Employee Retention Is Easier if You Know How to

Not all attrition is bad. Planned attrition is desirable for the growth of your business.

Excited Employee

I know of a small scale businessman, who after losing a few trained hands

did the most desperate thing. He limited his employees’ access to training and product information to make them unattractive to poachers.

He effectively stalled the growth of his own, flourishing company.

Planned attrition could in fact be desirable for the growth of your business. That is why smart organizations don’t act in haste when they begin to lose trained employees to rivals. They respond by devising innovative retention solutions, unique to their business needs. This post is about these unique, retention strategies.

According to Manpower Inc., a leading, HR Services firm, the global best practice is to measure retention, the cost and causes of unplanned attrition. A small business owner should ask herself: “Why are people leaving me?” And, more importantly, “What can I achieve in terms of customer satisfaction and profits with a 10 percent improvement in retention”?

The analysis can be very revealing. By a conservative estimate however, the cost of replacing a trained employee can be roughly 0.41 times his/her salary. (Source: Conference Board, a Washington, DC-based workplace think-tank.) This does not include the opportunity lost, so imagine the colossal waste when a talented worker decides to make an unplanned exit!

Talent is the fuel that drives a small business

When Nobel Prize-winning economist Gary S. Becker coined the term “human capital” things were vastly different. Today, people drive business. They are the assets and market capitalization of a company. And when they leave your company in the evening, the value of your business is zero. Attracting and retaining talent is one of the most vital functions of an organization today.

Share information; be open

Employees need information to perform. Very often, the difference between a star performer and the not-so-star is just information. This additional information could be could be your plans, vision, minor and incremental updates, and it could be of no consequence in the immediate term but could prepare the employee for a greater role in the organization. An unfettered access to knowledge tools ensures that everyone can claim an equal share in the success of your business.

Salary is just a hygiene factor – not a motivator

If you ask what motivates employees, it’s not what comes to their bank account at the end of the month. It’s about what they do every moment and their view of what their work life will be going forward. For most people, it’s not about salary. Unless, salary is lower than their expectations.

Often, good working environment, work culture, learning and development, is rated as a top retention tool. People are also attracted to freedom to choose projects they want to work on, job rotation etc.

Refine your hiring process

Try to fix the problem where it starts. You have to get in the right people in order to keep them there. Identify the gaps in your recruitment process and begin to plug them systematically. If you bring in a misfit, the person will leave eventually. If you bring in the right person (role-wise, aspirations-wise, compensation-wise, culture-wise) the person stays and wants to excel. If not, it’s just a matter of time.

Let candidates experience your workplace

A good strategy, could be to let prospects “experience the attractive to employees?role” by visiting your workplace and interacting with current employees, before they are asked to make a decision about accepting the offer. In my experience

this can sometimes stem attrition by almost 50%!

Assess your manpower needs clearly, so you don’t hire in a hurry, or oversell the job to someone who is unable to eventually meet your skill needs.

Listen to your employees; don’t underestimate the value of an exit interview

When an employee comes back to you with a problem, listen patiently. They could be wrong. You could be right. But listen to them. And listen to them often. Take feedback often. Ask them if they are enjoying their work, if something is hindering their performance, what else you could do to help them perform better.

Never commit the mistake of not asking feedback. If you don’t they think you don’t bother about them. If you ask, it tells them that you value them and their opinion.

If the employee does leave, take an exit interview. The feedback gathered, in a relaxed, non-judgmental climate can be extremely helpful in addressing core attrition issues.

About: p2w2 is an online marketplace for services like writing, accounting, software, graphic design, virtual assistance, research etc that can be fully delivered online. Small businesses in the US and Canada can use p2w2 to outsource their service requirements for faster execution and time to market.

employees-only

Picture credits: “Excited Employee”(top) Photo Mojo; Peacock in full plumage with its extravagant tail (middle) Arindam’s PhotoWorld; Employees only emdot

Use LinkedIn to Generate Revenue and Grow Your Small Business

How can linkedIn help small businessesLinkedIn is a good tool. But it’s boring. When was the last time you found something funny in LinkedIn? Yeah. There are articles talking how to use LinkedIn. But most of them are equally boring laundry lists of all LinkedIn can do. Not something that will be useful to you. Some just waste your time. “Talk to [people] on phone” lists LinkedIn’s own blog as one of the things you can do using LinkedIn. That list has no meaning for a small business. As a small business owner, my priorities are simple. Generating revenue is one of the highest priorities I have. Can LinkedIn contribute to that? How?

Using LinkedIn is about how you get in touch with people, and do business with them in various contexts. Below are some practical ways to help you in your small business.

