HOW TO TRAIN EMPLOYEES LIKE AN EXPERT | Hiram Algarin | TEDxFishtown

Summary

Hyrum Algren, president of two financial companies, emphasizes the importance of relationship building in both business and personal life. Drawing on lessons from his migrant parents, who succeeded through strong employee connections, he discusses how inviting employees into your 'house'—your mind and vision—creates alignment and dedication. By fostering a sense of belonging and shared goals, his companies grew from 3 to 12 employees without external job postings. This culture of inclusiveness and shared vision not only eliminates workplace negativity but also drives employee loyalty and company success.

Takeaways

• 💼 Hyrum Algren is the president of two financial companies generating seven figures annually, also involved in non-profit work.
• 👨‍👩‍👦 He comes from a family of migrant parents who worked in the Bronx and were focused on relationship building in their businesses.
• 🏠 A key message is inviting people into your mindset and home, creating a shared vision and strong relationships.
• 👥 His parents built strong relationships with their employees, making them feel like part of a family and shared vision.
• 📈 Inertia is a powerful concept for Algren, helping create relationships where employees share the same vision and goals.
• 🤝 Building relationships with employees isn’t about casual socializing but about creating a shared vision and fostering ownership.
• 🏢 He started his companies with three employees and focused on training them from entry-level to executive positions.
• 🔄 Employees became dedicated when they understood the bigger picture, leading to referrals and organic company growth.
• 🔑 Creating a membership-style culture in the company, similar to how credit unions treat their members, fosters a sense of belonging.
• 💪 Sharing the company's vision and goals with employees prevents toxicity in the workplace and promotes retention and dedication.

Q & A

Who is the speaker in the transcript?

The speaker is Hyrum Algren, the president of two financial companies that generate seven figures per year.

What does the speaker emphasize about his upbringing?

The speaker emphasizes that he is the son of migrant parents who worked hard in the Bronx and focused on building relationships with their employees, despite not having a formal education.

What key lesson did the speaker learn from his parents regarding business?

The key lesson the speaker learned from his parents is the importance of building relationships, particularly by inviting employees into their home, which metaphorically refers to inviting them into their vision and goals.

What does the speaker mean by 'inviting people to your house'?

By 'inviting people to your house,' the speaker means sharing your mindset, vision, and goals with your employees, which fosters a sense of inclusion and commitment.

How does the speaker define inertia in the context of business relationships?

Inertia, according to the speaker, refers to the power of creating a relationship where employees share the same visions and goals as the leadership, which leads to higher retention and commitment.

What approach did the speaker use to foster strong employee relationships in his companies?

The speaker fostered strong relationships by educating his employees about every aspect of the business, from entry-level tasks to executive roles, and by treating them as part of a larger vision, similar to membership in a credit union.

How did the speaker's company grow in terms of employee numbers?

The company grew from three employees to twelve within six months, and this growth was driven by employee referrals rather than external job postings, which reflects the strong culture the speaker created.

What comparison does the speaker make between workforce engagement and other social groups?

The speaker compares workforce engagement to social groups such as college fraternities or sports teams, explaining that people have an inherent desire to be part of something larger, which applies to employees as well.

What effect did the speaker's relationship-building approach have on employee commitment?

The speaker's approach led employees to voluntarily work longer hours, including Saturdays, which demonstrates their increased dedication and belief in the company's vision.

What is the speaker's advice to CEOs or those aspiring to leadership roles?

The speaker advises CEOs or those aspiring to leadership roles to share their vision and goals with their employees, letting them 'into their house,' as this fosters loyalty and drives the success of the company.