7/26/2021 Tip: Labor Costs | Growthink

7/26/2021 Tip: Labor Costs

Today’s Quote

“I’ve learned that mistakes can often be as good a teacher as success.”
~ Jack Welch

 

Today’s Tip

In a world with a poor economy and uncertain economic outlook, the knee-jerk reaction of most entrepreneurs and business managers is to layoff employees and thus reduce labor costs.

While I agree that reducing labor costs is key, you can oftentimes do this by increasing the amount you pay your employees.

Take the case of The Container Store. This Texas-based company has a unique HR strategy. That is, they have just one employee for every three that their competitors have. But, they pay their employees double the industry average and spend 160 hours training them.

The result is that their employees are better trained and happier, and thus provide superior service at a 33% overall lower cost than competitors.

Interestingly, when The Container Store opened in New York City, it had 100 times more applications than available positions. With numbers like that, they are able to hire the best of the best each time.

 

Today’s Resource

[Training] How to DOUBLE Your Profits

Don’t you wish you could double your profits, and increase your income?

Here’s the solution <— Click Here

The “trick” is to make tiny improvements to multiple areas of your business, at once… 

Do that, and you’ll double your profits faster.

And I created this step-by-step training to show you how to do it right.

 

Trivia

Today’s Question: What principle states that “in a hierarchy every employee tends to rise to his level of incompetence?”

Previous Question: Marshall McLuhan was named as the ‘patron saint’ of which magazine that had his quote on its masthead for the first ten years of its publication?

Answer: Wired Magazine.

Wired has both been admired and disliked for its strong libertarian principles, its enthusiastic embrace of techno-utopianism, and its sometimes experimental layout with its bold use of fluorescent and metallic inks.

 

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