Saturday, May 16, 2015
Tell Me What You Want …Part IV…Show Them The Money
In the first three parts of this series we looked at the Millennial generation profile, the challenges this industry faces in attracting and retaining Millennials and possible solutions to those challenges. Those solutions are HIRE THE RIGHT PEOPLE, MAKE THE JOB MORE ATTRACTIVE and SHOW THEM THE MONEY. But, as noted at the end of Part III, before you can “show them the money”, you must find the money.
“Finding the money” is THE ISSUE. Most everything necessary to move anything from anywhere to somewhere costs more today than it did five years ago. Fuel goes up and down; and for the most part carriers have finally got that covered. Some do it better than others and therein is the key; DOING THE IMPORTANT THINGS BETTER THAN YOUR COMPETITION. The same is becoming true in other areas of the business. Equipment costs are going up. Some carriers will buy better and smarter than others. Regulations are driving up costs. Some carriers will manage it better than others. Technology is increasingly important and cost money. However, the cost relative to the potential results technology can deliver is improving rapidly. Again, some carriers will invest and utilize technology better than others. Customers will pay more, grudgingly of course. But at the end of the day, better rates are available and some carriers will do a better job of managing their pricing than others.
So the most important step in finding the money, is to be better than your competition WITHOUT TAKING IT OUT OF OR OUT ON YOUR PEOPLE. The days of squeezing your people are done, finished, over, history, gone forever. It will not work with drivers, mechanics, office staff, sales, operations, managers, executives or anyone else who is willing and able to work. They have too many other options. Good people will find good jobs. You better makes sure that you’re offering one of those good job and that includes money. Of course, money isn’t everything, it’s not even the number one thing for most people. But, you must be competitive. And if you’re going to hire Millennials that means you are competing with all of the other industries out there.
If you are already behind the curve and struggling to compete with companies that have better, brighter and more productive people; be prepared to bite the bullet. You either invest in people or become a bottom feeder. Invest in people who can really make a difference. And then allow them to make that difference. Invest in technology wherever possible. The more people you have doing things that could be done as well or better with technology, the more people you need to manage those people. In the long run, investing in technology and streamlining processes will give you more room to hire those people who are “difference makers”. If you’re still running your business like you did ten years ago, you are behind and falling further behind very quickly.
You must hire people who can make a difference at the key leverage points in your business. How much is a great fleet manager worth compared to a below average fleet manager? How much is a great customer service person worth compared to one who can barely get the job done. What is a great Operations leader worth? A great Sales leader. A difference maker in Safety? Capacity development? Maintenance?
You want to find the money so you can hire and retain Millennials? Start hiring Difference Makers today. They will make you money and turn those Millennials into difference makers tomorrow.