55% of the US workforce anticipates looking for a new job soon.
Wages are increasing and companies are struggling to fill positions.
How should business owners handle this?
Time for a thread
Wages are increasing and companies are struggling to fill positions.
How should business owners handle this?
Time for a thread
The cost for losing 55% of your people is not small.
It can cost six to nine months’ salary to replace EACH employee who leaves.
It can cost six to nine months’ salary to replace EACH employee who leaves.
So if a person makes $40,000 annually:
It’ll cost between $20,000 & $30,000 in recruitment & training costs for a new employee
Now multiply that by half of your team.
It’ll cost between $20,000 & $30,000 in recruitment & training costs for a new employee
Now multiply that by half of your team.
What to do?
Well, in my businesses we’re moving to incentive alignment.
Well, in my businesses we’re moving to incentive alignment.
That means you make x amount
BUT if you drive revenue, cut costs, or outperform over your goals… you bring in more cash.
BUT if you drive revenue, cut costs, or outperform over your goals… you bring in more cash.
For instance: If we do a deal and they:
- find it
- help DD itt
- help close it
They get a cut.
- find it
- help DD itt
- help close it
They get a cut.
Ex 2: if we launch a product and it does well I give my contractors and employees a % of it that is aligned with their help on the launch.
If they bring in clients they get a cut
If a video outperforms like crazy they get a bonus
If they complete a customer interaction on time and on schedule they get something
If a video outperforms like crazy they get a bonus
If they complete a customer interaction on time and on schedule they get something
Make your humans feel part of the engineering team, not a cog in the machine.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
