Keeping Great Team Members

ProfitSchool

Welcome back to the ProfitSchool podcast Business Unfiltered with Mercer and Jeff Sauer today's topic is Keeping Great Team Members.

• Beyond Happiness vs. Engagement: Jeff and Mercer discuss how managers shouldn't focus on making employees "happy" (which they can't control) but rather on creating an engaging environment where team members can thrive and grow naturally.

• The Growth Factor: The key insight is that people stay with companies as long as they learn and grow. Creating an environment of continuous growth and development is crucial for retention, more than just high compensation.

• The Abundance Mindset: Success in retaining talent comes from adopting an abundance mindset rather than a scarcity mentality. This includes investing in team members through training, coaching, and professional development opportunities.

• Building the Inner Circle: Bringing valuable team members into the decision-making process and teaching them to think strategically helps create lasting engagement and loyalty, especially in small businesses where individual contributions matter more.

• Recognition and Results: The importance of celebrating successes publicly while handling challenges privately, creating an environment where team members feel supported even when facing difficulties.

• Investment in People: Mercer and Jeff believe investing in team members through education, bonuses, recognition, and growth opportunities is crucial for long-term retention, especially in smaller businesses where institutional knowledge is vital.