Edmonton Business Coach | Things Employees Value More Than Money
If you are the employer that the only way you can recruit the employees is to pay higher pay more than every one of your Edmonton Business Coach competitors. You are likely going to succumb to pricing pressures and not make a profit.
Yeah, I can see why I can cause it’s not.
Hi, thanks for joining us for another episode of ask Edmonton Business Coach CPA, did he ever talk to you about Edmonton business coach? Things value things employees value more than money. So again, Ebitda, business coach things employees value more than money. So Trevor, you know, you’ve worked in different industries and ran different businesses, you know, do you think that money is everything to a place? No. No. Money is not everything. It is a big thing because you know, clothes next to oxygen, it’s a something very high on the half to have it scale. But uh, I think people are more interested in the type of work they’re doing, that they’re doing something meaningful that is interesting and that they have fun doing it because they’re going to be there most of their life, at least during the week. Yeah, they’re going to be at the job. So it better be something that’s more than just a paycheck.
Yeah. Yeah. So the quote that we have here, Michael Gerber, cool. You know, all through the, our favorite EMF is a quote that I’ve come back to you before and it really does, uh, you know, bring out this issue. It says most people today are not getting what they want, not from their jobs, not from their families, not from their religion, not from their government, and most important, not from themselves. Something is missing in most of our lives. Part of what’s missing is purpose, values, worthwhile standards against which our lives can be measured. Part of what’s missing is a game worth playing. And that business, when you know, we can make as business owners, we can make that game worth playing for our employees. You know, the statistic that we have here is 50% of all Canadian businesses go out of business in the first five years and 23% of these failed businesses will list their inability to recruit and retain the right team as one of the primary reasons for the failure making it one of the top three reasons.
The inability to get the right team is one of the top three reasons that all businesses go out of business. And the story here is business owners, we think, you know, were lulled into thinking that, I mean where they looked at too many spreadsheets and too many financial statements and sometimes the CPA is the result of that is that we think that the employee is valued the rate of pay beyond anything else. So Trevor, what are the questions you think he’s business owner should be asking him? Well, question number one is the highest wage sustainable. So generally from a financial point of view, if you are the employer that the only way you can recruit the employees is to pay higher pay more than every one of your Edmonton Business Coach competitors. You are likely going to succumb to pricing pressures and not make a profit. So if you have to pay more than all of your Edmonton Business Coach competitors to get the same skill, uh, I have an employee back, you know, financially speaking, that’s actually not a sustainable model.
The margins are likely going to crush you. So, uh, financially, you know, paint the highest wage for equal employees is, you know, financially unsustainable. Well, Josh, next question. Where do you think most employees rank the feeling of making progress? So, you know, we think about what the employees do rank. I would think the number one thing that employees value and probably anybody values in any situation is progress. People value progress. They value in a wage is one thing, but if they feel like they’re getting to a higher wage, if they think this position has an opportunity for growth, not that I am the highest paid receptionist, but Sunday instead of a receptionist, I can be a manager here. If they feel like there is a way to be involved in, you know, progressing them through their career, people generally value progress higher than any other, uh, factor in their lives.
We probably at the top of that pyramid now Josh do personal progress, career progress and the company’s progress all mattered. Yeah. There can be different differentiations between that and some people value different things more, you know, they’re, they’re worried about am I progressing in my personal life? Does this job actually allow me to progress at the type of family that I want and have the type of lifestyle that I want? And, and even if it doesn’t now is setting me up to be in a situation where, you know, it’s more ideal in the future. You know, some people are going to write that. Some people will think of both as a professional, am I acquiring more skills that I’m going to, you know, progress through my core career more quickly? Uh, and some people, you know, they want to be part of a team that’s moving forward.
And I would say that actually most people want to be part of all three. You know, they want to have, be part of a career that’s helping them progress their personalized for that’s moving them forward in their careers and their skillset is expanding as well as their part of a company. Uh, that’s, that’s, you know, progressing as well. Um, different people will rank all three probably differently, but almost all of them value all three of them. Another big question Josh, do you have to be careful to provide mentorship but not become a life coach? Yeah. So you have to be aware of the fact that we need to be setting employees up for success personally. And sometimes there is a, a little bit of mentorship that goes into that. There’s a little bit of coaching that goes into it. Uh, and that should be expected.
