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In this episode, Founder and CEO of Practice Freedom U, Jamey Schrier, talks about hiring and retaining staff. Today, Jamey talks about changing how business owners see employees, the 3X rule, and digging deep to find clarity. What can business owners do to hire the right people? Hear about the importance of being inspired by your vision, successful marketing strategies, slowing down the hiring process, and get Jamey's advice to his younger self, all on today's episode of The Healthy, Wealthy & Smart Podcast. Key Takeaways "Besides you, your employees are the most important people in your business life." "Meet your prospects where they are." "Employees want to work for a company that has a purpose." "The first person your vision needs to inspire is you." "When clarity happens, you get power, you get confidence, and you get dialed in. When you have that kind of focus, that's where magic happens." "We've become infatuated with advancement. We've become infatuated with certifications." "Hire for traits. Train for skill." "If you are a business that's growing, then you can never stop looking for talent." "Having a process and slowing things down is critical." "Be vulnerable. Be open." More about Jamey Schrier Jamey Schrier, P.T. is a best-selling author, speaker, and Founder and CEO of Practice Freedom U, a business training and coaching company. Jamey is a former private practice owner, and his book, The Practice Freedom Method has helped scores of practitioners Treat Less, and Earn More, and enjoy a life they deserve. Suggested Keywords Healthy, Wealthy, Smart, Business, Hiring, Employment, Purpose, Vision, Values, Inspiration, Interviews, Focus, Strategies, Marketing, Get $200 off Jamey's Course To learn more, follow Jamey at: Website: https://www.practicefreedomu.com LinkedIn: Jamey Schrier, PT Facebook: Practice Freedom U Jamey Schrier Twitter: @JameySchrier Instagram: @JameySchrierPFU Subscribe to Healthy, Wealthy & Smart: Website: https://podcast.healthywealthysmart.com Apple Podcasts: https://podcasts.apple.com/us/podcast/healthy-wealthy-smart/id532717264 Spotify: https://open.spotify.com/show/6ELmKwE4mSZXBB8TiQvp73 SoundCloud: https://soundcloud.com/healthywealthysmart Stitcher: https://www.stitcher.com/show/healthy-wealthy-smart iHeart Radio: https://www.iheart.com/podcast/263-healthy-wealthy-smart-27628927 Read the Full Transcript Here: 00:02 Hey Jamie, welcome back to the podcast. I'm happy to have you on I think you're quickly becoming my most regular guest and I'm really happy and thankful for it. So welcome back. Oh, thanks, Karen. I 00:14 appreciate being invited back and I am honored to be a regular it's like the old school while I'm dating myself here with the Johnny Carson Show. I mean, that's, that's going back and I don't want to date either one of us, but it's like, you know, the regular guests that's on there. They can't find anybody. There. Schreier. He's a felon. He didn't come in there and fill up some time. 00:38 Oh, that's so funny. I think I was watching Seth Meyers and Rachel Drac was on and that's what they said, Rachel Drac is like, you know, someone else was supposed to be there. But I don't know if they got sick, or they couldn't make it. And so they called her that afternoon. She was like, Sure. Tell me about her. 00:55 Oh, I've watched a sports show called PTI. Pardon the Interruption around it takes place right in DC. And one of the guys is called Phil and Frank. It's like, if they ever need anybody, someone's out sick. You know, Frank, I saw he, he jumps in and fills in at any, you know, at a moment's notice. So, you know, I don't know if I'll fill in Jamie. But well, well, you're 01:17 not, you're not filling in, you're just a regular guest. 01:22 Thank you, thank you, 01:23 not a fill in. It's just a regular guest. So today, we're going to talk about something I don't think I've really talked about on the podcast, at least, I can't remember talking about this in great detail. And that is, how to hire people how to retain staff, which, you know, as we were speaking before we went on is a problem, not just in physical therapy right now, but in a lot of industries across the board around the country. So let's dive in. So you have four surprisingly simple ways to hire and retain staff. So let's get to it. 02:03 Yeah, I mean, you know, as we know, it's a difficult marketplace. And I think, you know, this shift isn't just a shift that is, oh, they're gonna have a shift, and it's gonna be all fine tomorrow. No, I'm not gonna say it's not a permanent shift, as far as we're always going to have this difficulty, you know, really finding good people. But I do think it's a shift that is going to stay around as far as what people are deeming important, what people are deeming valuable. And I think it's important for us in the hiring marketplace, that we begin to shift how we as business owners, and that's kind of the position, I always come from being a business owner, and you being a business owner, is how we need to shift our