The former CEO of Xerox, Anne M. Mulcahy, made this famous quote and I agree with her words 100%! I have written several articles about this particular topic, but this statement describes my philosophy the best in two sentences.
Employees are a company’s greatest asset—they’re your competitive advantage. You want to attract and retain the best; provide them with encouragement, stimulus, and make them feel that they are an integral part of the company’s mission. ~Anne M. Mulcahy, former CEO of Xerox
One of my former employers had the secret to hiring the best employees and eliminating turnover.
Employees can be your company’s greatest asset if you use the same hiring procedure and corporate culture as one of my former employers. Their hiring policy was:
“We had never offered a person a job with our company before we did a complete and comprehensive background, criminal, drug, and credit check on the candidate. Our company has a minimal amount of turnover because we follow this basic philosophy.”
“My partner and I believe that the way we make money with our business is to hire the best people in the area, treat them with respect, give them the tools to do their job, provide them an excellent environment to work in and compensate them fairly. We do a performance review with all employees in the company every January and July. We share with them what they are doing right and where they may need to improve. The review times in this firm are easy to deal with because we employ the best people. Everyone loves working here and respects their job. We have not had an employee leave the company in two and a half years.”
I worked with that company for eight years, two as the CFO and six as the president. I would still be working for that company if the owners did not sell the company to a national home-building developer.
About the Author
Robert S. (“Bob”) Curry - Bob Curry is an Author, Keynote Speaker, Seasoned Business Coach, and successful Turnaround Specialist. Earlier in his career, he served as President and CEO of three different companies, the largest with annual sales of more than $1.3 billion dollars - all which experienced successful turnarounds under his management. After turning around three companies as the President/CEO, he started his turnaround consulting firm, and for the past twenty years, he has turned around more than eighty distressed companies in many different industries helping each to establish a strong management team and become profitable. He has published three books: "From Red to Black," "The Turnaround," and “The Turnaround 2.” He resides in Fort Lauderdale, Florida, with his wife, Esther.
All three books are true stories about the turnarounds of real companies that I have turned around during my career. In each book, I shared my (“PIR’s”) Profit Improvement Recommendations which helped turnaround the companies from Losses to Profits. PIR’s help to grow sales, reduce expenses, improve cash flow, increase profits, and most noteworthy, strengthen the management teams. All three books are on sale on Amazon.com in paperback, kindle, or audio.