How Leadership Development and Mentorship Programs Can Change Your Small Business

How Leadership Development and Mentorship Programs Can Change Your Small Business

I know CEOs and Business Owners are tired of hearing that salaries and bonuses across the board are skyrocketing. Running the numbers and realizing the weight that has on your small business is a little overwhelming. However, I do think there are free ways to retain and hire and can dramatically affect your organization.

One way that I have seen to Retain and Hire that costs no money is to develop Leadership Development and Mentorship Programs within your organization. Before you roll your eyes and think this is a huge waste of time and money, watch this 2-minute video where I talk about some ideas that we have advised big companies like Delta Airlines and small businesses. Both have had a ton of success:

You know the saying, "It's the thought that counts." Leadership Programs are about creating a space where your employees know they are being invested in. Creating these programs is not a ton of work, and the program can be as big or small as you want it to be. We have seen some companies go all out and put a lot of time and money into "building the program" as a recruiting strategy that we believe does work. Or we have also seen book studies led by managers every two weeks at lunch also work. I think Book Studies with your team is a great place to start. Books like "The Ideal Team Player" (we give this to all of our clients when they start a search with us: Hungry Humble Smart) by Patrick Lencioni or Raving Fans by Ken Blanchard if you are looking for a Customer service type book are two great suggestions for your first book study.

When it comes to Mentorship Programs, younger people are starving for it. I tell this story about my son, Matt Filer, all the time. When Matt graduated from the University of Georgia (Go Dawgs), he had 3 different job offers. One was a sales role with a very established payroll company and one was at a company who offered a Mentorship Program where Matt would spend 15% of his time being developed by two different managers. Matt chose the job with the mentorship program for 25% less of salary. I will say that again: 25% less salary!

Putting these programs together show you CARE about your teams. Do it and watch your retention rise. If you do not know where to start, I am happy to talk to you about this! Here is my Calendly. I do 30-minute consultations, and I love talking about this subject.

Here are a few more things that can help with the HR side of your business:

1. The HR Quiz: If you have no idea where you are at when it comes to HR in your business, we developed an HR Quiz to get you thinking about some areas that we thing are really important. Should only take you 5 minutes and should be worth that time to see where you stand.

Press on image to go to the quiz

2. Our HR Audit: You know you need help with your HR, but you do not know where to start. This is the tool you are looking for! Starting at $2,500, we do a full examination of your HR practices (compliance, retention, talent, compensation, etc.) Link to that is below or you can message me or email me to get started:

Press on image to go to link and get a quote for an HR Audit

3. We love helping companies hire for their office positions. This will continue to be what were best at: https://www.innovative-outsourcing.com/hiringhome

How to Retain Your Staff Better than Other Small Businesses

How to Retain Your Staff Better than Other Small Businesses

Let’s talk about Retention.

If you know me or have heard me speak, you know how passionate I am about how retention in small business can drastically change your bottom line. I talk to a lot of Business Owners and CEOs about retention, and the overwhelming theme is that HR is “soft”, “touchy feely”, or the “only department that does not have to reach a goal or quota.”

I am a Mathematical Economics major. You are probably asking how I got into HR, and that is a fair question. However, that means I love data. So we are going to go over some statistics that disprove that HR “does not affect your bottom line as a small business.”

The stats:

• 3.7% Unemployment Rate (this is staying for the moment)

• 47% of Active U.S. employees are “watching or actively looking for new opportunities”

• Replacing exiting workers costs .5x - 2x the employee's annual salary. Assuming an average salary of $50,000 that replacement cost translates to between $25,000 and $100,000 per employee.

Obviously, your small business is probably perfect and no one will ever leave your organization. However, 47% is a huge percentage of employees who are looking to leave for a new job and actually admitted to it on a survey. If you combine that with the cost outlined above you will hopefully realize that HR and retention dramatically affect the bottom line of your small business.

Want more stats? Here you go:

- In 2021-2022, a majority of workers who quit their job were asked and they said these were the top factors:

• 63% - Low Pay

• 63% - No Opportunities for Advancement

• 57% - Felt Disrespected at Work

Before you roll your eyes, think for a second about this. Maybe you cannot match the offer that Google just gave your EA. However, there are things that may be considered “touchy feely” or “soft” that can affect your bottom line. And did I forget to mention… a lot of this is free!

