Tip of the Month
November
Entrepreneurs exist and thrive because of their employees. Employees are the
key element in making a business successful.
How do we find out if our potential associates are going to be motivated and
passionate?
- I strongly recommend a 90-day probationary period for new employees to evaluate
your business and for you to see if they have the requisite motivation and necessary
fit.
- Ask for three or four references, call these folks (discount much of what
they say) and ask them for 3 names of people that worked or know the prospective
associate. Call these references of references for a better indicator of the
passion and motivation of the potential associate.
- To hire and maintain the most motivated talent, I recommend paying them over
market value. By paying over market, you are developing loyalty between the associate
and the business. Paying an employee 15% above market creates wonders.
- Set up incentives for just about every employee. Normally, associates will
work at an 80% level but with properly designed incentives they will work at
110%. Incentives should be set up in a manner that relates to the elements that
the associates have control over.
Employees are so critical to entrepreneurs. By selecting and managing these
very important assets of your business, the morale and bottom line will be greatly
enhanced.
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