The tidal wave of the Great Resignation continues as more and more employees suffer burnout, a reluctance to give up their work from home status, and discover a need to work less and live with less to achieve a better work/life balance. According to Fortune.com, the number as of January is over 4.5 million people resigning. Some are leaving the workforce all together, taking early retirement, others are opting for lower paying jobs or entrepreneurism to feed their soul and wallets. As per the chart below – some industries are surviving better than others.
It’s a fairly safe assumption to make that every late Millennial to the Baby Boomers has seen the iconic scene in Jerry Macguire where Ron Tidwell, played by Cuba Gooding Jr. screams to Jerry, played by Tom Cruise, to “Show me the money!” If you haven’t seen the movie, you can watch the clip here on YouTube. The movie itself is a great example of what’s going on in the world today and has a lot to do with this month’s topic of gratitude and employee wellbeing.
Over the past 12 months, I’ve seen all the business owner emotions emerge– from panic, to doom and gloom, to “Hey, here’s an opportunity – let’s jump on it” and everything in between. Just when I thought I’ve seen it all – a new twist came into the picture.
Have you ever commented on a social media post of someone looking for a recommendation for a plumber, pet sitter, accountant, etc. and recommended your favorite and most trusted people? If so, you’ve given a referral to someone. Whether solicited or not, you’ve just recommended someone to another person to consult, review, or take further action on because you think they would be a good fit for their need. From a business perspective, getting referrals from satisfied customers is one of the best ways to attract new customers.
For many businesses, word of mouth advertising can say a lot about the quality of your products/services and can help you grow your business organically vs. paid marketing and advertising. Referrals offer the most effective return on investment and carry more weight for most potential customers vs. an online or print ad.
A referral is the ultimate compliment you can get from a customer. In fact, a Nielsen study found that 92% of people trusted recommendations from people they know, and 70% trusted consumer opinions posted online – think Google, Yelp, Facebook, Glass Door, etc. When it comes to choosing the right company/product/service, most people have several options to choose from and a plethora of information online to do their research. At the end of the day, people want to know that their decision is informed, they are getting value, and that their decision is validated by someone’s prior experience.
It doesn’t matter what type of business you own; referrals can still be your best marketing tool. Here’s 5 ways to gain more referrals:
- Have a WOW factor. What sets you apart from your competition and makes your clients say Wow, I need to work with Mr. Smith. Showcase that WOW.
- Give the people what they want. Make sure you are promoting the products/services that your customers want vs. what you think they want. If you are a financial institution that keeps promoting savings accounts when people really want to learn more about mortgages or home equity loans, then you’ve missed a huge opportunity with your customers.
- Make referrals easy. Don’t make people jump through hoops to get to you. If a current client wants to copy you on an email to a potential client, let them. Don’t force them to fill out a form or contact you via your website first. Keep it simple.
- Just ask. If you’ve just done an amazing job for a customer and they are showering you with compliments and thank you’s, ask them to spread the word if they are willing to anyone who might need your product/services. Even in this digital world, people still like human connection, and a direct word of mouth referral from someone can go a long way.
- Utilize social media. LinkedIn, Facebook, Twitter – all great places to connect with your customers and interact with them via your business. By having a business page, people can easily tag you when making referrals on social media. You can also enable reviews on some social platforms so customers can leave feedback on their experiences. You can add some of these testimonials to your website as well.
Referrals can be for so much more than just product/services as well. It’s also one of the best ways to find a new job if you are a job seeker or find employees as a business. Happy employees LOVE to talk about how great their job and their company are. They will go out of their way to recommend it as a place to work to people they know who may be job hunting. From the employer perspective, it’s a great way to find potential qualified candidates who are vouched for by a current employee.
Have a product or service that you highly recommend? Let me know, it might come in handy!
It’s no secret that COVID has completely changed how some companies and their employees are working right now. For many, requiring employees to work from home has become the status quo – at least for the foreseeable future. But eventually we’ll return to in-person interactions – interviews, meetings, and for some, returning to the office full time. The question remains – how will your company shift?
Some employees LOVE working from home, while others are really struggling – missing the in-person office interactions with their coworkers and clients. Then there are others who enjoy the flexibility of being able to choose where they work – a hybrid model if you will. As we move closer to fully reopening and getting some sort of normalcy back, employers are going to be faced with the decision to choose how their business will operate – which way will they shift?
Work from Home. Many companies are seeing the benefit to a remote workforce. Not only are businesses saving thousands on operating costs and overhead, but many employees are much happier being able to work from a home office. In a recent article by the Hartford Business Journal, workers who once commuted by car but now work from home are saving a total of $758 million per day, according to research from freelancing platform Upwork. The savings comprise gas, car maintenance and repairs, as well as the costs that driving imposes on society, such as congestion and pollution.
