If you’re not investing in your team’s growth, then you are failing them and your company.
I’ve got a client who is a really nice guy.
Cares for people. He’s generous with his time and money for family, friends and charitable causes.
But he gives very little of his time or money to improve his team — including his key employees.
Before working with me, he couldn’t see this behavior as a problem. Matter of fact, he was oblivious to his non-action.
His business is doing really well even though he feels he gets mediocre work from his team.
I asked him what could his company accomplish if his team wasn’t mediocre. He was succeeding in spite of them. I got him to see the opportunity cost in having B & C players on his team instead of A players.
The goals he has for his company are big. But there is no way his current team, in their current state, will ever produce those goals.
Investing In Success
My client, and probably you too, go to conferences, take courses and get coaching to be better. You invest in your personal success.
Do you invest in your company’s success by investing in your team?
Your team is responsible for making the vision you have for your company come true.
I told my client, that the $1.5 million he kept as his income, was made possible by his team. Why wouldn’t he invest in them to turn that $1.5 million net income into $3 million?
Estimated cost to level up his whole team each year: $58,000.
That’s less than 4% of last year’s net. It would be under 3% of this year’s projections.
In the process of investing in his team, he’ll learn which people produce mediocre work because they’ve never been invested in, or if they produce mediocre work because they are mediocre workers.
Investing in his team will quickly highlight who is an A-player. He’ll be able to replace the B & C players quickly because they will stand out against those who are performing at a higher level.
A-Players Require More Investment
Don’t think that you can hire A-players and not invest in them.
They will leave a company that doesn’t help make them even better.
B & C players will stay in a company that doesn’t invest in them for as long as management allows them to stay. They won’t leave because of lack of investment. But they’ll invest in their work as much as you invest in them.
A-players want to be better. They want to produce bigger and greater work tomorrow than they did today.
That requires their employer to invest in them.
What To Invest In
Make sure your company has a library that all employees can access.
Make sure all employees get continuing education in their current role, but also learn what they aspire to achieve and give them education towards their aspirations.
Get your key employees leadership coaching.
Invest your time into knowing your entire team — employees, contractors and vendors. These people will care if you succeed if you care that they succeed.
Set aside time to coach your key employees. Teach them how to coach their direct reports.
Create a culture of each person helping their teammates succeed.