So here are the areas of Retention that we are going to focus on the next couple of weeks:

1. Competitive Salary

2. Career Path for Employees

3. Health Benefits, 401k, and PTO

4. Flexible Hours

5. Flexible Work Location (some 4-day workweek talk as well)

6. Unique Benefits No One Else is Offering

7. Leadership Development or Mentoring Programs

8. Great Looking Work Environment

That’s the start! Can’t wait to hear your thoughts in the coming week.

In the meantime, here is our Small Business HR Quiz. See where you are at and where you may need some help:

https://www.innovative-outsourcing.com/smallbusinesshrquiz

How to Get the Onboarding Process Right the First Time - Part 4 of 5

How to Get the Onboarding Process Right - Part 4 of 5

Onboarding seems straightforward to most small businesses. So you might be asking yourself the question: "Why is Cindi Filer spending so much time trying to perfect our onboarding processes?"

This statistic should help answer that question:

• 91% of new hires will determine if they want to start/stay based on how they are onboarded.

You want to get this right... Trust me!! So we will continue from our last onboarding principles:

ONBOARDING PRINCIPLE #2 – Tell Your Company Story

New employees want to know why you do what you do. So spend some time telling them the company story and answering questions like these:

1. Why and when did the company start?

2. Who started the organization?

3. What is the “heart” behind the company?

4. Is there any special history that the business is proud of?

This could be done in a few ways:

• “Hype style” video

• In a meeting with the CEO presenting to group

• A one-on-one lunch with a leader.

ONBOARDING PRINCIPLE #3 – Get New Team Members Excited to Work at the Company

The new hire will be excited about being at your company if you (as their leader) are excited.  That’s it.

Your energy level and excitement for the company (or your lack of it) will show through clearly. Make sure you bring that energy in their first weeks (hopefully forever). Remember, excited engaged employee are more productive so it is beneficial for you to put in the effort and energy!!

ONBOARDING PRINCIPLE #4 – Train New Employees Well and Quickly

Training is important – systematic training. The “follow me and just do what I do” is not the best training approach. Before you hire someone, make sure that you are ready to train well.  Have manuals, videos, or team members ready with instruction that is clear and well done.  New employees that get poor training typically fail.

A couple more important stats that you should be aware of:

1. 59% of employees report no workplace training! (WOW.)

2. 70% of employees believe they lack the skills needed to do their job.

So, if you train well – you have a huge leg up on your competition for talent!

Our HR Audit

We have an HR Audit, where we discuss your onboarding process in depth and make suggestions that fit your company. We also will evaluate the other 13 areas of HR and give our recommendations. HR Audit Info

Benefits Needed for Retention and Hiring in Small Business

Benefits Needed for Retention and Hiring in Small Business

In today's job market, offering attractive employee benefits has become more important than ever for small businesses. While salary is certainly a factor, it is often not enough to retain top talent. In this article, we will explore six benefits that small businesses should consider offering to attract and retain employees.

1. Offer Highest Salary in Industry (Responsibly, but not everyone can do this)

While it's true that money isn't everything, offering competitive compensation is important in attracting top talent. If your business is able to offer the highest salary in your industry, this can be a major selling point for potential employees. This means you might not have to focus on other benefits as much

2. Great Health Benefits (No Co-pay, for example)

Health benefits are a key factor in employee satisfaction. Offering great health benefits with little to no co-pay can make your business stand out. It can be a significant expense for small businesses, but it can also be a valuable investment in your employees.

3. Lots of PTO (4 Weeks +)

Paid time off (PTO) is a highly valued benefit for employees, especially younger candidates and employees. Offering four weeks or more of PTO can be a great incentive for employees to stay with your company. Additionally, it can help with employee burnout and improve overall morale.

4. Hybrid Location (1-2 Days a Week from Home)

The pandemic has changed the way many of us work, and a hybrid work model has become increasingly popular. Allowing employees to work from home one or two days a week can be a great way to offer flexibility and work-life balance.

5. Flexible Time (Can Come in 10-6, 9-5, 7-3, for Example)

Offering flexible work hours can be a game-changer for employees. Not everyone works best on a traditional 9-5 schedule, and offering flexibility can help employees better balance their work and personal lives.

6. 5 Hours a Week of Leadership/Skills Development

Investing in your employees' professional development can be incredibly valuable. Offering five hours a week of leadership or skills development can help your employees grow in their careers, while also demonstrating your commitment to their success.

In conclusion, offering competitive benefits is crucial for small businesses to attract and retain top talent. Consider implementing one or more of these benefits to create a more attractive workplace for your employees. By investing in your employees, you can create a more productive and loyal workforce.