Account opening and lead generation

If you have list of target customers (individuals), titles or companies, search them. You can search by industry, current or previous titles, current or previous companies, within a postal code etc. Get your target list of individuals in this search. Then figure out the most trusted route to those individuals. The most trusted route is the connection

to the target through a first degree connection. You could preferably ask for a referral and you have a leg-in the company.

Finding the decision makers and influencers

When you sell to large corporations, understanding who you are talking to and who the decision maker/influencer will help you strategize your sale. There’s no use selling to someone who can’t do much. Using LinkedIn, you can find out who the decision maker is and could have alternative ways to reach them. You can do it by looking at job titles in an organization. But very often, that gives you partial and incorrect information. You can get more accurate and ‘tacit’ information by gathering information from others in the company.

Accumulate reputation and make referrals long lasting

Recommendations feature in LinkedIn has an eBay or p2w2 effect on your reputation. All your contacts can see it and are on for a long time. It’s an accumulation of your online reputation. When you delight a client, ask them for a LinkedIn recommendation. Those who visit your profile can see your reputation. In the offline world, a referral you get can only fetch you a few contracts. But here, you can make the recommendation long lasting and touch many more than just a few referrals. How can LinkedIn help small businesses and entrepreneurs?

Follow your customers and de-risk from personnel changes

With LinkedIn, when your clients shift from one company to another, they move with you because you connect with the person – not the company. That’s good for you. With your contact’s move, there’s a known person in the new company that gets your leg into the company (that’s assuming you have good terms with the client. If you have bad reputation, it moves across companies too.)

Using the same strategy to know the ‘influencers,’ i.e. making your connection wide within the company so that when your key contact leaves the company, you have others to fallback on. You de-risk your account from personnel changes.

The above are the ways you can generate revenue. If you are keen on exploring more about this, I suggest you read this eBook (Can LinkedIn increase your sales) published by Jill Konrath. Pages 5-8 have the crux of what this eBook has to offer. It’s worth the read.

Tap into push button expertise; position yourself as a subject matter expert

LinkedIn Answers has been reasonably successful. We wrote about it in our previous post (5 good marketing and HR websites for a small business). If you ask a question related to your business, you can be reasonably certain that you get multiple good answers. As a small business, you have many questions and few answers. You can use LinkedIn Answers to tap into expertise of many people. Just ask.

Alternately, you can position yourself as a subject matter expert in the subject you want to be viewed as an expert and answer questions posed by others. The more ‘best answers’ you accumulate, the better you will be treated an expert in your subject.

In my opinion, the above covers the ‘high impact items’ of how LinkedIn can help small businesses. That gives you 80% of the value understanding 20% of the items. If you are really interested looking for a laundry list (other other 80%) of all you can do on LinkedIn, here are a few links that will help you do just that.

20 Ways to Use LinkedIn Productively 20 Ways to Use LinkedIn Productively

Ten Ways to Use LinkedIn Guy Kawasaki's article on LinkedIn

The Right Way to Use LinkedIn The Right Way to Use LinkedIn

How can LinkedIn help your small business

Picture credits: 1. LinkedIn (top): Mario Sundar 2. Enlightening (middle): Jurvetson 3. Sunset & the Thinker (bottom): Esparta

‘p2w2’ Launches Voice-enabled Online Services Marketplace for the Flat World

p2w2 betaLisle, IL (PRWEB) July 14, 2008 p2w2 (for PeopleToWorkWith) launched voice-enabled services for its online marketplace services company today. This is the first time that an online market place has introduced voice facilities. With this facility, customers can interact with the service providers directly, giving instructions, feedback, or other information. This online voice facility will dramatically reduce the time taken to complete the service activity and will enhance service efficiencies substantially. p2w2 combines latest technology with an innovative business model to take advantage of a flat world.

Speaking on the launch of this novel facility, Chaitanya Sagar, co-founder and CEO, p2w2, said, “Customers worldwide look for good quality and on-time delivery. Adding the voice capability is the magic formula to cut across the barriers to making this possible. p2w2 enables users to tap into high success rate collaboration platform. My team and I are very excited that the idea has come to life so quickly.”

p2w2 is an online marketplace for services such as writing, online tuitions, medical transcription, accounting, project management, website designing, software and graphic design, virtual assistance, research etc. Its services will support small businesses and individuals in USA, Canada and India to begin with. At the same time, it also provides an opportunity for professionals from these countries to offer their services online. Users of p2w2 can interact directly through a voice system online and save time spent on writing instructions. Voice interaction also allows for accurate customization of the services offered by minimizing communication gap and the time lost in sharing feedback frequently. This is where p2w2 scores over conventional online marketplaces where the process of sharing information is long drawn and often not satisfying.

