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Dollars to Donuts

Dollars to Donuts. Sarah L. Fogleman K-State Research and Extension Extension Agricultural Economist, SE www.agmanager.info 620-431-1530. Who contributes to your business?. You. Customer. Friend. Full-Time Employee. Spouse. Children. In-Law. Neighbor. Part-time Employee.

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Dollars to Donuts

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  1. Dollars to Donuts Sarah L. Fogleman K-State Research and Extension Extension Agricultural Economist, SE www.agmanager.info 620-431-1530

  2. Who contributes to your business? You Customer Friend Full-Time Employee Spouse Children In-Law Neighbor Part-time Employee Seasonal Employee

  3. Why are working relationships important? You live with these people! This is your livelihood!

  4. Who is competing for ag labor? • Farms • Ranches • Agribusinesses • Any local employer who utilizes workers of similar competency

  5. What brings employers and employees together? Compensation Reputation Situation

  6. Elements of successful compensation packages • Direct compensation • annual salary, hourly wage, profit-sharing bonuses • Indirect compensation • legally required protection programs (SS, unemployment) • voluntary employment incentives (health insurance, retirement plans, paid leave)

  7. Developing a competitive compensation package • Understand the needs of your employees • communicate • review regularly • Understand the current labor market

  8. Stay Competitive • It doesn’t matter so much what your neighbors pay. It matters if they are more willing to meet your employee’s needs.

  9. Reputation The fastest way to get better employees is to be a better employer.

  10. 6 Steps to Being a Better Employer • Communicate More • Use Job Descriptions • Recruit and Hire the right people for the right positions • Provide proper training • Lay out the ground rules • Meet the employee’s needs

  11. Employee Communication • Communication forgives most sins. • the “hazard lights phenomenon”

  12. The Communication Test • Every person within your business should be able to make the following 4 statements: • I know what to expect. • I know what’s going on. • I know how I am doing. • I know how we are doing.

  13. Step 2: Use Job Descriptions

  14. Job Description • Basic framework for all HRM practices • Combines job analysis and specification to outline the entire position • Establishes goals and objectives • Always subject to change--should evolve with the employee and the job

  15. A Job Description • Should include: • Title • Position Summary • Qualifications • Opportunities and Responsibilities • Clear Performance Expectations

  16. Step 3: Hire the Right People for the Right Positions Not every person is well-suited for every position. Not every position is well-suited for every person.

  17. If you don’t have time to do something right the first time, how are you going to find time to do it a second time? • This is never more true than when talking about employee selection

  18. Evaluate the Applicants • Hurdles • -written applications • -written tests • -oral tests • -interviews • -practical tests • -reference • Job Preview • Let them interview you

  19. Step 4: Provide Proper Training

  20. The Training Process • Teach newcomers the language • Allow plenty of time • Be aware of business / community adjustments • Remember, everyone needs training • experienced new employees • inexperienced new employees • existing employees

  21. Step 5: Lay out the Ground Rules

  22. Don’t be put into a situation where it looks like you are making the rules up as you go along • Use clearly defined policies and procedures • Communicate those things to your employees • Allow your employees to have a voice when establishing these tools

  23. Step 6: Meet Your Employee’s Needs

  24. Compensation It’s not about money. It’s about meeting your employee’s needs • Communicate with your employees • components and details of current package • needs for future packages • Review your package regularly • Be flexible and innovative

  25. Everything about your compensation package sends a message.

  26. Use the right carrots • A compensation package must align with the business’s • mission • vision • values • People will respond to compensation incentives • you have to use the right incentives to get the right responses

  27. Situation

  28. Most situations can’t be controlled • Make an effort to allow positions to evolve with employees • Be flexible • Be innovative • Know when to cut your losses

  29. In conclusion, • Finding and keeping quality employees has never been more difficult. • With compensation, be more concerned with the employees’ needs than what your neighbors are paying. • Promote yourself as a valuable employer. • Understand that when situations change, so do work relationships.

  30. www.agmanager.info

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