Delusional employers always end up losing good employees that could help their business grow. Discover how you can avoid being that kind of employer.
Have you ever watched HGTV?
It’s a very popular home improvement network where the goal is to buy a new home or remodel one for a lucky person.
And here’s what usually happens.
First, the host will ask the lucky household for their wish list. The home buyer will then usually say they want to build four bedrooms, three bathrooms, an open floor plan… and an insane master suite with the biggest walk-in closet you’ve ever seen.
But there’s more.
If they’re getting a new home, they also want a huge backyard that the kids can play in. And it should be inside a nice neighborhood.
The realtor would then proceed to ask about their price point. And that’s when things get even more interesting.
You see, for all that work they want to get done, the home buyer is typically prepared to pay a measly sum of about… $150,000.
I’m sure you’d agree there’s only one word that clearly describes such a homebuyer:
Now, here’s the thing. It’s so easy to see someone as delusional if you’re just viewing things from the outside. But when we face a similar situation…
Wouldn’t we have the same unrealistic expectations?
That said, this situation happens in business all the time—especially when it comes to hiring.
Business owners will look for unicorn team members who can do all sorts of crazy things. Then, when asked about how much they are willing to pay for such talented employees… these employers will usually say:
“Oh, just minimum wage.”
In this article, we’ll talk about what it means to be a delusional employer and how you can avoid being one.
The Delusional Employer
Most business owners have high expectations from all their hires. Unfortunately, they’re not willing to pay enough to get that high-level talent.
Guess what? Every business owner has two options when it comes to hiring:
Option 1: Hire Entry-Level. You’re guaranteed to pay the lowest possible amount for a position. But expect to train and support such employees so they can grow.
Option 2: Pay higher for experience. If you do not have the time, patience, and resources to train employees, be prepared to pay a premium for more seasoned ones.
Here’s what most CEOs do:
They merge the two options. That is, they pay the lower salary range but expect their employees to be smarter than them… while never providing support.
That is called being a delusional employer. And such a system won’t work!
If you decide to merge the two options, this will only lead to the loss of that new hire.
How to Stop Losing a Good Hire
Tip #1: Invest your time
Hiring is always a decision between time and money. So, which do you have more of? What do you prefer to spend right now? Do you want to spend time or money?
If you answered time, then you will save more money. This means you can afford to hire entry-level employees who won’t demand a higher wage. In this option, however, you need to be willing to invest your time in training them.
This option is perfect for those who are just starting out.
Keep in mind that entry-level employees still need to meet expectations. Give them at least three months’ worth of proper training and support and see them fly. Supplement that with regular trainings so they will continue to perform as expected.
Tip #2: Invest your money
Choosing to invest your money means you will be able to save time to do more important tasks. But it also means that you must be willing and able to spend more money on hiring better employees.
This is ideal for more established business owners who can afford a more expensive hire. Get someone who already has the experience and expertise so you won’t need to spend a lot of time training them. After all, they already know what to do.
The Incredible Benefit of Having Good Employees
Having good employees won’t just benefit the business. It can also benefit you as a business owner.
To be honest, back in the day, I was a delusional business owner. I hired people on the lower end and didn’t treat them well. I ended up not trusting them. And they ended up being so dependent on me that they couldn’t make any moves without my approval.
The receptionist would just wait until I was out of an appointment to ask how they should respond to a customer. A dance teacher had to get her costume and music approved by me before she could move forward with choreographing. If I was out of town and a parent needed a meeting, they would have to wait until I was back home to set that up.
It was an exhausting time. And luckily, that is not the way we do business anymore.
Today, I am fortunate enough to be able to afford more experienced employees. I now have more money than time, so I use it wisely. That is, I spend it on a higher level person. And it was just lovely!
In fact, a few years ago, my family and I took a trip to Italy for 2 weeks. And when I got home, my general manager filled me in with a 7-minute conversation. She didn’t wait for me for anything. Instead, she just told me what she’d done in 2 weeks and a few things she wanted me to be aware of. There was nothing for me to catch up on or any parent meetings I had to set up.
It was wonderful, but that wasn’t an easy place to get to.
Make Good Employees Stay
Hiring is a never-ending cycle of choosing between money and time. And as a business owner, it’s up to you to decide which of these two options is your priority.
Now that you know the consequences of choosing one over the other… own up to it.
If you don’t have much money, then train your employees to succeed. On the other hand, if you don’t have much time on your plate, then don’t skimp on paying for a more experienced employee.
Just don’t be a delusional employer and I’m sure good employees will stay with you till the end.
Want to further improve your hiring process? Schedule a free strategy session with one of our scale specialists. Book a call here: www.stacytuschl.com/call.