We spend so much time discussing the cost of acquiring customers.
But what about the cost of acquiring employees?
Sure, landing a new buyer can set you back by a fat chunk of change. And yet, it doesn’t even begin to compare to the cost of hiring someone who is a poor fit for your team – or losing a valuable employee because they got dissatisfied and left.
Even if you look only at direct costs, it’s bad enough – replacing a hire takes about 21% of an annual salary. And as far as the opportunity costs are concerned… better to put away the calculator and not think about it at all!
Now that the workforce is getting ever younger, hungrier, and more demanding of their employers, turnover rates are only going to go up. The only two ways you can counteract this in your business are:
- Focus on recruiting younger talent – millennials are an asset to any team. They are the highest-qualified generation to enter the workforce. Plus, they have the flexibility and independence to thrive in a fast-paced business environment.
- Rethink your approach to management, so both the “young blood” and the “old guard” at your company can collaborate effectively, playing to each other’s strengths and offsetting any weaknesses.
Creating a high-performing intergenerational team is no mean feat. In fact, it’s ridiculously hard! But if you want to grow your business, innovate and make your mark in your industry, and work with loyal people who won’t jump ship the moment it suits them… it’s worth the effort.
Luckily, on today’s Get Genius you will discover what it really takes to build, and keep, a team like that. Our guest this week has been teaching brands exactly that – and she’s happy to share these insights with you, too.
But enough buildup – let’s introduce our awesome guest!
Lee McEnany Caraher is the founder and CEO of Double Forte – a national public relations and
digital media agency based in San Francisco – working with beloved consumer, technology, and wine brands. Lee is a highly sought-after communications expert known for her business-building acumen and insights.
Lee is also an acclaimed author and speaker and a recognized expert on creating high-performing, positive, intergenerational workplaces. Her books, “The Boomerang Principle” and “Millennials & Management” both offer amazingly valuable resources for any employer who wants to get better at hiring and retaining young talent.
Through her work, Lee shows companies how to embrace the qualities of different generations, and how to recognize the significant benefits of shifting the definition of company loyalty from a long tenure of employment to a lifetime of allegiance regardless of employment status.
In this interview, Lee and Summer dive deep into the topics of hiring, creating a great culture for your employees (everyone, not just millennials), unexpected effects of personnel changes on customer loyalty, and more. Enjoy!
Here’s what you will learn:
[00:15] Introducing Lee
[03:25] Lee’s career as a PR and communications specialist
[06:26] What’s different in Lee’s business compared to when she started?
[10:08] Lee’s dream clients
[11:18] How Lee’s team adapts to changes in social media
[13:27] Recruiting the younger generation and creating a culture where they thrive
[20:00] How to inspire loyalty by showing appreciation in the workplace
[22:18] Choice insights from Lee’s second book, “The Boomerang Principle”
[29:40] Did you know that personnel changes affect customer loyalty? Here’s how
[32:25] How often Lee’s company implements new technology
[36:28] The importance of staying healthy and how Lee keeps her life balanced
[43:30] Where you can find out more about Lee