when you need it. Oh, so you

598
00:39:04.079 --> 00:39:06.320
you have to be proactive. And it's the same thing

599
00:39:06.320 --> 00:39:09.719
in building an employment brand. You have to constantly be

600
00:39:09.800 --> 00:39:13.639
working on it, not just when you need people. So

601
00:39:13.840 --> 00:39:16.239
let me leave you with this thought before we get

602
00:39:16.239 --> 00:39:21.679
to compliments. You know, everything you ever learned about hiring

603
00:39:21.719 --> 00:39:25.119
and attention might be wrong, but this is absolutely right.

604
00:39:25.880 --> 00:39:29.840
The best employees want to work for the best employers.

605
00:39:30.519 --> 00:39:37.519
Your job is to become that employer. Tookie, It's it's

606
00:39:37.519 --> 00:39:39.519
time for compliments, and then you can set it back

607
00:39:39.519 --> 00:39:40.760
for me for some final thoughts.

608
00:39:41.000 --> 00:39:45.360
Absolutely, so, look energized by today's episode and Michael I

609
00:39:45.360 --> 00:39:46.639
took some really good notes.

610
00:39:46.360 --> 00:39:48.360
So thank you.

611
00:39:48.440 --> 00:39:52.880
We have three business compliments in our compliments segments today

612
00:39:52.880 --> 00:39:55.760
and we have a fourth surprise business.

613
00:39:55.400 --> 00:39:58.880
Compliment, so let's get to it. The first is Auto.

614
00:39:59.119 --> 00:40:04.039
Seagull is president of Genius Coaching, and they provide family

615
00:40:04.239 --> 00:40:06.000
and parental coaching.

616
00:40:07.480 --> 00:40:09.519
And here's their mission statement.

617
00:40:09.559 --> 00:40:13.639
At Genius Coaching, they believe that every human being is

618
00:40:13.800 --> 00:40:17.960
valuable and born with an innate ability and desire to

619
00:40:18.159 --> 00:40:22.599
find their unique brilliance, and so they encourage this joyful

620
00:40:22.880 --> 00:40:27.880
treasure hunt guided by three simple questions, what are you

621
00:40:27.920 --> 00:40:29.920
good at, what do you love to do?

622
00:40:30.320 --> 00:40:31.159
And who are you?

623
00:40:31.280 --> 00:40:34.559
So to find out more, feel free to check out

624
00:40:34.800 --> 00:40:39.880
Auto and Team at geniuscoaching dot com. The second business

625
00:40:39.880 --> 00:40:46.559
compliments spotlight is Mark Smith. Mark owns five minus locations,

626
00:40:47.400 --> 00:40:50.920
so we're all to some extent familiar with midas. They

627
00:40:50.960 --> 00:40:57.679
provide auto and car service options. And what Market Team

628
00:40:57.760 --> 00:41:00.760
do is they perform all types of services, whether it's

629
00:41:00.800 --> 00:41:02.280
break related, oil.

630
00:41:02.159 --> 00:41:03.679
Changes, on and on and on.

631
00:41:04.159 --> 00:41:07.800
And Mark's going to be opening a sixth location before

632
00:41:08.280 --> 00:41:13.039
year end, a testament to his success. In addition to that,

633
00:41:13.159 --> 00:41:18.280
one of Mark's locations has the largest volume based on

634
00:41:18.599 --> 00:41:24.320
service delivery across all of the Midas franchises, so Kudo's

635
00:41:24.840 --> 00:41:27.559
market team. You can check out more at Midas of

636
00:41:27.920 --> 00:41:31.639
Central Va dot com. So they're located in the Virginia area,

637
00:41:31.679 --> 00:41:34.079
So Midas Central Va dot com.

638
00:41:34.599 --> 00:41:37.159
The third Marjorie Goldberg.

639
00:41:37.679 --> 00:41:41.880
Really energized by the spotlight, so margins with Zenith Gallery

640
00:41:42.639 --> 00:41:45.559
and what they do is they specialize in helping businesses

641
00:41:45.599 --> 00:41:53.440
communicate their mission and vision using culture and fine art

642
00:41:53.639 --> 00:41:58.760
and find craft furnishings. So very creative in how they

643
00:41:58.800 --> 00:42:01.400
make an impact in the business community.

644
00:42:03.159 --> 00:42:06.400
Now the last, but absolutely not the least.

645
00:42:06.400 --> 00:42:10.239
This is a surprise, right We on behalf of the

646
00:42:10.280 --> 00:42:13.400
Next Step cfour brought a team and really the family

647
00:42:13.440 --> 00:42:15.920
and friend network of Next Step CFO. We want to

648
00:42:15.960 --> 00:42:21.079
compliment Michael Barbarita, the president of Next Step CFO, for

649
00:42:21.199 --> 00:42:22.000
today's compliment.

