We know that attracting the right employees and retaining them is front of mind for most business owners. That’s why this week Nana is in conversation with Danielle Mulvey, an entrepreneur who has cracked the code on recruiting and retaining what she refers to as “5-Star Employees”. Danielle also authored the book The Rapid Read Guide to The 5-Star Employee Rating System, and is currently co-collaborating with Wall Street Journal best-selling author Mike Michalowicz on a new book, to be released in Fall 2023.
You need to start with clarity on what you need from an employee. When you know exactly what you want then you’ll be able to focus on those skills and ignore those you don’t want. You need to set high expectations but also be reasonable.
A 5-Star Employee is a top 15% candidate who would be paid the same as a 3-Star employee and does the work of two other employees..
If you don’t have a team of 5-Star Employees, then the ones in the team who are underperforming, will demotivate those who are. When it comes time for someone to leave, unfortunately it will be the skilled employee who wants to move on to be part of a better team.
Coming out of Covid, people want to come back into the office and be part of a community again. In your workplace you are the one who sets the tone and can create that community by listening.
Remember that when businesses grow and scale, you might outgrow the skills of your initial employees.
The 5-Star system is broken down into: They share YOUR core values. They score 7 or higher on the 11 Qualities of 5-Star Employees. They meet or exceed your scorecard on the role-specific skills and aptitudes. They are committed and capable of meeting or exceeding the defined success metrics for the position. Their salary commensurates with a minimum 3X Return on Payroll because they are elite performers.
‘You need an environment where people can act the same way at work as they do at home’
‘If someone is not doing well in the position, they know, You don’t need 6 months to figure it out’
‘5-Star employees do the work of two or three 1, 2, or 3-star employees for the same salary you pay a 5-Star Employee’
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ABOUT THE GUEST
Danielle Mulvey is a former flight attendant-turned-entrepreneur who has cracked the code on recruiting and retaining what she refers to as “5-Star Employees”: game-changing, dedicated, hardworking people who make big plays and get real, consistent results. Never one to settle for average, Danielle has scaled her several companies to over $50 million in annual revenue while spending less than 10 hours each week overseeing their operations.
Danielle also authored the book The Rapid ReadTM Guide to The 5-Star Employee Rating System, and is currently co-collaborating with Wall Street Journal best-selling author Mike Michalowicz on a new book, to be released in Fall 2023, tentatively titled ALL IN: How to Get Your Employees to Act Like Owners. She also hosts the popular show Profit First Nation, the official podcast for Profit First.
Hosted by Nana Bonsu of Infinite Horizons, this show aims to serve small business owners who want to grow their businesses while reducing their own personal involvement. We do this through a combination of interviews with industry leaders, and host presentations. We are certified value builder advisors and leverage a statistically proven methodology to help clients such as you scale or transition their business to the next chapter.
We care for our listeners and see their dreams as our own. We aim to foster a community that embraces freedom, generosity, and integrity. This is a show by entrepreneurs and business owners for entrepreneurs and business owners.
ABOUT THE HOST
“I am an entrepreneur and ex-Corporate Executive who’s applying his experience and knowledge from working in various ways to pursue my passion of helping small business owners increase their choices in life by leveraging my knowledge and experience, their employees, systems and money. I help small business owners transform their business and increase value through action-oriented education and implementation of strategies and tactics to make their business sellable even if they are not planning on selling. Known for establishing an environment for personal growth and development. My multicultural background equips me with the intuitive understanding of different cultures and how they impact business owners.”
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