5 P’s of Employee Retention

Luis Scott

Luis Scott is the Managing Partner at Bader Scott Injury Lawyers, where he represents people who have been injured or disabled in severe accidents. He is also the Owner of 8 Figure Firm, which provides consulting services and insider knowledge to national law firms. As Bader Scott’s managing attorney, he handles over 150 employees and contractors and has led the firm to be recognized by the Atlanta Business Chronicle as one of the fastest-growing businesses in Georgia. 

Luis has received numerous awards and accolades, including Super Lawyers’ “Rising Star,” The National Trial Lawyers Association’s “Top 40 Lawyers Under 40,” and the American Institute of Legal Counsel’s “10 Best Attorneys in 2017” for workers’ compensation.

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Here’s a glimpse of what you’ll learn:

  • The importance of attracting and retaining employees
  • Luis Scott talks about the five P’s of employee attraction and retention
  • What is company culture?

In this episode…

One of the most recurring struggles of business owners today is attracting and retaining employees. How can you demonstrate your company’s value to your team?

Luis Scott lists five crucial components of attraction and retention. Aligning team members with their preferred projects strengthens fulfillment while empowering them with authority encourages initiative. Employees are more likely to feel respected and appreciated when you create an uplifting culture and pay them according to their worth. Cultivating partnerships with your key players helps them feel involved and allows them to make meaningful contributions.

Join Luis Scott in this episode of The Guts and Glory Show as he shares the five P’s for employee attraction and retention. He also shares his definition of company culture and why retaining your top people is imperative to a thriving business.

Resources mentioned in this episode:

Sponsor for this episode…

This episode is brought to you by 8 Figure Firm.

Co-founded by Luis Scott and Seth Bader of Bader Scott Injury Lawyers, 8 Figure Firm helps transform your law firm into a seven-figure or even eight-figure firm.

After their own law firm scaled from $3.5 million to $30 million in annual revenue in just two years, Luis and Seth started 8 Figure Firm to share their strategies and help other law firms achieve exponential growth.

Visit www.8figurefirm.com to receive a consult call and start scaling your business today.

Episode Transcript

Intro 0:00

Are you ready to make it rain? Learn from the best in the biz on how to take your business to the next level, you’re now entering the growth zone, on The Guts and Glory Show with your host, Luis Scott.