way how we think about employees. You know, it's interesting, you know, I speak to so many people every day, every week, whether there are clients or, or just people out and about and in the business industry, and, you know, I can't tell you, Karen, how many times people talk about employees as a cost, right? It's like, oh, how much are they going to cost and, and I don't know if I can afford them, and all they care about is wanting more money, and this and that, and, um, you know, and it, it kind of, it hits me, because I think the first thing we have to do collectively, at least as a group of business owners is start to shift that your employees besides you, your employees are the most important people in your life and your business life. And if you don't mentally look at them as an investment, just like you look at any other investment you're doing, that will bleed into other things. It'll bleed to how you treat them, it'll bleed into some of the things you say are some of the things that you create or benefits or whatever the case is. And I've seen that so often, I used to do that, because I used to kind of think that way is they were a cost come in, do your job, shut up and just leave me alone type of thing. And you know, that is not the right way. It's never been the right way. But now more than ever, that's kind of the premise of all of this is shifting in these people are an investment. And investments are things that you want to nurture. You want to help you want to grow, you want to be assets. And I think it takes that fundamental shift before anything, because if not, everything just becomes an empty strategy or something but it won't hold. It won't have teeth to it. If there isn't that shift and how we think you know what I mean? 04:54 I do I do and I think that's a really great distinction that you made that you for employers to look at their employees as a real investment, because if that employee is nurtured and you help them grow, if they can help grow and expand your business in ways that you never thought could even be possible. 05:17 Exactly. And it sounds simple, it's easy to read in a book or listen on a wonderful podcast, but actually doing it in the moment is not as easy to do. Because we have wiring ourselves, we have thoughts, we have biases, we have upbringings and influences in our lives, as we all do. And these things, you know, whether you call them, you know, limiting beliefs or negative biases, we have all of these things that start to affect how we think and how we communicate. And how we ultimately, you know, put into action, some of these things. And if you don't feel that way, you don't think that way, it will come out, during how you interview how you post an ad. I mean, you know, I can be very honest with you, I know, you know, my ads used to be going on, I don't even know if it was indeed at the time, but going on whatever the latest thing was Craigslist or something, and just looking at another company and just copying their ad. I mean, I didn't know what to say, I didn't really know what I was doing. But I just thought, hey, if the hospital, you know, put an ad up, they must know what they're doing. Because they got you know, a lot of money and they hire good people. So my ad was basically a hospital ad. And what's interesting is, so many so many people continue to do that they, they put up some vanilla job ad on indeed. And they're like, well, this used to work, it ain't working anymore, you cannot do that anymore. It's not going to get you people, and it's certainly not going to get you the right people. You know, the real, the real thing right now is, you know, truly differentiating yourself leading with the positives. And, you know, I know we'll get into this in a second, but really looking at these people looking at these potential employees as investments and learning, how do you meet them? Where they are, right, there's an old marketing term is, you know, you know, meet your prospects, where they are joined the conversation they're having in their brain, which really means is, understand them, perhaps better than they can understand themselves, do your do your research. And, you know, I never knew anything like that. But I think that that's, that's what we all need to do is pause for a second and really understand the type of person that we're looking for, and learn as much about them. And when you're able to do that, you're able to put together what's what's called an employee value proposition, you know, you've we've heard and and we talk marketing, your unique selling proposition, all kinds of different propositions, but this idea of a an EVP and employee value proposition, yes, our job is to seek out and actually sell people on what we have to offer, why they should buy quotes, what we're selling. And it is a different way of looking at it. And for a lot of people, it's uncomfortable, and it's like, I shouldn't have to do that as as some of the things I've heard, you know, I shouldn't have to do that. They should want to work for me, you know, we give the greatest care and, and we're the best at what we do. And we really care about our people and all that it's like, yeah, but so does everybody else. 09:08 That's what I was just thinking doesn't everybody? 