Maximizing Your Employee R.O.I. in the Economic Crisis

The good news in a bad economy is that the balance of power has once again shifted to favor employers. To the average teen in America, that job at the drive-through paying minimum wage is no longer beneath them. Businesses of every size are suddenly flooded with applications and staff turnover is on the decline as 25-and-unders are beginning to realize, for the first time in their lives, that jobs don’t grow on trees.

However, this doesn’t mean that your labor woes are a thing of the past. Far from it. To ride out this current financial crisis and emerge with your business intact on the other side, you’ve got to maximize the R.O.I. out of each and every employee on your payroll while you exceed the expectations of every customer you engage. And when you look across the front lines of your business, the employees you are counting on so heavily to produce more, perform better, and provide the level of service that is so fundamental to your survival are those talented, weird-looking, entitlement-minded, praise-starved millennials—nexters—gen ys—whatchamacallems.

The reality is that you can’t hire around today’s teens and young adults. They have become the largest segment of our workforce, and they’re not going anywhere. While you can—and should—look to beef-up your staff with formerly-retired baby boomers who are looking to rebound from having their 401K’s cut into shreds, your future clearly depends on your ability to attract and retain Gen Whys.

Moreover, the time has never been better to upgrade the productivity, performance, and service of your young employees, as they are wanting to know how they can keep their jobs and keep growing in spite of the impending doom they see around them. The ball’s in your court, so take full advantage of this opportunity to maximize your employee ROI.

Train relentlessly. If you put your new hires through a one, two, or three-day training program and then are considering them “trained,” you’re turning them off and selling your business short. Generation Y is an extraordinarily achievement-focused group and your top young employees have aspirations beyond the scope of your business. Paradoxical as it may seem, you can keep them longer by giving them what they want: preparation to leave.

Any young employee worth keeping demands continual training, whether they vocalize it or not. They know they need to continually add to their skill set to be attractive for future opportunities—whether they are with you, or another employer—and they’re not going to be content with doing the same, repetitive tasks day in and day out.

By getting your young employees involved with product ordering, display set-up or take-down, daily sales reports, and even application screening and interviewing, they’ll begin to care more about the profitability of your business and look for ways to increase sales and reduce costs.

The idea here is to make certain that each person in your operation is learning something new every day. Stretching them will keep them focused and engaged, and their energy and passion will keep your business moving in the right direction.

Communicate Frequently -Perhaps current economic conditions have forced you to cut staff, reduce hours, freeze wages, etc. Naturally, these actions create a lot of uncertainly, stress, and disillusionment among employees. And you certainly don’t want your operation in the hands of front line employees who are in need of therapy or interfacing with your customers as if you’re about to post a ‘going out of business’ sign.

Hold weekly staff meetings to discuss the state-of-the-state. Don’t keep your employees in the dark. Tell them what’s going on in your business and what you are doing to grow sales and reduce waste. Provide good news when there’s any to share, and let them know when things are tight. Then tell them what they can do to guarantee your business will survive and thrive. Give them action steps, and just as importantly, listen to their ideas and carefully consider them. After all, the best ideas in your operation are happening in the 18” that separate the nose of your front line employees from the nose of your cherished customers.

In addition to staff meetings and shift huddles, meet with each and every employee on a regular basis to let them know how they are performing. Praise them whenever possible, but don’t be afraid to tell them what they can do to get better. Don’t be under the ridiculous assumption that an annual performance review will suffice. They want to know how they are doing, and they want to hear it from you.

Summary

There’s an impending labor shortage just over the horizon and, soon, the balance of power will again shift as this economic cloud lifts. As the old adage goes, plan ahead; it wasn’t raining when Noah built the Ark. The good news is there is good young talent available at bargain prices, and actionable steps you can take to drive better performance from those you already have on your payroll. The bad news is, if you are content with managing via the status quo, you might not make it through to the other side.

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Performance Reviews - American Idol Style

Are you more like Randy, Paula, or Simon? I recently posted a series of four blogs examining the do’s and don’ts of providing feedback to young employees using the styles of the American Idol judging panel for illustrative purposes. If you are an AI fan—or even if you aren’t—see if you see a hint of yourself and your own personal feedback style in this series.

Whys Cracks

Lower That Bar! "It's overzealous that students have to carry very high scores through every class," complained a parent of a student athlete at Eastern York (Penn.) High School. Parents are lobbying the school to relax its requirement that student athletes must maintain a minimum grade in each class to be eligible to participate in athletics. York's standard requires a 70 percent or "C" grade to participate in athletics. Some parents want that dropped to the minimum state requirement, which is 60 percent, or a "D" grade. (York Daily Record)

So, as if giving every kid on the team a trophy isn’t enough, we’ve now got to make sure every kid gets on the team, right?
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Winners compare their achievements with their goals, while losers compare their achievements with those of other people.

Nido Qubein

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Again and again, the impossible problem is solved when we see that the problem is only a tough decision waiting to be made.

Robert Schuller

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When you come to the end of your rope, tie a knot and hang on.

Franklin D. Roosevelt

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Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, vision cleared, ambition inspired, and success achieved.

Helen Keller

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Bad times have a scientific value. These are occasions a good learner would not miss.

Ralph Waldo Emerson

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The manager accepts the status quo; the leader challenges it.

Warren Bennis

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Keep in mind that our community is not composed of those who are already saints, but of those who are trying to become saints. Therefore let us be extremely patient with each other's faults and failures.

Mother Theresa

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The pessimist sees difficulty in every opportunity. The optimist sees the opportunity in every difficulty.

Winston Churchill

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I believe in making the world safe for our children, but not for our children’s children, because I don’t think children should be having sex.

Jack Handey, Author, "Deep Thoughts"

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Always on the cutting edge with new ideas, Eric will soon be launching a new resource for anyone who employs teens and young adults! Stay Tuned!