650
00:42:22.280 --> 00:42:24.760
This is also part of our celebration. It's Gratitude month,

651
00:42:24.800 --> 00:42:25.639
it's a month.

652
00:42:25.480 --> 00:42:28.440
Of Thanksgiving, and we're really just on behalf of all

653
00:42:28.440 --> 00:42:30.000
of us when it's to say a big thank you

654
00:42:30.079 --> 00:42:31.960
to Michael and part of what we did.

655
00:42:31.960 --> 00:42:33.880
And I've had the honor of working with Michael for

656
00:42:33.920 --> 00:42:34.360
a while.

657
00:42:35.199 --> 00:42:38.800
There are number of folks that I've participated in roundtables

658
00:42:38.840 --> 00:42:41.800
with business roundtables as well as in book interviews with

659
00:42:42.519 --> 00:42:44.079
and some of these individuals have worked with.

660
00:42:44.039 --> 00:42:45.039
Michael for decades.

661
00:42:45.079 --> 00:42:47.519
So what I did is I catalogued some of their

662
00:42:47.599 --> 00:42:50.480
commentary on the impact.

663
00:42:50.000 --> 00:42:52.440
That Michael has had in their business. So here are

664
00:42:52.440 --> 00:42:53.119
a couple of those.

665
00:42:53.679 --> 00:42:59.000
Without Michael's partnership, I would have completely given up my

666
00:42:59.679 --> 00:43:05.719
dream of owning and managing my own business. Second commentary,

667
00:43:05.880 --> 00:43:08.639
the best way to describe what Michael does for me

668
00:43:08.639 --> 00:43:11.639
as a business owner is that he gives me and

669
00:43:11.719 --> 00:43:14.920
my family peace of mind and then provides me with

670
00:43:14.960 --> 00:43:17.760
the confidence that I need to make sound business decisions.

671
00:43:18.519 --> 00:43:20.800
And then the third commentary, I really love this one.

672
00:43:20.840 --> 00:43:22.280
So here's why.

673
00:43:22.440 --> 00:43:26.039
What this business owner noted. Anyone can crunch numbers and

674
00:43:26.119 --> 00:43:30.039
present spreadsheets, but what Michael does is above and beyond

675
00:43:30.719 --> 00:43:32.239
the traditional CFO.

676
00:43:32.519 --> 00:43:35.880
He is so strategic, He has been.

677
00:43:35.760 --> 00:43:39.519
There as a business owner, and he totally relates to

678
00:43:39.559 --> 00:43:42.920
the challenges that business owners have, both as it relates

679
00:43:42.960 --> 00:43:44.639
to finance and strategy.

680
00:43:45.559 --> 00:43:47.880
Michael compliments to you so.

681
00:43:48.159 --> 00:43:51.119
Back, thank you, thank you, Chicky. That was very kind,

682
00:43:51.320 --> 00:43:52.880
too kind. As a matter of fact, I want to

683
00:43:52.920 --> 00:43:55.440
know how much you paid each individual person to say

684
00:43:55.440 --> 00:44:02.440
that I love it. So last week we were talking

685
00:44:02.480 --> 00:44:05.639
about frequency of sales, how to get more sales from

686
00:44:05.719 --> 00:44:08.320
existing customers, and I wanted to share one final story

687
00:44:08.320 --> 00:44:11.760
that I didn't have time for, and this was a

688
00:44:11.800 --> 00:44:14.440
massage therapist who was struggling to get clients to book

689
00:44:14.480 --> 00:44:17.159
more frequently, which was basically the topic of our show

690
00:44:17.239 --> 00:44:21.119
last week. And like most massage businesses, she was stuck

691
00:44:21.159 --> 00:44:24.000
in the when you need it model, but she completely

692
00:44:24.079 --> 00:44:26.199
reversed that thinking. And what I mean by the when

693
00:44:26.199 --> 00:44:30.280
you need it model is the customer's mindset was, you know,

694
00:44:30.360 --> 00:44:32.679
I'll come when I need it. I'll come when I

695
00:44:32.719 --> 00:44:35.639
need a massage. So she created what she called the

696
00:44:35.679 --> 00:44:39.480
Wellness Journey program. Instead of waiting for clients to book

697
00:44:39.800 --> 00:44:44.159
when they were in pain, she created specialized treatment sequences

698
00:44:44.199 --> 00:44:47.480
for like the stress Management series that's one of them

699
00:44:47.559 --> 00:44:52.280
was called the Athletic Performance Package, the Time Sleep Program,

700
00:44:52.800 --> 00:44:57.440
the Office Workers Relief Plan, and each program required regular

701
00:44:57.559 --> 00:45:00.719
visits over three or four months. But here's the case.

