Comics

Poaching Across Companies

Why do sales professionals (financial advisors, real estate agents etc) leave their firms for another?

There could be multiple push factors behind the move. Most of the time, it is linked to their happiness level in the current company.

Their values are not aligned with the company. The company’s values will determine the company’s culture. The sales professional will struggle to thrive in the environment when he/she feels that they are on a different page. He/she may want to look for a compatible culture and somewhere that is able to meet his/her expectations.

They do not agree with the company’s procedures and structures. The procedures and structures have a direct impact on the work processes and income of the sales professionals. When he/she feels that the company is not keeping up with changes to their mutual benefit, they will leave.

They want a higher payout. As the sales professionals rise through their ranks and increase their network and experience, they feel that they deserve more commission to match to the amount of value they bring. When they feel that they are not receiving the amount of payout that they should, they will leave for greener pastures.

They feel unsupported. Some companies invest in these sales professionals, providing them with formal trainings, mentorship and guidance. When they feel that there is an underwhelming support, they may look for a different firm that can better meet their requirements.

Poaching can happen between sales teams in the same company, or between different companies.

Multiple hours go into training and mentoring these sales professionals, equipping them with the soft skills and hard skills.

by jason

Succession

Is taking over the family business always the way to go?

Taking over a successful establishment may seem to be a privilege to some, but enormous pressure to the others.

There are multiple pros and cons to taking over the family business. It is important to think through these considerations thoroughly and carefully before making the transition.

You definitely have a greater advantage compared to those who start from scratch. The groundwork has been laid for you when you inherit your family’s business. The readily available resources, such as capital, clientele, branding etc, can give you a head start - You do not need to waste many years knocking your head against a wall.

These benefits come with several costs as well. You may feel overshadowed because you may not have earned the respect from the stakeholders and they may feel that you do not have what it takes to lead. There may be family tension when your parents step in to micromanage. You may also lack the ambition and motivation in the trade, but you feel pressured to perform. 

If you have to inherit a family business, how can you find meaning and motivation to ensure its continued success? Speak to Wise Hour to gain insights.

by jason

Do Qualifications Matter?

As someone looking for a job, do you invest in pursuing a higher education so that you can land yourself a job with excellent job prospects?

As an employer, how much weight do you put in hiring someone with higher qualifications? Do higher qualifications give you a good indication on their competence?

It is inevitable that many employers attach a greater value to those with higher qualifications. However, the market demands call for a paradigm shift. Studies have shown that higher education is not a complete measure of your employee’s intellectual competence and job potential, and employers should adopt an open-minded approach when it comes to recruitment.

Emphasis may be placed on the employee’s soft skills, such as problem-solving, communication and adaptability, and in-demand technical skills. Being the right fit for your company’s culture and having a hungry mind for new knowledge may be key indicators of your employee’s potential.

How you engage and invest in these employees is important too.

Having higher expectations of employees with exceptional educational backgrounds may backfire for both the company and the employee as these qualifications do not guarantee sales or company’s growth.

How can you hire the right fit? Do you know how to engage talented employees to maximise your company’s growth? Speak to Wise hour for a discussion to find out more.

by jason

Why Do People Leave Their Jobs?

The cost of losing good workers is high. A study from UK estimated that the price of replacing an employee is around $40,000 - this includes advertising, recruitment fees, lost productivity and time taken to train the staff so that he/she will be up to speed with the work.

The most important question is: Why do people leave their jobs?

Possible reasons include:

• They are unhappy with their boss / company’s management.
• They feel unchallenged by their work, or see no progression in the company.
• They are feeling burnt out and want to look for a change in environment.
• There is a lack of appreciation and recognition for their performance.
• They are worried about the company’s financial stability.
• They cannot see the meaning of their work.
• They have poor relationship with their co-workers.
• They dislike the company’s culture.
• They hope to enjoy autonomy and independence.
• They are looking for flexible work options.

Giving the employee a pay raise may be an option to reduce turnover. However, it may not effectively solve the issue. 

