Tips from the Top - September 2014
How to Retain Key Employees
Many of us put a lot of time and effort into hiring and training our employees, especially those who are highly skilled. One of the questions I hear asked regularly is what to do to keep these valuable employees…Read more
Why Sales Training Does Not Work
If you are considering investing in sales training in hopes of growing revenues, please save your time and money. Throughout my career as a salesperson, manager, corporate executive and entrepreneur, I have participated in dozens of well-known sales training programs. I have run six businesses with great sales teams. I’ve created many training programs and have experienced sales training as a student, creator, teacher, and coach. I have personally trained thousands of salespeople and sales managers. Yet, I am writing to tell you that sales training programs rarely produce the desired results…Read more
Why Your Business Needs Employee Recognition
How often does your business recognize the achievements of its employees? Not every business has the financial capacity to formally recognize their personnel, so on a smaller scale, how often do you, as a business owner, make a point of offering praise to your people…?Read more
See One, Do One, Teach One
One way to get employees engaged in completing policies and procedures is to follow a "see one, do one, teach one" approach. Have the employee watch the procedure being performed. Next, have the employee perform the procedure. Finally, have the employee document the procedure and teach someone else how to perform it; only when you are comfortable that they have mastered each stage should you advance them to the next stage.
Bonus Program Guideline
If your bonus program delivers less than 10% of a person’s salary potential, it will not really motivate behavior change that is impactful. The potential earnings for any individual employee have to be great enough that they are willing to do what it takes to earn it.
Incentivizing Non-sales People
Make use of an "Ambassador Program" within your organization that provides incentive for field personnel, technicians, etc. to identify potential opportunities for the sales force to engage clients or prospects. The incentive could be something like a $100.00 referral fee, or some other type of tangible reward. Outside of the benefit of having potential leads generated in this manner, it also solves the problem of non-sales personnel feeling intimidated by the prospect of selling. This approach takes the onus off of them, instead requiring only the ability to spot potential opportunity.
Explore the Benefits of a Bonus Program
Many of our Board Members encounter the challenge of maintaining their quality employees when they reach the high point of the pay scale for their Job Descriptions. Collectively, we agree our members should share the company budget and profit goals with everyone and develop a bonus program at the end of the year based on profit exceeding the budget. This allows maxed out employees to share in the profits of the firm while staying motivated to continue their excellent work.