In short, p2w2 merges latest technology with an innovative business model, utilizing the advantages of a flat world.

p2w2 offers a host of new, customer friendly operations such as one-click edits, on-screen voice editing, quick navigation and simple, user-friendly instructions, among others. Above all, it offers transparency at every step in the process. “We take great care to screen our service providers, quality is the most important mantra for us at p2w2,” added Amit Mullerpattan, co-founder and Vice President-Products, at p2w2. “P2W2 provides a set of tools that lets everyone work on what they truly enjoy doing. Financial success and work-life balance can now happen together.”

p2w2 was launched recently, in a four-location video conference between Lisle, IL, USA and Hyderabad, Kakinada, and Bhogapuram in India.

About p2w2
p2w2(for PeopleToWorkWith) is an online marketplace for services like writing, online tuitions, medical transcription, accounting, project management, website designing, software and graphic design, virtual assistance, research etc. Small businesses and Individuals in the US and Canada can use p2w2 to outsource their service requirements for faster execution and time to market. Capable small businesses and individuals can undertake projects through p2w2 as well. Its blog www.p2w2.com/bloghas received several accolades within the first few months of operation. It has quality posts to help

small businesses and individuals enhance their business performance and be more successful through p2w2. Recent posts include “How twitter can help your small business,” “Freelancer Essentials,” “Small business secrets to hiring,”and “Link building to create massive traffic to your website

For more information, contact:
Chaitanya Sagar, CEO
PeopleToWorkWith Online Services Pvt. Ltd.
+16304451049 or +91 9963487000
Chaitanya DOT Sagar AT p2w2.com
www.p2w2.com

p2w2-SBL: 5 Good (Marketing, HR and Other) Websites for a Small Business

Tools for small businessesSmall businesses have different DNA. If you are a small business, you are small, with limited budgets and they have a lot to do. You constantly have this urge to ‘scale up’ – in revenue and people. You have meager resources and employees. And face high risk. So want stuff to work out-of-box and give you returns.

That’s why we have put together 5 great resources for small businesses that will help you. These resources will give you strategic assets. Like if your employees use Manager Tools, they will be far better employees right away and that improves the quality of employees you have without having a pay a bomb to a soft skills trainer. The other resources below are equally good.

Marketing voices

Marketing Voices is one of THE best Internet marketing podcasts I have ever heard. Jennifer Jones, the host, interviews the who’s who of social media marketing and you get to hear the cutting edge of Internet marketing. Of late, the podcast has become shorter and better. Jennifer Jones hits the nail on it head and gets it over with. There are no long conversations. She does not look to fill the time as much as she wants to give the most within the shortest span of time.

Marketing-Voices

Subscribe to Marketing Voices in iTunes

SpyFu.comSpyFu

SpyFu is a very different resource. It’s a website where you can key in a competitor’s website and get great competitive insight on PPC (pay per click) and Organic search results. E.g. You can get how much ad budget your competition spent, on which keywords, who the major competitors for certain keywords are, and on which keywords does the website rank high in organic search results.

Manager-Tools

Manager Tools

Manager-tools is a podcast that gives ‘tools’ to managers. Michael Auzenne and Mark Horstman strike a conversation every week about soft skills – how to manage your time, how to leave voice mails, how to have one-on-one conversations with people who work for you. What I like about the podcast is that the suggested behavior is sensible and practical. Though they do talk about what managers do wrong, they do that well and only enough to make the point.

If you wanted a mentor who taught you or your employees what to do, you can find one in Manager-tools. If used well, Manager-tools can convert ordinary employees into strategic assets and can influence the culture of your company positively.

Manager-Tools

Subscribe in iTunes

LinkedIn Answers

LinkedInYou may know LinkedIn but am not sure if you know the power of LinkedIn Answers. Whatever questions you face in your business, you can pose that in LinkedIn and get very good responses to your questions. What’s even more wonderful is that you can search the archives and see if someone else posted the same question and check out what the responses have been. It gives you insights from multiple experts (or not so experts) at the same time and saves you time.

Entrepreneur.com

Entrepreneur

You can find many articles of topics important to you entrepreneur.com. What I like about entrepreneur.com is sensible advice. E.g. Check out this article – How to Sell in 60 Seconds. The author upgrades your selling capability. There’s a large archive of such articles.

I hope you enjoy these resources. If you

know some other resources that are as good as or better than these websites, please let me know. Many small businesses read this blog. You will be able to help them by telling me.

