It’s Stephen Hunt, Managing Director of Hunt Hospitality International.
So the last few videos, we’ve focused on some really important things about building your team and building a concept.
We’ve got how you find the right team members, and share the same moral compass, we have the employee assistance program, we have the capital value of your team members. And we also have the training component training is as crucial as all they’re all invaluable. So now, you’ve got to give some away, and you’re not physically giving it away. But how do you retain those, those team members, now you need to buy-in from your team.
So there are two ways you can do it, you can get to include your team, in the process of being involved in all of the decision-making processes. And you can also have them involved by them investing in the business through an employee share scheme. So an employee share scheme is basically where you give shares to your employee, and through the profits that they make through those shares. They pay off their ownership of their shares.
Now, you will need a lawyer to go through this and make sure all the appropriate laws are ticked off because there’s a significant amount to it. But I found that an invaluable way, my Director of Operations and Marketing is an owner of the business. And what she puts into the business, she sees the value of unit prices going up and down and knows that she can be a part of it.
So I find that it’s a great way to get the best out of your team. As I spoke before, if people don’t have the money to invest in it, this is a good way to do it. But also some people don’t want to do that at all. So involve them in the decision-making process. When my team members are involved in the decision-making process, they will push that project and the success of that project or project harder than ever before, because they own it.
So you can have the physical component of owning, but you can have the moral part of owning where you contributed more because it’s your idea.
Thanks very much, guys, and I look forward to speaking to you next time. Cheers.