You should be expected to meet with employees one on one and discuss challenges of, of what they’re having, but at the same time you are probably not a life coach. Um, so if that’s something that you can knock off and walk into your week that you have a certain amount of, you know, one on one time with employees, that’s one thing. But if that starts encroaching on the rest of the schedule that you have to meet with clients and do the work and do the content for the business, um, you know, you get to realize that you’re not in the business of being a life coach. Um, so you want to provide it, you need to have some time blocked out in your Edmonton Business Coach schedule, uh, for mentorship with employees. But at the same time you have to make sure that mentorship is not becoming so time consuming that it’s affecting, you know, the other core aspects of your business.
Yeah. And there’s other things you can do for team building and mentorship, like going out and having dinner or going to other events and doing things with the team as a team. Building giving is as a group as opposed to one on 100%. I think you can help grow your Edmonton Business Coach business and help with that. All important a culture that you want to build. Yeah, you’re absolutely right. It doesn’t have to be the one that you probably need some time for one on one. Um, but you know, doing it as a group, a lot of them need the same things they want. They want to increase their skills, they want to build the company. They a lot of the same skills or everybody can benefit from it. So presents it in a group and you get the same benefit for less than, less at a time commitment for sure.
Absolutely. Batch the work. Now do most employers see training as an expense rather than a cost savings tool? Yeah, so we have probably think that, okay, I’m going to invest in this training, I’m going to do this group training that’s going to cost X. I have that many employees sitting there for this many minutes. They all make this amount of money. Um, so that has an expense, but they’re not thinking about the cost savings there or not. They came out the fact that doing that training makes that employee more likely to stay. Um, and doing that training makes that employee more productive in every future hour that they’re working. So they’re actually getting more work done. So we need to, you know, shift the mindset and to thinking how much it costs. But you know, what is the potential payback from that activity? We need to consider both sides of the coin.
You only, we can’t spend 40 hours a week training employees, but man, if we can spend two hours a week, 5% of our time and we can increase our productivity by 10% yeah, that’s why we’re doing it. That’s huge. And Zig Ziglar told a story one time, someone was asking, well what if we train our employees and they leave and then zig fire back and said, well what if we don’t? And they stay. Exactly. Exactly. You actually want that person on the bus. Anyway. That’s a, that’s a great one for that, for sure. Now we’ll doing work that matters. Help you retain employees 100% so doing work that matters, you know, people value, you know, it’s the value progress. We’ve identified the value purpose, but they also value doing work with matters. I mean, that’s why I’m, you know, not for profits, are able to a lot of times acquire volunteers to work for the people aren’t getting anything or you know, professionals that are working for far less than their market rate in a private industry.
They’re working there because they think the work matters. Right? Uh, so I’m not suggesting that all business owners become not for profits, but I’m suggesting that you should start doing work that matters and to your Edmonton Business Coach team why that matters because that’s one of those considerations that, you know, people value, uh, certainly in addition to money, but a lot of times even more than money. Yeah. And that’s why at spring associates with inspired method and we’ve teamed up together because we are doing meaningful work, helping business owners beat the odds, right? That’s why we’ve switched to Edmonton business coach as opposed to just spiral CPA and inspired method. We are using, uh, the term or the headline of helping Canadian businesses to beat the odds. That is our winning thing. That is the work that matters. And that’s what wakes us up in the morning and gets us here because we want to help people to succeed in their business and not become a statistic.
100%. And now Josh will additional paid time off, help you maintain employees. Yeah. That’s one of the things that people will value as sometimes they, you know, they look at, okay, I can make this at this Jon, but the other job would give me more time off. Uh, and that can rank higher. You know, they’re thinking about a job in one pace, you know, a $20 an hour and the other one pays $21 an hour, but one of them gives no two more hours vacation. You know, that that’s usually enough sometimes that they’re going to shift it back into, you know, that two weeks time off, you know, those are the, you know, the Times that they can spend with their families and make memories that otherwise wouldn’t be possible. Uh, with a dollar extra an hour. Uh, it’s just, you know, something that is only possible with more time.