Luis Scott 0:22

Guys, welcome to The Guts and Glory Show. So excited that you’re here. I’m your host Luis and today I’m gonna have a short clip talking about the five P’s that you have to have in order to hire great employees and, or, and also in order to retain great employees. And I think that if you put these things in perspective, which is not one of the fees, but if you put this in perspective, and you put a plan in action, planning is also not one of the piece, you’re going to have a more successful outcome when it comes to the employees that you bring on and the employees that you retain, and your business. So the first thing that you want to do is when you have an employee, you want to make sure that you have the right project. So these are the tasks that they need to be engaged in. What should they be doing? What should they be working on, when an employee knows what they’re going to be working on, when an employee knows what their responsibility is, it’s more likely that they’re going to find that fulfillment in their job, they’re gonna find that fulfillment in what they do. So it’s really, really important that you have the right projects for them. And so that they know what they’re going to do. One of the feedback that we’ve gotten, and we have several 100 employees. But one of the feedbacks that we’ve gotten in the past is that people felt like they didn’t know how to advance in the company, people felt like they didn’t know how to get to the next level, people didn’t felt like they didn’t know what the the expectation was, or what does success look like? Or what how did they know they were doing a good job. And so having the right projects for the individual is going to provide a lot more clarity when it comes to their job, and what they should be doing. The second thing is having the right people around them now this word comes to culture. We hear this word a lot. The word culture and I don’t think people really understand what culture is culture is the way that your business operates. Culture is the way that people perceive the organization to treat its people, both from the organization to the people, but how do people treat the organization by does the organization love, respect, show grace and mercy to its people, and then do the people appreciate that love, respect, mercy and grace, and they reciprocate in kind, and I think that having the right culture around people will determine the the weather the retention of the employee. Recently, I was talking to a friend of mine, and he was telling me that he had left his company for a new company, because of higher pay. And that’s one of the most important things is is getting more pay. But he had left because of more pay. And he wanted to make sure that he was being properly compensated, but the new company he’s with is totally toxic. It’s inefficient, it’s being run terribly. And so he’s thinking about actually going back. And so we want to make sure that we have the right people around us. And we have the right culture. And one of the things that he mentioned, was that his boss was a tyrant. And his boss was disrespectful, and his boss didn’t treat people, right. So we want to make sure that we have the right people. So projects number one, people number two, number three is the right power. Now, this goes to authority, are we empowering people with the right level of authority? Do they know what they can and cannot do? Do they know what their their authority is as it relates to their colleagues, their subordinates, and then their supervisors and the people that they report to? And in some situations, if the person is not a leader, they may not have any subordinates. But we want to know what their level of authority is, what decision making authority do they have the the ability to make, and I think that this gives people a sense of, of security, because if a person doesn’t have the authority to select when they want to have PTO, if the person doesn’t have the authority to select where and when they should work, that’s going to change the way the dynamics of the business, so you want to make sure that you have the right authority. Number four is PE I wrote down prosperity. But PE is the fourth p is the money, right? If you want to retain people, you have to make sure you’re being you’re paying people market value. Here’s the interesting thing about about employees, and I’ve learned this over the years is that employees tend to want to get paid not based upon their work product or the value that they contribute, but rather based upon the circle of friends that they have, and the compensation that they make. And so what I find a lot, especially in the legal industry is you’ll have a legal assistant, who mingles with a lot of attorneys. And because they mingle with a lot of attorneys, they are accustomed to knowing people who make six figures. And those individuals tend to be the ones that always feel like they’re being underpaid. They’ll say things like, why does the attorney make $200,000 And I do all the work, and I get paid $60,000 What they don’t recognize is that the position is only worth $60,000 Because you didn’t go to law school. And there’s a there’s an inherent increase in value because you went to law school and became an attorney. Now that that may not always be the case. And there may some attorneys that are not worth 200,000 And I get that, but you want to make sure that you’re paying people Will market value and if a person believes that their lifestyle or their circle of friends require them to get paid more than they either need to elevate themselves to find a new position, or they have to go to another job, and so, but we want to make sure that the pay is correct. And then the last one is we want to make sure that we have the right partnerships. And that is that we have developed a a interdependent relationship with the employee, so that they feel like they are a co contributor, and CO creator. In the business, there’s nothing worse than being in an organization where you feel like you’re just a another piece of their operations machine. And that you play no significant part in the success of the business you want to be, you want to be a part of the success, you want to be a contributor, you want to be a creator, and you want to be part of what is happening to grow the business. And so if you’re an employer out there, if you’re a boss out there, make sure that you have the right projects for your for your team member, make sure that you surround them with the right people, and you have the right culture, make sure that you give them the authority that they they need to have so that they know where their authority lies, make sure that the pay their prosperity is in line. They know how to get the next promotion, they know how to get the next pay raise. And lastly, make sure that you’re partnering with each individual employee. And if you do that, you’re not only going to hire some great talent, you’re going to retain it. And the name of the game is retention. If you can retain your team, you’re more likely to be successful in the long run. And if you can’t retain your team, you’re more likely to be super inefficient. So with that, go out, make sure you hire, make sure you retain and make sure you create an environment where people love to work. Thank you for joining us on The Guts and Glory Show.

Outro 6:35

This show has been brought to you by 8 Figure Firm Consulting at 8 Figure Firm we help law firms turn into law businesses. Stop wasting your time with gurus who’ve never built a successful business. At 8 Figure Firm we’ll show you how to unleash the power of your law firm for personal and financial freedom. For more information go to 8figurefirm.com. You’ve been listening to The Guts and Glory Show for more. And to learn more about Luis hit the website at LuisScottjr.com for consulting opportunities, 8figurefirm.com That’s the number 8figurefirm.com We hope you’ve enjoyed this show. Make sure to like rate and review and we’ll see you next time on The Guts and Glory Show.