When it comes to your liquidity event, how are you dealing with The Great Resignation?
If you think The Great Resignation won’t impact you, think again.
What is The Great Resignation?
The Great Resignation is a recent trend where up to 60% of employees are thinking about quitting.
The most valuable resource in your business is your employees. It’s your employees who create growth and increase EBITDA. Your future buyer is counting on your employees, and not you, to run the business.
After all, your liquidity event is the most important financial decision of your life. You have one chance to get it right, and you better make it count.
Who am I, and how do I know?
I started my eLearning business after graduating from my MBA program. I had no money, experience, or team. The truth is I had no business being in business.
My saving grace was my grit and determination, which had me welcome success.
With success, I received a 7-figure offer from a smart and experienced buyer.
I said “no” to the 7-figure offer and “yes” to mastering the art and science of a liquidity event. Two years later, I said “yes” to a 9-figure offer from a different buyer.
Today, I pay it forward. I help business owners through the 90-day Deep Wealth Experience. At the heart of the Deep Wealth Experience is the exact 9-step roadmap that I created for my 9-figure exit.
There are five powerful strategies for keeping and attracting top talent.
Would you like to learn how to leverage these five strategies?
Understanding the root cause of a problem is 90% of the solution — Jeffrey Feldberg
What is The Great Resignation and what does this mean for your business?
As a result of the coronavirus pandemic, 40% to 60% of employees are thinking about resigning.
What caused The Great Resignation?
The pandemic brought with it downtime and remote work for employees. The perfect storm of downtime and remote work caused three things:
Long work hours, a tedious commute, and terrible bosses are out.
Family time, quality of life, and fulfillment are in.
The Great Resignation is a two-sided coin. On the positive side, you now have an opportunity to keep your best talent and attract new talent.
When you understand the root cause of a problem you have 90% of the solution.
Chances are that you started your business to solve a painful problem. You solved the problem so well that you now have a successful business.
Be curious and solve a painful problem for current and future employees.
Know that the same-old-same-old workplace is gone. Forever.
Step up to the plate and usher in fulfillment and a quality of life to keep existing talent and attract new talent.
Where do you start, and what do you do?
Be firm on principle but flexible on method — Zig Ziglar
Why Flexible Work Arrangements Both Keeps And Attracts Top Talent
Welcome The Great Resignation with flexible work arrangements.
Remember, stay focused on your desired outcomes and let the rest take care of itself.
When the coronavirus pandemic goes away, remote work will stay. Accept and embrace remote work as the new normal. Not all positions have the option of remote work. In the case where remote work is an option for certain positions, ensure you offer it.
Your mission is to stay focused on your desired outcome. Remain flexible for how you achieve your desired outcome. The truth is if you don’t offer remote work, current and future employees will find it elsewhere.
While you’re at it, put in place paid time off. Most businesses talk about paid time off but don’t enforce it. Walk the talk and embrace paid time off to fend off The Great Resignation.
Pandemic or not, overworked employees aren’t as productive. So let employees welcome paid time off and enjoy employees who are happy and productive.
While you’re at it, give your culture a boost by embracing boundaries for work hours. Unfortunately, in North America, boundaries for work hours are a foreign concept.
Companies that embraced shorter workdays achieved the same output. Imagine that.
How do fewer work hours lead to the same productivity levels?
Employees drop time-wasting activities to ensure they get the job done. Everyone wins.
A supercharged culture is excellent, but it is not enough until you do one thing.
Do you know what this one thing is and what you must do?
You are upgrading your technology, and you’ve not upgraded yourself! — Eric Thomas
How To Fend Off The Great Resignation By Supercharging Your Management Team
You are upgrading your technology, and you’ve not upgraded yourself! — Eric Thomas
Fend off The Great Resignation by supercharging your management team today. You’ll thank yourself tomorrow.
For starters, your business does run without you, right?
Step three of the 9-step roadmap of preparation is all about your future buyer. First, ensure you have a world-class management team to capture the best deal and not any deal.
Your future buyer is buying your business, not for you, but instead for your management team.
Up to 90% of liquidity events fail. So don’t become a statistic from not having a management team to run your business.
Have you wondered why employees quit?
Research shows that employees don’t leave businesses, and instead, they leave bosses.
