Hiring and training new employees can be expensive! In this episode of the Business Review, executive headhunter David Perry shares the best way to keep employees happy.
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FINDING, TRAINING AND DEVELOPING NEW TALENT CAN BE EXPENSIVE AND TIME-CONSUMING. BUT ONE OF THE EASIEST METHODS TO MAXIMIZE PROFIT MARGINS AND RUN A BETTER BUSINESS IS OFTEN OVERLOOKED: JUST KEEP CURRENT EMPLOYEES FROM WANTING TO LEAVE, SAYS EXECUTIVE RECRUITER DAVID PERRY.
“Retaining top talent is no small feat, because the competition is fierce. The ability for someone to decide, “I don’t agree with the way you’re treating me” and find another job, is trivial. They can decide in the morning over breakfast and they can be interviewing by lunchtime.”
THE MOST EFFECTIVE WAYS TO KEEP THE TEAM TOGETHER, HE SAYS, ARE TO
CREATE AN ENVIRONMENT OF RESPECT, OPEN COMMUNICATION, SHARED PURPOSE …AND TO UTILIZE THE INCREDIBLE VALUE OF “PSYCHIC CASH”.
“The best example of psychic cash is keeping your promises. Cause that’s what you do when you’re part of a family. That’s what you do when you’re part of a team. You back each other up. And when you do that, the bonds are not breakable. When you know the boss, the CEO, the vice president, the director will go right to the wall for you…When you find a boss that’s like that you’ll walk through fire for these people. These are the type of people you want to attract into your company, because these are the type of people you need now to compete globally. And they keep their promises and keep people informed, keep the communication skills open, to all line and staff, those are the companies that are successful — wildly successful.”
THE BUSINESS REVIEW IS A PRODUCTION OF KWBU, LIVINGSTON & MCKAY, AND THE HANKAMER SCHOOL OF BUSINESS AT BAYLOR UNIVERSITY.