I was recently communicating with the CEO of a new organization. They are now in the process of hiring and bringing their first employees onboard. Having worked in major corporations in the past, she is trying to take the bad things that they did and learn from them, so she does not make the same mistakes they did in her prior organizations. One of the things that she has identified as a flaw in her past organizations was that they didn’t allow their people to think like owners. She wants to ensure that does not happen in this start-up.
Although they only have a few people on board, one key person came into her office and asked how he should handle a customer issue. This employee retention expert loves the fact that she said, “If you owned this company…what would you do?” The owner was shocked that the employee was at a loss because it had been so ingrained in him to act like an “employee” that he didn’t know what to do at first. The owner then rephrased the question and said, “If it were your money…what would you do? Immediately, the employee had a response because the person could relate to that.
The owner then told the employee that EVERY decision he makes he should think about what he would do if he owned the company. Now, she is going to have this same discussion with the other employees so that she engrains that philosophy in the minds of everyone else. If she can engrain that philosophy, she will have a juggernaut going forward. This employee retention consultant then asked her how badly she wants to have this thought process ingrained in her people. She was emphatic that she does.
Then, I threw her a curveball and told her she needs to consider profit sharing or bonuses for all to reinforce her message to her people. She should make it clear that if they think like owners, they will be rewarded like owners. This a way to powerfully send that message. She is now looking to put a compensation plan together which will reinforce that her people need to “Think Like an Owner.”
Remember…Give Your Employees C.R.A.P.® (Caring, Respect, Appreciation, and Praise) Why? Because C.R.A.P. Works!
Is your organization desperate to retain people? If so, email me at email@example.com to find out how the C.R.A.P approach can reduce employee turnover by 40-80%. When you send me the e mail…make the subject title I’m desperate and I will send you a copy of my employee retention self-audit to help you identify gaps in your employee retention strategies!