09:11 Yeah, I'm okay. And I know you care just a little bit more than I do about quality care. And I know that I mean, but that's, that's the mindset we come with. What we don't come with is we need to put our best foot forward. And we need to understand these people that we are trying I know we hate the S word. But we are trying to I'll say the P word and said persuade them for coming to interview with us. And then if we liked them, persuade them to commit to working for us. And you know what, when you have the ability to get pretty much any job you want out there, you put a posting out that you got 10 potential offers maybe 20 You're in competition with A lot of other people, and you have to realize that and have to do the work. It's not hard work. But it's focused work to understand more about who you're trying to get than you ever needed to do in the past. So that's kind of the premise of the whole thing. Yeah. Yeah. So 10:19 I was gonna say, Is this part of these, like, we mentioned the top kind of simple ways to hire and retain staff, is this part of it? Or is this the background you need to do to get to? 10:32 I think, I think it's the background. I mean, if I mean, you could put it in there. But you know, for this for this conversation, I'm kind of setting the stage of, of the background of where people need to be coming from. I mean, the bottom line is, why should they work for you? It's really that simple. Why should they work for you, because they can work for someone else, no matter what you say, one an hour to an hour. But there's, there's already 10 other people doing the same thing. So you know, one of the things that now we're gonna get into the specifics, you know, one of the things we talked about, you know, we need to treat them like an investment. But it goes beyond that, we need to understand number one thing that every owner needs to do is understand what their worth is. I did some research on this. There's a recent Gallup poll. And they said 60% 64% of employees said that a significant increase in income and benefits. Was there number one won't. Now, which is interesting. It wasn't necessarily number one, a little while ago, it was never number one. For many years, it was never even a top five money was not the focus. Well, it is now and you can't blame them. Because let's say education is a fortune. Right? Some people No, in our industry are saying, it's not even worth it. If you look on paper, just money, you invest in education. And when you get it back, you might be in debt for 20 years before you actually pay it off. Depending if you have 234 100,000, you have inflation, it just cost more to live in some of these cities like yours, and mine, it costs a lot to live wow, you know, you adjust for the insurance that you get, if you do take insurance. It's not covering that. So they expect the employer to do that. So this, this question of, you know, what is their worth? I've heard from so many people that say to me, you know, I can't afford that. And I say, Okay, well, what can you afford? Well, I don't know. And there's the problem. You need to know what this person is worth to your company at the level that you want them working. So for instance, I like to use a three multiple and a typical outpatient example. So if you're a typical outpatient, orthopedics, not, you know, insurance based, most likely, but it really depends. And your multiple of salary, not benefits, not taxes, and it just salary. It has to be at least three times, meaning that if you pay someone 75,000, that person should produce 225,000 in revenue, a three multiple it's just a ballpark. Could it be less than a three? It could be? It really depends how what your expenses are like, what's your rent, like? 13:42 You know, your other overhead and all that kind of stuff to make sure that you can cover all that and still have money for profit, let's not forget, profit. If it's greater than that, you should be really clear you should be fine. So it's our job to really dial in, what can this person generate? And then use that ballpark three times to determine what you can afford. So this shines a light. Karen and I and I've had some recent conversations with people and analyzing their business is shines a light on people's business models, some people's business models, they have this altruistic will I want to do one patient an hour, I'm like, hey, you know, we don't tell people what your model should be. We just tell you whether it's going to be profitable. And it's going to achieve the goals that you want, especially especially to financial goals. So if you do one patient an hour at $100 a visit, I can tell you right now there is no way you're ever going to be able to afford the people to work for you. That stay with you. It's It's literally impossible, b…
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