Yeah. Now we’ll flexible hours, help you to keep employees. Flexible. Hours can be a tool that you can deploy to. So you know, we’re looking at, you know, you probably want to make sure that they’re progressing in their career. Um, you know, you, you want to make sure that they have some paid time off in it. If possible. You can look at, maybe you’re in the type of job where you can give them more flex time and not the answer for everybody. Uh, but some employers that should be one that they’re looking at because it’ll help you, you know, keep your wage costs down as providing an extra level of flexibility. Maybe you can have a flexible finish time depending on the nature of the work or they can sign up for different shifts at different times. Not for everybody, not in every line of business, but if you look at it as a tool to minimize your Edmonton Business Coach labor costs.
All right, Josh, now can the physical workspace help you keep employees? Yeah. So I sometimes you, you can pay people more, but if the working conditions sucks, you know that you’re working in 40 degree heat and the chairs are uncomfortable and you know, nobody can, uh, you know, the, the technology is breaking down all the time, you know, that’s going to be a reason why people stay or go and whether you pay them more, it’s still going to be a frustration that could, you know, no matter what you’re paying them, people don’t like being uncomfortable. They don’t like working inefficiently. So sometimes the physical workspace and the tools that they have available, that’s the way to keep people. Now, do you need to deploy all of these tactics, Josh? You don’t need an employee. All the, in fact it’s probably not that beneficial to deploy all of them because probably some of that, again, we’re working in some industries and some won’t and you don’t want to try to be everything to everyone.
Um, you know, we don’t have the most flexibility. I’ll start and stop times here. It doesn’t work because we had, you know, a schedule driven appointments all day. Um, you know, with time off is, is more of our, our goal. So you don’t need to deploy all these tactics, but you should look, you need to deploy some of that, you know, doing work that matters and making progress. I think you need to deploy those. Uh, I think you need to relate that back, uh, in every business. But when you start looking at, you know, how nice you can make the workspace or can I give flex time or can I give more time off? Um, s things like those, you can bounce them, pick and choose which one works for you, but they’re all tools at your Edmonton Business Coach disposal. And I would look at using some of them for sure.
Now that’s some great Edmonton business coach advice. Last question. If you do everything right, can avoid employee turnover here. Here it is to you do all this, right? You pay them the fair wage that they a competitive way, not the highest wage would a fair wage or competitive wage. You know, you’re making them setting up a situation where they can progress in their personal life and their career. And they can see the business progressing. You know, you’re reaffirming how you’re doing work that matters. You know, you can give them time off or give them flex time and guess what? You are still going to lose employees. That doesn’t mean you blow up the system. That means you have to have a system in place to onboard more employees. Don’t drive yourself nuts thinking that you are going to be that the business that never loses employees.
I always say this, 50% of all marriages end in divorce, but we are arrogant enough to think that we can keep all of our employees. It is pure crazy. It is just crazy. When you start looking at it, you’re going to lose employees. You know that average turnover time is 2.3 years, differs by different industry. But let’s say you move the bar to three, three years or two and a half years even, you know, 0.2 difference. You’re doing a good job. Keep doing it. Uh, don’t. Every time we have a conflict with the plate, just change the perspective because you’ve got to remember there’s a bunch of other employees who were only there because of what you’re doing. Right? Yeah. Um, so don’t worry about employee turnover, you know, think critically about it on how I’m doing on a big scale. But any one employee event is not a reason to, to change the course at all.
Excellent, excellent advice. Mr Edmonton visionist business coach. Um, now what else do you have for us? Do you have anything else to share in this video about things that employees value more than money? Um, I think that’s, I think we covered most of it today. I have what things that valued employees value more than money. The key is, you know, you’re really just thinking about, um, this on it. We’re guilty. We think money is at the top. Money is important, but it’s not generally the top concern and pain. And in fact, even if you do pay top dollar, a lot of times that’ll be the reason why you go into business or, and if you ignore the other things, you’ll lose them anyways. So you’re paying top dollar to still lose them. You’re going to think of what the other guys, they get A’s. You can’t please everyone. You’re not going to keep them all. That’s right. So, uh, so I think that’s what we have your day. Thanks again for tuning in as always. No, we look forward to any comments that you have so we can respond and, you know, use your, your Edmonton Business Coach feedback for future videos and you’ll please hit the like and subscribe buttons so we can continue to deliver you tips on how to beat the odds of business. Thanks very much.