In this new video, Patrick Bet-David explains the seven laws for hiring and retaining great employees for your business.
PBD says every business is one great executive away from taking your company to the next level…but it is not just about hiring them. According to GoRemotely, 83 percent of HR managers say it is harder to retain employees than to hire them. Patrick himself said retaining good employees has been the number-one headache during his business career. To explain how to retain good employees, he broke it down into 7 key steps.
1. Attracting Champion Employees
What is attractive? You either have such a great social media or cultural presence, like an Elon Musk, which makes people from all over want to come work for you, or your company’s success appears in the pages of business newspapers and websites. Employees want to be part of an emerging success story. You have to sell your employees the dream.
2. Recruiting the Best
When you’re smaller, your success is just a concept. One out of two applicants in 2023 said they had a negative experience when applying for a job and 75 percent of job seekers said a positive experience as a candidate made them accept a job offer, according to CareerPlug.
3. Engaging Your Champions
You have someone new whom you attracted. Now you need to engage. You need to introduce them to the staff, give them reading materials, and get them going right off the bat. Don’t let HR and managers pass the buck back and forth over whose responsibility it is. It rests on the shoulders of both. Constant engagement needs to happen over weeks, not just the first day.
4. Retaining Top Talent
Retaining has to do with relationships and setting clear expectations. About 49 percent of employees say they are not clear about what is expected from them. Employees who receive recognition for their merits are nearly twice as likely to trust their HR department as of 2022, according to WorkHuman.
Watch the rest of Pat’s video to see what he says about keys 5, 6, and 7.
Shane Devine is a writer covering politics, economics, and culture for Valuetainment. Follow Shane on X (Twitter).