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How to Hire an AMAZING TEAM (Part 2)

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The 10 Minute MBA, is a no-fluff daily podcast that teaches you practical business lessons you can use to grow your business immediately.

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Welcome to the ten minute MBA. I'm your host, Scott declary. On the ten minute MBA, I give you tools, tactic, strategies, insights that you can use to start, scale, grower x Your Business. This is part two, which means that if you missed part one yesterday, you got to Rewind, you got to go back to yesterday's podcast. So part two of how to hire and build an amazing team. Yesterday I did part one on how to hire and build an amazing team, so today I'm going to finish up. We're going to go through the rest of building an incredible team and hopefully it will give you some insight if you are just starting out as an entrepreneur or if you're a little bit more established and you've already hired a few people but you want to potentially refine your process. So yesterday, what did I speak about? So I spoke about the hero complex, something that entrepreneurs always fall victim to, and how to get over that and why you have to get over that. Then I spoke about how to find good people. We spoke about culture and diversity and where to find them and what to look for and question to ask and whatnot. Today, I'm going to speak about the importance of making your employees feel valued and how to and then also workplace culture. What is it? How to create a workplace culture? Setting goals, creating clear roles and expectations, giving people a sense of purpose, helping your team work together, and two final thoughts on building a really strong, kickass team. I hope you enjoy part to remember, if you're just tuning in, go back to yesterday's first okay, let's jump right into it, all right. So now we're going to speak about the importance of making your employees feel valued. So finding the right employee is only part of the process and developing a powerful team. You may have excellent employees, but if they're not managed well, your business is going to struggle. So treating your employees well benefits you and your company. The importance of treating your employees well can't be underestimated. You may not be able to make your employees millionaires a day one, but the way you treat them makes the lasting difference. In fact, how you treat your employees often affects them where all the company,...

...more than individual income levels. Remember, people leave a boss, not a job. Certainly, compensating your employees well is important, but how you treat them may even be more important than incredibly high pay, or it could win out over a company that giving them a little bit more pay. Of course you have to pay them enough that they're happy and you have to pay people what they're worth, but there are other things that are important besides money. In two thousand and fifteen, the Harvard Business Review published an article called proof that positive work cultures are more productive. They concluded that Cutthroat, high pressure business cultures are less effective than inclusive businesses that prioritize their employees needs. Why? In the short term, your business may thrive under high pressure management. Your employees may work twice as hard to meet your rising expectations. But in the long term there are significant consequences to the high pressure environment, specifically high healthcare costs and increased increased health issues amongst employees, disengagement among employees and lost loyalty with an extremely high turnover rate. Let's look at these consequences and sort of dive deep into them. So health issues. So number one issue that arises from high stress business is the toll takes on someone's health. A study conducted by BMC public health concluded that individuals who work at high to medium strange jobs visit their general practitioners twenty six percent more than those who work at low pressure job. They also go to a specialist twenty seven percent more. Studies such as this show us that in order to present a safe and healthy working environment for employees, it's important to take note of mental, physical and emotional strain on the job and disengagement. Workers who are disengaged are less likely to perform well and far more likely to have an accident or make a mistake. Here are some surprising stistics about disengaged workers. Eighty nine percent of employers think employees leave because of money, when in fact only roughly twelve percent leave primarily for better pay. Companies with engaged employees make two point five x more revenue. Employees who are highly engaged are eighty seven percent less likely to leave their company, and it's estimated that disengaged employees cost organizations between four hundred and fifty and five hundred fifty billion dollars annually. Fewer than three out of ten employeears have an engagement strategy. You want to check out these stats, go...

...to office vibecom blogs disengaged employees infographic. They have the stats there. These are real stats, so pay attention. Lost Loyalty. High stress jobs also lead to high turnover rates. So employees don't feel loyal to jobs that leave them unhealthy or unappreciate it. According to the American Institute of Stress, the number one cause of stress and people's lives is their workloads. They also said that nineteen percent of people pulled had quit a previous job due to stress. The cost of replacing an employee is incredibly high and obviously should be avoided when possible. So how can you ensure that you're treating your employees well? Well? This takes us back to the question how do you make employees feel valued? To help your employees feel like they're a valuable member of the team, there are tons of things you can do. Here are some highly effective ways to let your employees know that you care about them and you're glad they're part of the team. Number one, compensate them well. You don't have to pay your employee so well that you forfeit a healthy budget. However, I feel it that's not the issue with many people who are listening to this or who run businesses. Paying your employees a fair wage for the work that they do, at market value will go a long way. You may only have jobs that would normally pay minimum wage, but a small bump up from that would mean a lot to employees. Number to, offer flexibility. There are growing number of employees who really desire flexibility in their work schedule. A study from the Harvard Business Review said that ninety six percent of you, as professionals, want flexibility in their schedule, but only forty seven percent feel they have that in their current position. While in ninety five job was once the norm, this is changing. So this means that employees want the options to have a flexible schedule that fits in their lifestyle. They want the freedom to work a different shift or to work changing shifts or hours based on their needs. Many applicants are looking for jobs that allow them to work remotely, especially now, or have the ability to work from home some of the time. Number three, listen to your employees and show them that you care. So taking the time to listen to people who work for you will make a difference and how they feel about their time at work. Do your best to give them undivided attention. If you're going to set a meeting with them, put your...