Picture credit: tanakawho

Bidding strategy: If you hire yourself for a project, a buyer may hire you

Bidding strategy

Assume you want to hire a professional. You post a project on p2w2. You get responses. But you can smell from a bid that the professional did not read what you want. She just has a personal rant about herself that she ‘copy pasted’ it into the bid. What do you think about the bid? Will you choose her?
It’s mistake for a freelancer to keep a standard bid ready and dispatch it on any type of project. So a buyer looking for a person skilled in fiction writing receives the same profile as the one looking for someone skilled in business writing. The result?

Both buyers reject the bid!

Every

bid must be uniquely tailored to meet buyer’s specs. This is because every project is different. Every buyer is different. Your objective in bidding is to convince the buyer, the decision-maker, that you are the best hire for the project.

Do you really suit the buyer’s needs?

Bid, only if the subject/project interests you and you have the necessary expertise. Don’t bid out of habit, as a morning routine. Don’t bid for the simple reason that it’s a high value project.
In order to make the correct choice of a project, you need to first, carefully study the needs of the buyer:

  • What is he/she exactly looking for in the professional? Do you have the skill?
  • Do you have relevant samples to show your credentials?
  • Do you command domain expertise the buyer wants?
  • Would you be able to meet the buyer’s deadline? If not….and if you are still very keen on the project

If your answers to most of these questions are yes, by all means, bid. If not, don’t waste buyer’s time and your time.

Grab a buyer’s attention: Tailor your bid to buyer’s requirement

Assuming a standard projects gets an average of twenty bids in response to a project, a buyer spends less than a minute on each bid. On bids a buyer is impressed with, he/she will spend more time. To grab and retain his/her attention during this crucial one minute of cursory scanning, highlight how you have the skills and the expertise buyer wants. For instance, if the project asks for domain expertise in environmental writing, begin with your experience in that field. If the buyer asked you a question, start with answering that question. That way, you can show that you listen to your customers and give importance to them.
Talk about how your experience suits the buyer’s requirements. Talk about aspects of the project description that were not clear. Ask relevant questions that show to the buyer that you understand the work.

Show samples; show proofs of your skills

Four to five samples is a good number and these must ALL be relevant to the project. Your samples must demonstrate your creative value and worth to the project at hand. Your samples must show the buyer who you are and how you approach a project. Good and relevant work samples can prove it to the buyer. Don’t ever direct a buyer to a portfolio site. You pick the ones that are the most relevant and send those out as attachments with your bid.

Learn how to pitch

You can’t swim, unless you are comfortable with water. Likewise, an important point to bear in mind is feeling comfortable in telling your “story,” your accomplishments, bit by bit, as you would to an attentive listener, or a sympathetic friend. Overcoming an ingrained reluctance to speak highly of our accomplishments is often essential to convince an employer to hire you!

Be honest

Be concise and do not stretch the truth. If there is an aspect of the project that you haven’t understood or are not sure you can handle, own up to that shortfall before hand and be transparent. Take responsibility. It’s always better to lose a project than commit to something and not deliver, or fall short of expectations. Whatever you do, don’t present inaccurate information. Don’t come across as phony or non-trustworthy. Examples of that would be tall claims without any substantiating evidence.

Double check for grammar and brevity

Remember that what goes in first will stay on top of the employer’s mind. Double check your bid for grammatical errors, composition goof-ups and poor styling. This is more important for non-native English speakers. Simple typos or errors — in grammar, word choice, spelling, and length can be a major put off, especially if you are applying for an editing or a ghostwriting gig. e.g., “Ability to meet deadlines while maintaining composer,” ” Hope to hear from you shorty (correct: shortly),” “Here are my qualifications for you to overlook (correct: have a look at..)”
If your bid, in which you should be at your best, is not in good shape, buyer can figure out what your output will be.
Don’ts
– Don’t give an emotional or an intellectual overdose in your proposal (“I am new on this site, please give me ONE chance.”)
– Don’t use sarcasm, derogative or humor that doesn’t work (“My services are not like those of a Chinese goods manufacturer”)
– Don’t use false claims (“I am the best that you can get on this pricing”)
– Don’t pepper your talk with heavy-duty words (“I can structurally embellish your concept like no one else can.”)

How long is too long?Project won

That’s a difficult question. Since, it’s a self-reported account; a personal glorification tool, one page (or 250-300 words) is often more than sufficient. Two pages are really over the top, where you have to present really sterling credentials. But even here, you must show substance over fluff.
Finally, remember that you bid is the first impression of your brand for a buyer. Protect and polish it before you present it. No use spending two hours every morning aimlessly and randomly bidding on projects that are never going to fall into your kitty. You might as well be shooting in the dark!

Picture credits: Eneas & Demion