There may be other underlying causes that affect the staff retention. Do you pay enough attention and stay in touch with what your employees are thinking? 

Speak to Wise Hour on how you can retain the employees that you have painfully recruited and hired.

by jason

Building a Good Sales Team

“A good education is a foundation for a better future.” - Elizabeth Warren

It is essential to instil the right fundamentals to your newly minted sales team. Fundamentals such as product knowledge, sales approach, ethics or soft skills, will stick to them as they grow in their role.

As these sales professionals are front line in customer service, they are representatives of your company. They are responsible to present the products and services as accurately as possible. Unorthodox means, such as inaccurate information and undercutting of prices, should not be condoned as it will hurt your company’s reputation in the long run.

Don’t be penny wise, pound foolish - Don’t hit the sales target using ways that will earn yourself a bad name. Trust and respect takes time to be built, compromising your reputation to make a quick buck will result in losing both trust and respect in an instant.

Do you have experience creating a duplicable system to groom these sales professionals? How can you maintain the standards of your sales team and ensure a sustainable growth? Reach out to Wise Hour for a discussion.

by jason

Rich vs Poor Mindset

What is the great divide between the rich mindset and the poor mindset?

It is not about the amount of wealth you possess, but how you view the world and how you manage your resources. Rich people can have poor mindset and eventually lose their wealth, and poor people can have a rich mindset but are financially disadvantaged due to their circumstances.

People with a rich mindset do not rush into spending money - instead, they are frugal because they want to use their resources to gain more wealth. Every dollar is a “seed” that is planted to grow into a hundred and thousand more dollars. On the other hand, people with poor mindset view extra money as an opportunity for consumption.

Rich mindset zooms into creating systems so that these systems can autopilot and generate value on their own. Even if there is seemingly no reward right away, they are okay with it. Poor mindset works hard with time and effort - they believe that they should invest their resources on immediate gains and short-term returns.

With regards to facing problems, people with a rich mindset do not let their problems consume them. Being solution-oriented, they take a step back, strategize and deal with the issues in an objective manner. They also want to ensure that the problem does not occur again. However, people with poor mindset often magnify their problems and spend much time and energy harping on their issues. 

Your mindset determines your perception, which in turn determines your actions and your success. Which type of mindset do you have?

How can you strive to be a better version of yourself each day? Let our Chief Owl guide you. Speak to him.

by jason

Training Budget

Training is vital for your staff development and retention. Do you agree?

As an employer, you are able to reap the following benefits:

• Learning helps to empower your employees and foster positive employee engagement.
• Upskilling enables your workforce to become more productive.
• Your employees may be able to undertake a greater variety of work and respond to changes more efficiently.
• It makes your company become more attractive to potential candidates who seek personal development and skills development.
• Your employees will feel that your company is committed to their growth. This may increase their loyalty to your company.

While sending your staff for training requires funds and logistical coordination (e.g. ensuring that there is sufficient manpower when staff goes on training leave), it is essential for your company’s long term growth and staff retention. 

Life-long learning, both formal and informal learning, improves the employees’ competitiveness and exposure. A good human resource development strategy involves systematic training so that your employees, as well as your company, can meet both personal and corporate goals through up-skilling.

Need advice on how you can improve your human resource development strategy? Connect with Wise Hour to find out more.

by jason

Company Financial Management

Does an increase in sales equate to an increase in profits?

And does profits signify profitability too?

While it is important to work hard, it is equally important to work smart with the data on hand too. Using sales or profits as an indication of your company’s financial health can be deceiving, as sales or profits do not necessarily imply profitability.

Understanding your company’s financial data is crucial in ensuring your company’s ability to stay in business. With this information, business owners can make sound strategic decisions to support the company’s growth and long-term profitability. You gain insights into the true financial health of your business and how you can allocate your resources efficiently. 

Do not let your hard work go in vain. Wise Hour is here to your rescue to help you identify the possible blindspots. Contact us.

by jason