...phone down, walk away from your computer or shut off distractions. Let them know you're paying attention by looking at them and being present. If you're completely unavailable at the time, schedule of time that you can actually speak with them and actually pay attention to them. Number Four, show your employees appreciation. Almost everyone needs to feel that the work they do is seen and appreciate it. Some personality types need more affirmation than others, but most people need to know that the work they do is important and valued. A survey conducted by glass door found that over half of people surveyed said they would stay at their company longer if they just felt appreciated by their boss. Number five, have reasonable expectations. It's easy to feel like your employees have easy jobs. It's especially true if it's something that you've been doing well for a long time. While you certainly don't want to employ people that are completely incompetent, remember that people learn and inquire skills at different rates. Something that you're completely comfortable doing may take a new employee some time to master to get comfortable with. be patient with them other learning. Refrain from becoming easily annoyed. Number six, teacher employees well the first time. It's far better to teach them well at the beginning and have them keep retraining them on the exact same tasks again and again. Plus, they'll feel like you've taken the time to work with them rather than rushing them through important information that they need to know to do their job. Number seven, don't be afraid to loosen up a little. Work is the place of work, but there's also power and play. Google, one of the most successful companies in the world, knows the value of happy employees. They allow their employees to bring pests of the word to the office. They also offer Jim's, swimming pools, video games, foodball tables loads of other perks. You may not be able to give your employees as many perks as Google, but you can take a page out of their playbook. Giving your employees time to have fun has benefits. So, now that you know how important it is to value your employees and you know kind of how to do it, let's talk about building that great workplace culture. So, in addition the finding employees that fit your culture, you also want to cultivate a culture that people work well in treating your employees well as a great first start. But there's more to managing a great team than just being kind. Here are a few practical ways you can help grow a workplace culture that's functional, sustainable and, most importantly, productive. So create clear roles and expectation.

When you bring on a new higher it's imperative that they understand their roles and responsibilities. It's your job to define them clearly so everyone is on the same page. When a job description is vague or open to interpretation, can often become confusing and frustrating. Your employees may try to do things you don't want them to do, or they may not be doing tasks you expect them to do. This also often really opens the doors for a necessary conflicts with you, with your team between themselves. This problem is compounded when you don't have an effective management system in place. Without adequate leadership, teamworks suffers because no one knows who's and charge. Be Very clear with your employees about their job duties, their roles, the responsibilities the hierarchy of management. If you're the only one in a leadership roll, ensure that the rest of the employees understand that they are on a level playing field. Before you post a job position, determine exactly what you need help with. Include this in the job description. The skills you require should make reasonable sense and match the pay scale, as well as how this person fits into the orgs and the company chart and company structure. For example, if you're hiring somebody primarily to answer phones, you probably can't reasonably expect them to be a developer or coding or to help fix a problem on your website when they have some spare time. It isn't fair to current or future employees to give them responsibilities that are far outside of their experience or even what they expect to do, even if they do know how to do that. You can't expect them to do high level of work for low level pay or to just do twenty five jobs just because you know, or you found out that they can actually do it and you don't have anybody doing that job. If you feel like your employees are outgrowing their current position, consider promoting them, but do it formally. Try to avoid taking on a never ending list of responsibilities and just tacking it on to a strong employee. If you're giving them more and more responsibilities, the pay and the title should match. Second thing would be to give employees a sense of purpose. So Andrew Scil too is a business psychologist who believes that in order for a company to be a high performance business, employees must feel like they have a purpose. More and more people want to do more than just punch...

...in and punch out. They want to feel like the work they do is meaningful and purpose driven. Soil, too, is outlined five major areas of change it can be used in the workplace. Number One, shaping the story. Let them help create the story for Your Business. Your employees want to feel like they're part of a mission of your business, so allow them to have a say in the direction of the company. Number two, ask, don't tell. Instead of telling your employees everything they should be doing, ask them questions. For example, what do they think can be done to improve their own performance? What would make it easier for them to do their jobs? Number three, create leaders. You want people to follow your directions, but you also want them to be able to lead. Leaders are able to influence change and foster high performance culture. Number four, embrace failure. It's important for your business to work smoothly, but your employees shouldn't be afraid of failing. There will be times that they make mistakes, and they shouldn't live in fear when they do. If they're innovative, they're also likely to try some things that won't work, that will not work out. However, your forward thinking employees are also the ones that are going to help you grow your business, so give them the opportunity to try new ideas. Number Five, hold each other accountable. Holding your employees accountable is necessary. It's necessary as their leader, as their manager, as their boss, whatever you want to call it. However, without the other steps, your employees will feel controlled instead of being part of a team. You want them to feel like you're working together towards the united goal. That's why they need a purpose. You need a purpose before you can hold them accountable. The third thing you should do is to help your employees work together to create a harmonious work culture. You also want your ploys to work together. Here are some practical tips that you can do to keep your team going strong. So number one, you have to strengthen your leadership. A team without a strong leader struggles to thrives. Leaders should set an example for the rest of their employees. Their job is to show best practices to the rest of the employees. They're also present to create that vision, to guide the company forward, to settle disputes, to create open communication amongst workers. If your leadership team struggles to get along,...

