Inside Small Business | Small Business & Home Business Marketing

How to Keep All-Stars from Walking Out the Door

Milo Lewis, Founder & President, Cloud 10 Financial

Can you imagine how your business would operate without key employees? After all, an empty desk cannot create a report, attract a customer or hold a meeting. The truth is the hardest part in developing a staff is not in “obtaining” great people but in “retaining” great people.

Below is a list of 5 reasons people quit and the things you can do as a business owner to keep your staff count high out of the red!

1 -You Better Recognize!
It amazes me how many business owners put together salary and compensation models to retain employees, yet put very little to no thought on a how to recognize and appreciate their staff! Don’t get me wrong, money is an imperative factor to get the people on your team, but to keep them engaged and striving for more than a paycheck, a little recognition will go along way.

It is ok to be a tough boss and demand a lot from your teammates, but just as you find it important to give a “Kick in the Pants” from time-to-time, don’t forget to give a “Pat on the Back” when it is deserved as well. Remember that when employers forget to recognize staff it means they forget to appreciate, and when your teammates feel under-appreciated, one foot is rightfully always out the door. Bring that foot back in and let them know you recognize their efforts and success.

2- Understand Work-Life Balance
When I was building my company model, I was specifically focused on how the pay structure would impact my teammates and also remained sensitive as to the balance between work hours and family life. As a result I created an “At Home Professionals” program for those teammates that I know can work self-sufficiently and needed to work from home so they can spend time with their families or satisfy competing obligations. This has allowed me to attract and keep some of the most talented professionals and has made my corporation much more productive and efficient with a limited overhead.

Without this element, I would have seen a lot of resignation notices, not to mention certain employees who would have never been hired if we did not have such a flexible model. Imagine your product for a minute. Can you imagine how unsuccessful you would be if you just built products that made the company rich and did not focus on the customer needs? The same is true for our employees. While certain job descriptions require set-in-stone hours, if you want to obtain and retain the best, be flexible when and where you can.

3- Build a Culture of STARS
Sure, getting a logo for your company is a necessity for product marketing and corporate branding, but it can also help you build an identity and culture within your organization. Identify what your company stands for, who are you and why are you different. Build a model that people gravitate to, so something keeps “pulling them back “ when teammates think of leaving. I will share for you our culture at Cloud 10 Financial Inc. It is known as the “STARS” Culture, which means every employee is committed to demonstrating the following: Sales, Teamwork, Accountability, Recognition and Service!! Make sure a team culture is built in your company so your teammates are part of more than just “a job.”

4- Empower Don’t Overpower – Know the Difference
Put your business card away when working with your teammates! Yes it is great to own your own business or to have some really exciting job title, but beyond bragging rights and self-gratification, it means nothing if you do not perform! Remember that the image of success is easy to achieve but real success takes time, work and great people. So, instead of always being the boss, delegate some of your responsibilities to others - especially those that are better than you. My Executive Assistant bosses me around more than I her, and many times my teammates (notice they are not called employees) will with candid tones let me know what is on their minds and what we need do differently.

Everyone on my team knows they are great, they are empowered and that they are expected to lead, even me sometimes! So, never forget that a “boss’s” job is to provide tools, remove hurdles and empower others to victory. Do everything you can to make this clear, otherwise you can change your business card job title to “turnover guru” because pushing people out the door is exactly what you will be doing.

5 – Promote Leadership to keep Leadership
A simple but true statement I have often heard is that “people work for people.” As your business grows, and as you become depended on other leaders to manage portions of your company, what factors into your choice-making model when promoting the person who handles that assignment? First, make sure they are qualified, which means they can do the job as well as anyone they are leading. Make sure they desire to help others win and have the ability to drive others. Make sure they have good corporate principles and understand that leadership demands responsibility and to make responsible choices when leading others. If you put the wrong person in charge of your future leaders, before they blossom, your brightest stars will exit from your company and at their greatest moments work with a competitor.

In summary, if you focus on these little things, you will keep more employees and the ones who stay will be excited to do so. It goes along way for corporate moral and job satisfaction!

Now Go Grow Your Business and Keep Your People!!

Milo D. Lewis is the Founder President and CEO of Cloud 10 Financial Inc. He has demonstrated great talent, success and experience in the financial services arena at the young age of 29. Cloud 10 Financial has 10 direct team members and over 100 certified loan originators, and anticipates having over 1000 home loan consultants and loan originators by the end of 2007.

Reach Higher Expect More™
www.cloud10financial.com

           

Posted on Wednesday, June 6th, 2007 at 3:52 pm and is filed under Small Business. You can follow any responses to this entry through the RSS 2.0 feed.