As a business owner who has hired and trained many employees and who has worked closely with hundreds of business owners during my career, I have come to a very critical conclusion: Business owners must hire and cultivate “happy employees.”
I have heard trainers working for Sandler Sales Institute claim that it costs an average employer over $10,000 to hire, train and “on-board” an employee. Yet, according to the US Bureau or Labor Statistics (http://www.bls.gov/news.release/tenure.t05.htm) the average employee will stay at his or her job less than 4 years. As a business owner or manager, you could be spending over $10,000 every 4 years just to keep a body at that desk or covering those accounts or keeping your customers happy.
In this day of cutting costs and trimming budgets I believe that it is imperative for all employers and managers to look at ways to find, nurture and keep employees who will give your company stability, productivity and profitability. One very simple strategy is to help your employees become homeowners. How does this simple strategy develop “happy employees” who will come to work and work hard for you for long periods of time with a strong work ethic? Let’s explore some of the answers to that question.
1. Employees who are homeowners will work harder for you.
Homeowners take pride in their homes and are reminded that they are building equity in their homes EACH MONTH when they make their house payment. They are investing in their largest asset when they send in their house payment and are motivated to do all they can to keep that asset and pay it off over the term of the loan toward which they are paying.
2. Employees who are homeowners will work longer for you.
These employees are putting down roots, raising their kids, contributing to a community and contributing to a local economy. They are developing an identity with the locale when they own their house. They are becoming part of the fabric of their neighborhood and will not easily uproot themselves or their families because of short-lived work-related set-back or for a couple of additional dollars per pay-period. Your competition across town or across the country will find it more difficult snatch away your top dollar producers if they own their home and are part of the community where they live.
3. Employees who are homeowners will desire to see your company grow.
Those who are set on making a long-term contribution to a job and a community will more likely share the same goals as the owner or manager than a “short-termer”. Your home-owning employees will more quickly demonstrate that they are on your team and desire to see you and your company succeed if they have come to accept that their identity is wrapped up in their long-term employee for you.
Those who are making their house payments to pay off or pay toward their largest investment will want to make sure that they are keeping a steady stream of dependable income to meet their obligations and pay their bills. They will not miss work if they can avoid it and will be willing to work extra in order to continue to get ahead in their house payment or to make improvements to their house.
5. Employees who are homeowners will see the long-term value of their work.
An employee who has big goals and is making steady progress toward meeting those goals – outside of the workplace – will be happier employees. They will see that their work and your company are making a contribution to their wealth, happiness and success. These employees have come to accept that life is full of trade-offs: they work hard for you and your company gives them the rewards to move them toward the financial security and independence that they treasure.
6. Employees who are homeowners are more honest and dependable.
Employees who are making monthly payments on their house will be less likely to participate in any behavior or action to damage their company, their reputation or the likelihood of their continued status as your employee. They need your continued favor, your pay and the possibility of any advancement at their job. Some have called your employee’s house payment as your “golden chain” which will ensure that your employee stay loyal to his or her job. Again, it should be a mutual dependence between the grateful employee and the appreciative employer – both benefiting from the arrangement hard work and fair pay.
Do you need to cut your employee-turnover costs? Do you have current employees who are making a valuable contribution to your company, branch or office but are not homeowners? Do you or your employees need some professional advice on how they could become homeowners? Download and complete this Pre-Approval Request Form and return it for a free homeownership consultation.
I will also come to your company to make an onsite presentation to your employees or a group of them about the possibility and benefits of homeownership. Many of your employees will qualify for an $8,000 refundable tax credit if they buy a house by December 1 of this year. Contact me today (BCShort@bellsouth.net) to set up an onsite presentation at your company or office.