Business is people. No matter what business you are in – people matter. In order to improve the experience your customers or clients have when they interact with your business, you need good people. Good people never cost your business money. Good people help your business make money. The other benefit of hiring good people – they only want to work with good people. All of this “goodness” can lead to a very profitable and valuable business while providing meaningful opportunities for people.
Taco Bell has announced that it will be piloting a new manager pay package that would see some location managers earn a $100,000 salary which is higher than the current average of $50,000 – $80,000. It can be difficult to attract and retain food service workers and Taco Bell believes that higher pay will lead to better results. It turns out that In-N-Out Burger has been paying its managers more than $100,000 per year for more than a decade with some managers earning $160,000 per year. In-N-Out Burger’s pay plans are responsible for creating a better atmosphere for customers and lowering the turnover rate.
I think many entrepreneurs agree that people matter however it can be tough to simply pay higher wages when a business is growing or in the process of being turned around. There are other ways that entrepreneurs can create environments where people will add value but it really depends on the culture and the goals of the business. If you can find out why your team continues to work for your business over and above the role they fulfill, you may discover unique opportunities to help them increase their value. You may also discover gaps that need to be filled in, so be prepared.
Where are you making investments in your people? How much time are you spending with your team and what are you doing to make sure you are attracting the best people for the work that needs to be done?