It does not matter how much you pay them, give them mentorship, opportunities etc. Life changes and so do people. Plan for their exit and always have a 2nd in place who is capable.
Don’t Hire Friends and Family
First we would not hire friends and family. Second, we would be more demanding of employees and not treat them as friends. We would have been more productive if we were somewhat sterner.
Don’t Hire Jerks
I would have a “no jerks” rule and use the probationary period to fire jerks, no matter how talented and skillful they may be.
Don’t Do An ESOP
I would not do an ESOP – there are simpler and more effective ways to share ownership with employees.
Don’t Know Much About Acronyms
Pick an acronym common in your industry and ask your accountant if (s)he knows what it means. If they do not, then you are using the wrong accountant.
Don’t Put Off Laying Off
I kept employees too long after the downturn. Should have laid people off early 2009 and did not do so until 15 mos. later.
Don’t Hire Part-Time Employees
Don’t hire part-time employees thinking you’ll save money over a full-time employee. Part timers have somewhere else to be and are less productive than the person trying to impress you to move up the ladder.
Don’t Assume Employee Management Is Easy
I thought employee management would be easy – it’s not. Take extra HR classes and be prepared for tons of employee drama.
Don’t Have Too Many Trainees At One Time
Don’t have too many junior employees or trainees at one time.
Don’t Hire Someone Less Intelligent Than You
Never hire someone who is less intelligent than you.
Don’t Be Cruel
Be kind to people always.
Don’t Keep The Disgruntled
Fire a disgruntled employee. Today. They poison the well and will never be happy, no matter what you do for them.
Don’t Keep A Wrong Partner
Not firing my partner when I knew it would be best for the business, in order to be fair to him. I should have let him go and continued on with the company I built.
Don’t Befriend Employees
Don’t think you are befriending your employees. They do not think of you as a friend and are there for one reason – to earn a paycheck. When they laugh at your jokes, it’s because they are plotting their next raise.
Don’t Under Value Your Staff
Don’t under-value your staff. Getting the right group of people who are self motiviated to get the job done, even if you have to pay them more, is what works best.
Don’t Share Personal Information
Never give a lot of details about family, friendships. Be very neutral as it can be used against you in certain scenarios.