Ep. 119 Unlocking Employee Loyalty: The Five-Star Retention Strategy Revealed!
- Danielle Mulvey | Mike Michalowicz
- June 12, 2023
In the latest episode of Profit First Nation, Danielle unveils the Five-Star Retention Strategy and emphasizes the importance of wholeheartedly adopting this approach for any thriving entrepreneur. Throughout the episode, she will provide a comprehensive breakdown of each strategy, revealing the top three desires of employees. As a business owner who has effectively established your company, it is crucial to shift your attention towards nurturing your workforce. Get ready with a pen and be prepared to jot down valuable insights, as this installment of Profit First Nation promises to become a personal favorite.
IN THIS EPISODE:
[00:22] Danielle talks about going all in on your business and having a five-star retention rating strategy
[04:18] Danielle goes through the five-star retention strategies beginning with star number one of psychological ownership
[07:57] Star number two is supporting employee wants and needs
[14:43] Star number three is to stay connected with your five-star employees
[21:04] Star number four is maximizing employee qualities, aptitudes and skills
[23:07] The final star, number five, is to lift up your employees
[26:48] Danielle states that you succeed or fail because of your people. Put them first, and she directs you to the “Resources” for more information about Profit First Nation
KEY TAKEAWAYS:
Entrepreneurs should offer their top performers the same paid time off (PTO) they enjoy to retain exceptional employees.
Employees want three things—stability, comfort and purpose.
Once entrepreneurs have the business rolling and successful, they should focus on their five-star employees who keep it running.
