MBA1974 How to Keep Your Valuable Employees

Hey Fidelity, how can I remember to invest every month?

With the Fidelity app, you can choose a schedule and set up recurring investments in stocks and ETFs.

Huh, that sounds easier than I thought.

You got this?

Yeah, I do. Now where did I put my keys?

You will find them where you left them.

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Hey. Oh. Welcome to the 100 RBA Show. Practical business lessons to improve your business every single day with our daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of Webinar Ninja, an independent software company I started with my co founder back in 2014 and and in today's episode you will learn how to keep your valuable employees with the great resignation upon us. Great talent, great hard working employees are like gold today. I know because we're hiring at Webinar Ninja and it's really hard to find really good people that don't already have a job. So the next step in recruitment is actually going after people that already have a job that are in great positions that might want a better one. And just like we can go and try to headhunt great talent. So can other companies do that with our own employees? It actually happened to us and it made us think, hey, how do we make sure we can keep our most valuable employees happy? Make sure that they're feeling valued and make sure that they're actually not even considering going anywhere because they love working for you and your company. So I've come up with a list of strategies that can help you keep those incredibly valuable people on your team. And it's a practice and a concept that I learned called a stay interview. What is that all about and how does that increase your chances of keeping those great team members? Well that's what today's lesson is all about. So let's get into it. Let's get down to business.

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Most companies do an interview when they're trying to find a new teammate. They might even have a couple of meetings and conversations as they join during onboarding. Companies will also do the same when an employee leaves the company. It's called an exit interview. What about doing an interview to make sure that they stay? I make sure that I do a one on one meeting conversation, video call with every employee on our team once a year. I see this as a way for me to learn more about our great teammates and it's actually a chance for me to find out how can I make their lives better? How can I make their experience at working at our company better? More enriching, more fun, less stressful. My goal with this one on one with this quote, unquote stay interview is to learn how I can create a work environment that is so good that if anybody even talks to them about a job opportunity or position, they're just like not interested. No, I'm super happy where I am. I love working at this company. That's what we're trying to do here to create that experience, to create that reality for your employees. So I have three rules when it comes to this one on one meeting that I do annually with everybody on the team. Number one, this is a private meeting. It's just me and that person. I also let them know that anything that they share with me won't be shared with anybody else. This is going to stay with me. If I'm going to share any of the ideas that you share in the meeting, I won't mention any names. This is really important because you want to make sure that they feel comfortable to give constructive criticism. Maybe they're going to say, I really don't like the way so and so does this or that, or maybe we can prove things in this way. They might be worried of hurting people's feelings so they might hold back. So stating that kind of lets them know, hey, this is a private meeting. This is going to stay here. If I take some notes, it will not be, you know, notes that are correlated with this person in particular. Just general notes for all the meetings I'm having. Number two, it's very important that I meet with everyone on the team, not just management, not just the people I think that are most informed, influential in the company. For some reason. I want to know how everybody's Doing so I can keep my talent happy. And the third thing I do is I make it very clear to them that this is not an evaluation. This is actually about me and not you. This is about the company. This is about us making sure we can improve your job, your role, your department, and of course the organization as a whole. I need their perspective. I basically tell them, hey, it's hard for me to know what it's like to be you, to do your job, to do your responsibilities and your tasks every day. So I need to hear your perspective on how things are going. Now. What do I ask them in this meeting? Well, I ask them some pretty high level questions and then I get into some specifics. Here are some of those high level questions. 1. What do you love most about your job? What do you like about working here? Another question I ask is specifically about culture. What do you like about our team culture? I ask some things like what do you look forward to when you get up in the morning and you're getting ready for work? Then I ask some, you know, kind of open ended questions like what would make it exciting, enticing for you to have a long term career with us? What would have to be true? And I like to ask some follow up questions depending on what they say. If I feel like for some reason they're kind of holding back a little bit, maybe not saying things that they would like to see, maybe they just don't want to feel like they're complaining. I like to frame things in a different way. For example, I say, if you had a magic wand and you can wave this wand around and change anything about your job to make it better, what would it be? And now we're kind of stepping out of like the reality of the world and we're thinking anything's possible. And now they're thinking creatively and they're like, okay, they're in a different mind space. And when I see them starting to open up, I start asking them some more questions that allows them to share a little bit more about what they think about work, life and working for me ultimately. And I ask that question directly. What can I do to make your job better? What can I do to help you enjoy your work more? And a question I like to ask towards the end is I say, hypothetically, you decided to leave the company in two years, what would be the reason why you left? And allow them to think. So you take your time, they can think, they can pause, whatever they want to do. And I like the open endedness of this question. Because it forces them to think, if I did leave this company, what would be the reasons why? And some of it will have to do with their personality. Maybe they're looking for a new challenge. Maybe they will surprise you and say, I would probably expect a promotion by then and if I didn't get it, I would leave things like that. And that really opens up a lot of great avenues for you to ask follow up questions and learn a little bit more about their ambitions. And the whole point of all these questions is to learn what makes this person tick, what makes this person really feel satisfied in their life in terms of their job. You know, when it relates to their job, I should say, really what you're trying to find out is what makes them happy when it comes to work so that you can just simply do that to make them happy. Seriously, it's that simple. What I found in my experience is that most of my team members, they're actually quite surprised that I actually made the time to sit with them one on one. With everything going on in the company and how busy things are and how busy they perceive I am, they actually appreciate the fact that they're being heard. And sometimes just this exercise alone makes them feel like, hey, this place is pretty cool. They are considerate. They actually think about us as people and what we want and what we need. I've never had that experience before. I feel heard, I feel valued. Now, you're probably going to have to do more than that to keep your valuable employees. But the mere fact that you're trying says a lot.

