FAST FACTS for Business Owners
94% of employees are unsure of the business owner’s vision and strategy on an ongoing basis.
67% of executives say their top issue today is their “people.”
60% of company business strategies do not execute well in large part because of people issues.
50% to 65% of jobs in the country are in the small to middle-market sector.
30% of an employee’s first year salary is the average cost of a bad hire.
4.1% is the official unemployment rate as of October 2017, which means more competition for better people.
3.2 million people quit their jobs in September, the highest quit rate since 2006: “Quitting is in!”
91% of Millennials expect to stay in their jobs for less than three years, and have four different jobs in 10 years.
September job openings of 6.1 million remain near record high levels since June 2017.
50+ job search websites are processing millions of job search requests nationwide.
It’s one of the best paths to high potential employee retention
People are a business owner’s most valuable investment. Finding, keeping and inspiring the “best and brightest” people in your organization is one of the most important ongoing business strategies for your long-term business success, personal freedom and life balance.
THINGS ARE CHANGING IN HOW TO INSPIRE RETENTION…and it isn’t about the money!
In his book Good to Great, Jim Collins writes about getting the right people in the right seats of the bus. The question is what role does ownership and management play in this effort and is there a responsibility by employees? In this day and age of employee self-empowerment and desire for self-coaching, the answer is that it needs to be a joint effort and more predictable. Muddled “people management” thwarts employee satisfaction, causes delays and results in angst largely because most people are uncomfortable dealing with people issues.
TWO SIDES OF THE SAME COIN
Ownership can do better. People are a business owner’s most valuable investment. Why is it that we keep an eye on our investment portfolio to see if it is growing in value, paying dividends and providing future financial security… and yet our people are not part of that “investment portfolio”? They, in fact, are helping to generate the annual company dividend called Net Income. The company is the highest ROI of all our investments. Can we invest in our people more prudently like we do our other investments yet with better predictability?
If we knew ourselves better we would have greater awareness, confidence, success and fulfillment. We would have less self-doubt, self-limitation and self-criticism.
Employees can do better. We all need to know ourselves better. We are curious but we don’t really take the time to truly get to know ourselves. Why is that the case when today we can do it more informatively than ever before?
Imagine a workplace that creates the opportunity for the highest level of self-awareness and where each person leaned into this deeper insight. Imagine a workplace that becomes a learning center for self-mastery in word, action and deed. This joint ownership/employee pursuit builds new levels of communication, understanding, performance, enjoyment, innovation and collaborative teamwork.
Growing self-awareness motivates everyone to further develop their abilities so that everyone can make greater contributions individually and collectively. Imagine the impact on company performance, earnings and compensation, plus more focused career growth and more natural ways to sustain work/life balancing. When we move with greater awareness of what we do best (and what we should not be doing), ownership and employees alike shape the reality of an inspired company.
PREDICT-ABILITY IS THE FUEL TO SUCCESS, LIFELONG CLARITY AND HAPPINESS
Driving a car requires the right type and amount of fuel. So does running a business. The right people fuel the business in every imaginable way. Everything is done by people, with people, through people and for people. This has always been and will always be the case. As a business owner, fortify your investment portfolio and success mentality by adding your people into it. Strengthen your business by engaging your teams in a self-mastery initiative such as understanding their fully predictable behavior. As employees, jump at the chance, even request it. It’s a win-win-win for everyone, including clients and customers.
This simple, enlightening form of engagement is about everyone’s Predict-Ability™, including you as the business owner. Understand it to know yourself better and to build a more valuable you and company culture, freedom and longterm happiness.