SHUT THE FRONT DOOR… of Revolving Talent
Proper onboarding is just one of the processes you can put in place to help retain high-performing team members.
Over decades of experience, I’ve found there is one tried and true element overlooked by most business owners when it comes to keeping your super star players engaged, motivated, and excited to do what they do every day…
The secret lies within the culture of your organization.
In a previous newsletter, I mentioned the company culture of Southwest Airlines. I also mentioned their remarkable attrition rate of 2.5%…
Southwest’s attrition rate is not an accident or blind luck.
To calculate your employee attrition rate, pick a time frame(6 months or 12 months). In that time frame what was your average number of employees?
Now take the number of employees who left within that same time frame and divide it by your average number of employees, then multiply that figure by 100.
Attrition rate = (# Left / Avg. # of employees) x 100.
Here’s a quick calculator to determine attrition rate.
Here’s the interesting story behind my team…
I started Business Nitrogen over 11 years ago. The same team members I hired 11 years ago are still with me today.
In fact, there has been only ONE team member in the last 6 years that has left us that we didn’t want to leave (this team member was actually changing career paths and it was more of a lifestyle change for him).
Our attrition rate at Business Nitrogen is 3.57%.
Again, this is not by accident. It’s completely intentional.
I attribute our outstanding retention to our authenticity in leading with culture and living by our core values EVERYDAY (in life and in business).
I also treat my team as my company’s most important investment. Without them, Business Nitrogen would not be what it is.
When you deposit care, direction, respect, and exercise a great company culture, it pays dividends in the end.
When you make MORE withdrawals than deposits with your team, you usually end up empty-handed.
Also remember, the longer we hold on to our team members, the more productive they get. They become proficient in their responsibilities, in systems, in processes, in your business as a whole.
Plus the bond shared between team members makes collaboration and innovation an ongoing and natural occurrence, resulting in further growth of the company.
That’s why I pour into my team…Ongoing skill set training, leadership training, advancement opportunities, tools, constant recognition, and performance driven incentives.
As Entrepreneurs, our businesses are unique and require a higher level of commitment, drive, and skillset from each of the team members you bring on to support it.
It takes a certain caliber of people to keep up with us!
One of the quickest ways to burn out your team is to overload them with initiatives, new projects, and tasks that are not in their wheelhouse, or because you don’t want to hire new team members to offset the load.
Something we love to do as Entrepreneurs, is to start or bring in new projects and initiatives before others have been completed. We are visionaries! Of course that’s what we do!
When anyone (not just your team) feels they’ve been set up to fail time and time again, it creates a feeling of defeat.
Trust and commitment become fragile. In some cases, team members will leave, and others will follow.
Losing a team member isn’t just a loss of that person and their knowledge. It’s the loss of investment in that team member.
All the time, effort, and energy that was put into acquiring and training that team member to get them to the level they were at.
Consider these other costly losses associated with losing a key player and the detrimental effects on your business…
- Loss of productivity and efficiency
- Increased errors, abandoned tasks/projects
- Cost (time, effort, energy, money) to replace that individual
- Freezing (if this individual did not SOP their tasks and responsibilities and you don’t know how they did what they did)
- Loss of moral and team engagement
- Loss of other team members who may follow
- Negative cultural impact (internal and external)
- Client relationships
The list goes on…
For so many Entrepreneurs, finding, attracting, qualifying, hiring and ultimately retaining the right fit talent for their team has been their biggest BLIND SPOT. Yet, it’s one of the fastest ways to successfully SCALE a business.
A solution for many of our clients is Nitrogen Hiring Network… Where all the heavy lifting is done for you (attracting, qualifying, screening, and hiring all marketing, operations, and sales talent, including: media buyers, marketing directors, copywriters, graphic design specialists, automation specialists, project managers, sales directors, sales associates, etc).
Right now, no one that we’ve seen has developed a proven process for hiring RIGHT FIT talent specifically for Entrepreneurial businesses like we have.
Here’s what our clients get in our “done for you” recruitment and hiring process:
- Together, we strategize exactly what role(s) you need to fill within your existing team structure (if you don’t already know). We’ll also discuss your company culture.
- From there we identify any gaps you may or may not be aware of in your existing team structure and give our expert recommendations.
- We spec out all the responsibilities for each individual position you want to fill–tailored specifically to your needs.
- We build a custom sales funnel specifically for each position to attract the right candidates.
- We market the funnel (ad expenses, outreach, and overhead is included).
- We perform a rigorous screening and qualification process with all candidates that show interest in the position, including giving each candidate a behavioral AND cognitive assessment* and score it against the job profile we create.
*By the way, cognitive assessments are imperative as they measure how quickly a person can pick up new concepts. You can’t grow fast unless your team members are adept at learning new things quickly.
- Culture is a HUGE element we include in our qualification and screening process. We find that most Entrepreneurs skip over CULTURE in the hiring process… we do not.
- Each candidate is evaluated for skill set and experience for the position through a test exercise.
- Candidates are put through multiple interviews with different members of my team.
What you’ll get from us after all this is two or three HIGHLY qualified, screened and vetted candidates that we feel 100% confident will be a perfect fit for you, your business, and your team.
In fact, we’re so confident, we back our claim with our 90-day replacement guarantee.
The first step is to set a call with my team to see if we are a right fit to work together.
Simply reply to this email and we’ll find a time to chat.
Your dream team is just one call away…
To your success,