The biggest savings however is actually time. Every hour of commuting by car costs Americans $12.50. That adds up, given Americans’ long commutes. We spent an average of 54.2 minutes commuting daily in 2018. So, in addition to saving money on commuting, employees are able to spend more time with their friends, families and yes even their pets! A few other perks include being able to handle some of your personal affairs more easily, such as scheduling a plumber to fix that leaky faucet or being able to toss a load of laundry in between calls, and even being able to walk your dog at lunch time or monitor your kids if they are doing online learning.
Returning to the Office. Many extroverts are itching to get into their traditional office routine. They miss seeing coworkers, clients, vendors, etc. face to face. Phone calls and video conferences just don’t cut it for some employees, and they need the camaraderie and collaboration that being in the office provides. For some people, it’s going to be awhile before they feel comfortable being in an office, but others need that type of environment to be productive and happy.
Not everyone can manage the distractions that also come from working from home. Being in an office environment keeps them focused and on task. They can separate their work life from their home life. Additionally, returning to the office is a boost to the economy, workers who commute spend money on transportation, morning coffee, lunch or other conveniences that are in the vicinity of the office.
Hybrid Model. Offering employees the flexibility to choose their schedule may be a great shift for many employers. Not only will it allow you to stagger the number of employees reporting to the office each day, but it will make easing back into face to face interactions easier for some people. Some employees may choose to work more days in the office or more days from home, but it offers them the choice and freedom to set their schedule. If you need to hold an in-person meeting, you can set certain days of the week where meeting can be scheduled while other days are off limits. There are a lot of options and flexibility that come with the hybrid model, but in order for businesses to do this effectively they will need to have some serious planning sessions around it. Employees will need to make a decision and stick to it. Imagine having an office for 400 employees – one day 50 people show up and then Sue & John decide they would rather be in the office. Will it have to be all or nothing? Will employees need to commit to being all remote, in the office on Mondays only or full on office dwellers? If I were a betting man, HR teams are already hashing out these details in anticipation!
However your business chooses to shift, there is no right or wrong answer. In fact, at KMR Executive Search, I’ve just started doing in person interviews again, but I don’t hold it against anyone who isn’t comfortable meeting face to face just yet.
Will continuing to work remote require some changes to how you conduct interviews (see my previous blog on the topic) or how you onboard new employees? – Of course! But for many it’s also a great opportunity for Human Resources to dust off the employee handbook and make some updates (sorry HR). If you want to attract top talent, honoring how they want to work should be a top priority.
How is your business planning to shift in 2021- work from home, hybrid, or in office?
With some companies continuing to let their employees work virtually to increase safety and social distancing measures, many have found themselves in new and uncertain territory when it comes to the virtual hiring process.
The good news? There are myriad virtual recruiting tools that can help you safely source high-quality talent. After all, hiring the right employees is still a vital part of the success of your organization.
Identifying the RIGHT prospective employee is a journey that goes beyond simply finding resumes that boast high GPAs from highly ranked schools or impressive professional credentials. In fact, I cringe when I think of all the truly qualified people who are overlooked by “black box” online hiring filters just because they are missing a key word in their resume. Technology is great…until it isn’t.
For me, the credentials are important, but they are secondary to the “person.”
On behalf of my clients I phone screen prospective candidates for IQ (Intelligence Quotient) – hard skills, professional experience, job transitions – basically, reviewing what is in black and white on their resume. I am focusing on topics and skills that are teachable, learnable, measurable, and quantifiable. Yes, I need to know that they have the capacity to do the job, but I don’t overlook someone who has never held the position I’m hiring for. It’s about their overall skillset – I’m looking macro, not micro for most searches.
“Coming together is a beginning. Keeping together is progress. Working together is success.” – Henry Ford
Ford Motor Company is the second-largest automaker in the U.S and is one of the biggest family businesses in the U.S. It all began with the strong leadership and innovative skills of the company’s founder, Henry Ford. For over 100 years, the Ford family has grown the business from its humble beginnings to worldwide powerhouse. The founder’s great-grandson, William Clay Ford, Jr. serves as the Executive Chairman.
Henry Ford learned early on the power of leadership and an effective team . Like Army Generals, innovators and CEO’s are only as effective as their front-line team.
It’s no secret that the Millennial Generation – or Gen Y – born in the early 80’s through the late 90’s will surpass the Baby Boomer Generation in numbers sooner than later. The Gen Y’s are deep in our workforce and are now holding significant leadership roles in a variety of industries.