Hey, Fidelity. How can I remember to invest every month?

With the Fidelity app, you can choose a schedule and set up recurring investments in stocks and ETFs.

Oh, that sounds easier than I thought.

You got this?

Yeah, I do. Now, where did I put my keys?

You will find them where you left them.

Investing involves risk, including risk of loss. Fidelity Brokerage Services LLC Member NYSE SIPC.

To wrap today's lesson, having these one on ones with every team member once a year can greatly improve your chances of keeping those incredible players on your team that allow you to win every day. One of the things I've learned over the course of my entrepreneurial career is if you want to build something that's greater than just yourself, you're going to need to build a team. And the team members that you bring on board and continue to stay on board are really the defining factor of your success. Ultimately, it's your differentiator. It's how you're going to be competing against Your competition is is your team better than theirs? Because if your team is better than theirs, then you're going to be able to produce better, work better and a better product, a better service, a better everything really. So as your business grows and your team grows, this becomes your focus as the leader of the business. How can I cultivate an incredible team, keep them happy and keep them period? Thanks for listening to the $100 MBA show. If you love what you hear, hit subscribe on your favorite podcast app so you never ever miss an episode. Also, by hitting subscribe, you get access to over 1900 business lessons in our archives. Before I go, I want to leave you with this. If a valuable, great, incredible team member leaves your team, it's really important for you to do that exit interview or maybe even have a few discussions to find out why they're leaving. Find out if you can keep them. Find out if there's things that you can change to improve the situation. Why? Because you need to identify what makes great talent leave your team. So even if they do leave, you can change that, improve that, so that your existing great talent on the team, as well as the new people that come in don't leave as well. Because great minds, they think alike. Thanks so much for listening and I'll check you in tomorrow's episode Q and A Wednesday. I'll see you then. Take care. Of.

Hey Fidelity. How can I remember to invest every month?

With the Fidelity app, you can choose a schedule and set up recurring investments in stocks and ETFs.

Huh, that sounds easier than I thought.

You got this?

Yeah, I do.

Now.

Where did I put my keys?

You will find them where you left them.

Investing involves risk, including risk of loss. Fidelity Brokerage Services, LLC Member NYSE SIPC.