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EPISODE IN BRIEF
In today’s episode of Coaching Conversations, Nick and Chris discuss recent news on the minimum wage increase and sort through strategies to combat the wage rise.
You may have navigated the past two years very well, but for those with staff doing low to medium skill level activities, it’s news that brings yet another obstacle.
So, if you’re a business owner and feeling a little unsettled by the government’s decision, this one’s for you.
The nitty-gritty of the minimum wage increase is coming up in this new episode of Coaching Conversations….
Time Code/Show Notes
0.26 Intro: Business coach experts Nick and Chris shed some light on the way forward and share some strategies to soften the blow.
02.20 Covid has devastated small businesses so it’s hard to reconcile this new increase with the pain of the past few years. But like GST, you must learn to accept it.
4.00 Change your mindset. What if you think of it as helping your employees realise this small reward. Think of it as alleviating some of the financial stress so they may be free to focus on the job – and less on an inadequate wage.
6.35 It is what it is. Accept it. Then think about how you will tackle it. How do you become more client-centric – how do you add value… how do you INCREASE your fees to combat the wage rise.
8.40 How can you become more valuable to your customers.
10.43 Nick encourages you to look at the increase over a year. Look at how you can manage that figure and split it up over that time and how you may make it back.
14.10 Observe the facts. Get out a calculator and figure out how much it will cost per employee. Don’t let stress snowball. Reverse engineer it over the cost of a 12 months…
15.25 Work on a deal. How can you create a win-win and base the increase on performance. Ask ‘are you really happy with a 5 percent increase…. What can you do to increase your value to me so I can look at a further incentivisation…’
Change the entitlement into an incentive. Or create a ‘Bonus’ structure.
18.00 Make it a performance-driven KPI and give them more. You can flip the mindset on it’s head.
22.10 Beware the employee who takes the hand out and does nothing to earn it. Do you really want those who do not add value to their talent and skills…
23.50 Nick talks about how you can pay your employees to work smarter not harder. How do you push them to earn bonuses not hand-outs…
25.25 Reach out to ask@upcoach.com.au if you have any questions and change your mind-set under the guidance of an extraordinary business coach.
EPISODE SUMMARY
It’s all in the re-think. The way you manipulate your mindset to change entitlement into an incentive. Have awareness – have acceptance.
Ask yourself… how can you increase more value on the front end – from the people who are buying products from you…
Calculate the percentage increase over a year – then multiply that by the amount of product you need to sell.
And do a deal with your employee around their performance. Incentivize an increase instead of it being a seen as a handout…