Former BBC Dragon on Online Dragons Den, serial entrepreneur and Scottish Sun Columnist Shaf Rasul gives us his tips on Managing People, more specifically he looks at losing and gaining employees.
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It’s all in a day’s work for me to share my tips on being a successful entrepreneur with you and this week’s Ask Shaf is just the job as I will help you work out how to deal with losing and gaining employees.
First things first. Good employees are worth their weight in gold. If you’ve built up a thriving business, it’s easy to take credit for the whole thing, but where would you be without the hard work and diligence of your staff? Times have changed though. Few people stay in one job, or one firm, for their entire career now. Fifty years ago, a job for life meant just that. Not anymore. Employees have less loyalty to their companies now, mainly because firms are less loyal to their employees. Employers’ knee-jerk reactions to painful changes in the business environment have meant that people are more willing to move to a competitor to build their careers.
Streamlining staff, or losing your best worker to a rival, can have a terrible effect on morale. One way to boost your workforce, who are probably having to work harder to make up for losing key team members, is to use temps and contractors. Remember your tax and National Insurance obligations though. This approach benefits you, the employer, because you can dispense with their service whenever you want and their wages aren’t part of your fixed cost. The disadvantages are they are never considered a full part of the team and won’t feel any loyalty towards you.
If you lose a key person, you need a replacement as quickly as possible. If you are a small business, even though it’s tempting, don’t use a head-hunter or agency. They are expensive and won’t have any first-hand knowledge of the candidate. No, it’s far better to interview for the post yourself or at least delegate responsibility to someone you can trust who has your best interests at heart.
The three crucial questions you need to ask when you are hiring someone are these. Do you trust them? Can your team work with them? Are they competent or better at the job? When it comes to trust, you need good previous knowledge of the potential employee. Maybe you can source someone known to your customers or suppliers? Or maybe you can employ people known to your existing staff? You already know and trust them so who better to go to for a recommendation? If you aren’t paying the head- hunters, you can afford to be generous in offering incentives for staff to introduce potential employees from their wider circle of friends, ex-colleagues or acquaintances. Do this, and you have your own head-hunters and I’m pretty sure we can agree that’s a great trick of the trade!
Let me know your thoughts. Like, comment and share, and please don’t forget to catch next week’s Ask Shaf.
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As a former Dragon on BBC Online Dragons Den and Serial entrepreneur, Shaf know a thing or two about investment. He has been involved in real estate investing all over the world. With over £500m worth of deals in the last 2 decades, Shaf understands not only UK property investment but property investment and development on a global stage.
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