Your payroll may or may not be right for your employees, which is why you have to reconsider your mindset in paying for help. Today, Ken Courtright shares the importance of understanding how much your help or your employees are worth. He urges you to ask yourself where you began years ago and where you are today. Discover the changes an expensive consultant can bring to you or your business in a single day.
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Pay For Help
I’m in the middle of a ten-part series of profound nuggets, statements, and concepts that in and of themselves are profound enough that they can move a business forward. This nugget is called Pay for Help. One of the most profound things we ever did here is when I changed from a chintzy mindset of what I was willing to pay for employees to a complete paradigm shift where I made a decision after hearing somebody speak that if you pay peanuts, you get monkeys. I said, “What?”You're not paying consultants for eight hours but for their lifetime of accumulated knowledge. Click To Tweet
There are a lot of great companies that are tight with their payroll and I’m not talking about that. I was tight with my payroll. I would make sure that I would give raises, but it would be right to the penny. I was chintzy and I made a paradigm shift in myself and I said, “Stop.” I read the book, Good to Great. I read the concept of you find great people, you overpay them to the point they never leave and you keep them until a position opens up for them. That moved me because it was the polar opposite of my mindset of paying for performance but I made the shift. Lo and behold, whether it was a contract worker, a consultant or a full-time employee, we began to a degree purposefully overpaying. I’m not sure if we’ve ever had anybody quit. I’ve heard rumors that we haven’t but I’ve got to believe in many years, somebody quits.
The point is we pay significantly. I am proud of the size of our payroll and I’m proud of what we’re willing to pay for consultants to come in. One of the most profound things and profound nuggets that I can drop is what your mindset on paying for help is? Are you in, “Where I began years ago?” Are you in, “Where I’m at now?” I would challenge you to test this. Go and find an expensive consultant and hire them for a day. Watch the nuggets of wisdom they can pour into your company in one eight-hour day. Remember, you’re not paying them for eight hours, you’re paying for their lifetime of accumulated knowledge. I’m not suggesting that you call us. We do not do any more traditional consulting. Find some consultants that are seriously living life trying to help companies with the knowledge that they have. There’s a reason some of these big consulting firms make the money they make. Sometimes, your little business challenge can be solved by them just literally turning a screwdriver. It’s something they’ve done ten times over the last few years. This is a profound nugget, Pay for Help. I hope this helps. Take care.