702
00:45:00.719 --> 00:45:05.599
She wasn't selling massages anymore. She was selling outcomes, and

703
00:45:05.599 --> 00:45:09.559
that's a different shift of mindset. Her average client went

704
00:45:09.559 --> 00:45:12.000
from booking six times per year to twenty four times

705
00:45:12.000 --> 00:45:15.039
per year in her revenue quadruple without adding a single

706
00:45:15.079 --> 00:45:20.599
new client. And so, and let me show you now

707
00:45:20.719 --> 00:45:25.840
something really powerful that the next need anticipation system. This

708
00:45:26.000 --> 00:45:30.480
is about predicting what your customers will need before they

709
00:45:30.559 --> 00:45:33.920
even know they need it. And here's another strategy that's

710
00:45:34.000 --> 00:45:39.239
just pure goal, the cross experience enhancement. Let me show

711
00:45:39.280 --> 00:45:42.559
you how this worked for a personal trainer. Most trainers

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00:45:42.760 --> 00:45:47.119
think their job is just about exercise, but this particular

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00:45:47.199 --> 00:45:52.960
trainer looked at what else impacts a client's fitness goals, nutrition, sleep,

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00:45:53.880 --> 00:45:59.320
stress management, recovery, and lifestyle habits. So instead of offering

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00:45:59.599 --> 00:46:05.159
a training sessions, he created what he called life enhancement partnerships,

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00:46:05.199 --> 00:46:10.159
and he partnered with nutritionists, a massage therapist, a sleep specialist,

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00:46:10.639 --> 00:46:15.400
a medallion, a meditation coach, and meal prep services. This

718
00:46:15.440 --> 00:46:20.599
is really great for our joint venture partnership segment that

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00:46:20.679 --> 00:46:25.239
we did in a previous show. And so he did

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00:46:25.360 --> 00:46:29.000
provide these services himself, he coordinated them, and he became

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00:46:29.079 --> 00:46:32.800
the quarterback for his clients overall wellness. His average client

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00:46:32.840 --> 00:46:35.000
went from spending five hundred dollars per month with him

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00:46:35.119 --> 00:46:38.800
the over two thousand dollars a month on various services,

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00:46:39.000 --> 00:46:42.159
and he got a percentage of every referral. But here's

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00:46:42.159 --> 00:46:45.960
what's really important to understand. None of these strategies feel

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00:46:46.039 --> 00:46:51.519
like selling to your customers. You're not pushing products or services.

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00:46:51.760 --> 00:46:56.559
You're solving their problems and enhancing their experience. And let

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00:46:56.559 --> 00:46:59.400
me give you one final example that proves this works

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00:46:59.400 --> 00:47:04.280
in any industry. This is a company that sold industrial supplies.

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00:47:04.320 --> 00:47:08.880
Pretty boring, right, but he transformed transformed his business with

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00:47:08.920 --> 00:47:12.719
what he called the usage optimization program. So instead of

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00:47:12.760 --> 00:47:15.519
waiting for customers to order when they ran out of supplies,

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00:47:16.079 --> 00:47:22.960
he created monthly usage analysis, quarterly efficient reviews, I'm sorry,

734
00:47:23.000 --> 00:47:29.840
quarterly efficiency reviews, automated reordering systems, waste reduction programs, and

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00:47:29.960 --> 00:47:35.199
cost savings assessments. His customers started buying more frequently because

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00:47:35.239 --> 00:47:37.760
he made it easier to buy and showed them how

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00:47:37.760 --> 00:47:41.440
to save money by managing air inventory better. And his

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00:47:41.599 --> 00:47:44.840
average customer went from ordering six times per year to

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00:47:45.000 --> 00:47:47.920
ordering every two weeks or twenty six times per year,

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00:47:48.239 --> 00:47:52.000
and his margins actually increased because of the efficiency in

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00:47:52.199 --> 00:47:56.840
larger and more regular orders, not to mention his speed

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00:47:56.880 --> 00:48:02.440
of delivery. To get a copy of the book Powerful

743
00:48:02.480 --> 00:48:06.800
Business Strategy, simply go to our website www dot NEXTSTEPCFO

744
00:48:06.920 --> 00:48:10.800
dot net. It's totally complementary and until next Monday at

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00:48:10.840 --> 00:48:14.719
noon Eastern time for Chucky Obio. This is Michael Barberita,

746
00:48:14.760 --> 00:48:19.719
and remember, don't keep doing what your competition is doing.

747
00:48:21.440 --> 00:48:24.519
You have been listening to Powerful Business Strategies finding out

748
00:48:24.519 --> 00:48:28.199
that everything you ever learned about growing your business is wrong.

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00:48:28.480 --> 00:48:31.679
Tune in next week and every week at noon Eastern

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00:48:31.760 --> 00:48:35.199
time on W four CY Radio with your host Michael

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00:48:35.239 --> 00:48:39.880
Barbarita of Next Step CFO and moderator Chugy Obio