...work together, to upscale themselves, it will be much harder for the rest of your workers to get along with each other as well. Second thing you can do is team building retreats and activities. Team building activities make your employees feel like rolling their eyes, but these exercises actually can be helpful and beneficial if it's something that your team wants to do and buys into. The help break down barriers between employees, giving them common goals and give them time to work together and unique ways. Some team building activities are ineffective and actually embarrassing, and they embarrass the team the embarrassed the workers. So, before you start making adults put together towers made of Spaghetti and marshmallows, ask what your goals are. Think about your goals ahead of time and ensure that your activities reinforce your vision. You may want to involve team building professionals to help develop a program that will be effective for your company, or even involve your own team and deciding what activities that you should be doing. Number three, keep you everybody on the same page, from entry level positions all the way up to upper management. Your team should have the same mission. Each member should be given a clear understanding of how they can be part of that mission. When everyone is working together towards that same ultimate goal, it's much easier for your workforce to work together as a team. Number for, include ideas from all levels of employees. Let all your employees know that they have a say in the business and that leadership is willing to listen to their ideas. You will be shocked, you'll be floored by how much your employees are willing and able to offer. Number five, encourage employees to communicate with each other. You can foster good employee relationships by offering social events where they can get to know each other on a personal level. Give them time to share time together. Throw work socials, go for lunch, go for dinner. Another thing you can do is give them time to work together on project. This is a super simple way to encourage people to get to know each other at work and develop really great working relationship. So, just to summarize all the things that I spoke about over the past two days. Listen. There's a lot you can do to find great people. So your business may not be able to offer perks like Google or be as famous as Microsoft, but the...

...fundamentals are the same. You want to hire a team of people who are smart and work hard, are trustworthy, have integrity, have curiosity of Grit, have determination, have tenacity. But it's also important that they fit into your culture and add to your culture. Not to copy paste some of this you'll have to determine from your gut, from your instincts, from what you know works with your company, but that's all part of being an entrepreneur. Some of this you will be able to listen back to what I just spoke about and figure out how some of the tips that I gave you you can implement into your own hiring practices. Sometimes things can be analyzed and sometimes things can be like strategy can be copied from past businesses, but it all comes down to you having awareness of your strengths, your weaknesses and, entrepreneur your strengths and weaknesses that your company has. When you interview someone, Do you feel deep down that they will be an asset to your team? Your Gut won't always be right, but you are the most qualified person to always assess what your business needs. So it is more important to understand and have self awareness than to read different playbooks on how to do this, because ultimately it's going to be your decision. Once you have accumulated and found the most incredible team you can find, you have to treat them well. You have to make them feel valued, you have to make them part of the mission. It's not complicated, simply treating them with kindness, listening to their concerns, making them feel like they're part of the team, making sure they have psychological safety. That will put you well beyond many businesses. People want to feel like their work is meaningful and appreciate it. It doesn't take loads of money or time to make your team feel like you, like you care, and the benefits of this are going to be far reaching and long lasting. Finally, give them an amazing culture to work in. Give them the opportunity to pitch ideas, work their way up into leadership roles, know what makes them tick, know what their personal and professional goals are and have the free them to make mistakes in the name of progress. That's important that you give them that freedom. Encourage your employees to spend time with each other and help them...

...learn to collaborate together, to communicate, to feel comfortable voicing issues, to feel comfortable trying and failing. If you hire people with integrity and you give them a productive, supportive work environment, there is really no ceiling on the levels that your business can reach. Anyway, this is part two of the how to build an incredible, powerful team. Just to recap all the stuff that we spoke about. We spoke about not being a hero, how to find good people, how to make your employees feel valued and why it's so important than, of course, creating a great workplace culture. So two parts. If you missed part one, go back to the podcast tomorrow and listen to that and you can listen to this if you just finished up. I hope it added some value to you and I hope it helped you understand the mindset that you have to be in when you're hiring your team at any point in your company. Could be your first hire, it could be your hundredth, higher you still have to have this mindset anyways, as different today. Remember any business questions, don't worry, I got you this has been another ten minute MBA, have a great day. I'll see you tomorrow and.

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