Provide training to your managers so that they don’t survive but instead thrive. Then, speaking of managers, ensure that you promote the right people.
Ensure that when you are training your managers, you show them how to embrace culture. For example, step 2 of the 9-step roadmap in the Deep Wealth Experience focuses on X-Factors.
A vibrant culture is an X-Factor that does two important things. You both excite your future buyer and increase enterprise value.
Part of a vibrant culture includes internal promotions.
Internal promotions show your team that you reward performance. You’ll both keep and attract top talent when everyone knows that they have a career path.
Money buys many things, but money cannot buy culture. Your competition can copy your technology, but it cannot copy your culture.
Speaking of your culture, do you know the one thing you must do for your culture?
The only thing of real importance that leaders do is to create and manage culture — Edgar Schein
When it comes to beating The Great Resignation, ensure that you connect culture to vision.
How do you thrive during The Great Resignation so you can keep and attract top talent?
Supercharge three key areas:
Don’t tell employees that you have a great culture, and instead, show them.
A vibrant and thriving culture starts from within and relies on your actions and not your words.
Like it or not, employees have the upper hand with The Great Resignation. Remote work provides more opportunities for employees than ever before.
When you’re generous with your pay, promotions, and bonuses, you keep and attract top talent.
How do you connect your culture to vision?
Ensure you have Key Performance Indicators (KPIs) for front-line employees to the CEO. Explain the why of what you do through your KPIs.
As the saying goes, what gets measured is what gets done.
While you’re at it, weave your narrative into your meetings, website, and communications. But, again, repetition and consistency win the day.
Step three of the 9-step roadmap focuses on how to create a winning narrative. Your narrative is what all stakeholders hear, including your future buyer.
Show your narrative in both words and actions. Let your narrative become your North Star that supports your culture and vision.
With your culture connected to your vision, do you know the last thing you must do?
He who rejects change is the architect of decay — Harold Wilson
Do you know how you can leverage The Great Resignation today so you can prosper tomorrow?
Embrace freelance talent for both existing employees and new employees.
Some of the world’s best talent refuses to work for one company. Instead, top talent prefers to work for many companies and also enjoy a flexible schedule.
Some people travel the world while at the same time, fulfill their work obligations. As a result, the marketplace for talent has changed.
If your culture doesn’t embrace freelance talent, it’s time to rethink your culture.
As a business owner, you’re responsible for your clients, employees, and stakeholders. Your mission is to be world-class with a thriving and profitable company.
Step two of the 9-step roadmap, X-Factors, includes world-class talent. It’s your talent that drives growth and profitability. It’s also your talent that increases enterprise value.
The Great Resignation is a tremendous opportunity to find new talent. But, while you’re at it, you can defy the trend and keep existing talent.
Your “secret sauce” is a blended workforce of both full-time and freelance talent. While you’re at it, ensure that you’re open to existing employees become freelancers.
The pandemic has demonstrated that you can’t control what happens around you. You do control how you respond.
When you embrace freelance talent, you now have the best of all worlds. You have a strategy in place to keep existing employees who would otherwise leave. At the same time, you welcome new talent that would not have considered your business.
Leverage The Great Resignation by working with the trend instead of against it.
Both in life and business, the only constant thing is change itself. The COVID-19 pandemic has forever changed the business landscape.
The “new normal” now includes employees quitting their jobs in record numbers. Employees are saying “no” to a terrible commute and boss and “yes” to a quality of life and fulfillment.
Welcome to the era of The Great Resignation.
Despite the headlines, The Great Resignation is not all doom and gloom. Instead, The Great Resignation represents a tremendous opportunity if you’re prepared to change.
As you think about your exit or liquidity event, you must factor in The Great Resignation.
Up to 90% of liquidity events fail. Of the “successful” deals, most business owners leave 50% to over 100% of the deal value with the buyer.
The 9-step roadmap of preparation protects you from being a statistic.
At the heart of a successful liquidity event is the level of your preparation. Preparation enabled me to say “no” to a 7-figure offer and “yes” a short while later to a 9-figure offer.
What do you do, and where do you start?
When it comes to making the most of The Great Resignation, start with the first strategy. Stay with the strategy until you’ve mastered it, and then move on to the next strategy. Repeat the process for all five strategies.
You can do it. I know you can.
Here’s to you and your success!
Your Biggest Raving Fan,