Be a Better Boss. Be a Better Employee.

If you read my blog post from a couple of weeks ago, you know I think a great way to increase your prices is to limit the number of competitors entering the market by being a better boss.  The event industry is filled with masters training apprentices, most of whom are self-confident millennials who think every 26 year-old has gained enough knowledge to go it alone.  Stop people from leaving your company by giving them something to stay for.

How do you keep your best and brightest?

If you’re a boss, find your best team member and develop a plan to keep them interested in your company:

·      Tell him you want to invest in his work

·      Put together an individual development plan for her that incorporates what she loves to do, what you need done, and what she’s good at doing

·      Create long-term SMART goals and with milestones along the way at 12-24-36-month marks

·      Make a compensation plan over those time periods that’s aligned with company goals

·      Identify very clear expectations, set performance criteria and regular feedback opportunities along the way

·      Follow-up on the plan as if it is sacred – if you don’t, you’ll lose her forever

If you’re a high-performing employee and you’re thinking of jumping off on your own, take a breath and consider if you’ve done the following:

·      Identify what is really gnawing at you to leave – lack of growth, bad position fit, bad boss, boring work, underpaid

·      Work to address the issue head on with your boss or the owner of the company

·      If the company is not offering what you want, propose it yourself – and not as an ultimatum

·      Think outside the box on how to make your and your company’s goals align

Sam Jacobson