HOW TO TRAIN EMPLOYEES LIKE AN EXPERT | Hiram Algarin | TEDxFishtown
Summary
TLDRHyrum 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.
Outlines
👋 Introduction and Personal Background
Hyrum Algren introduces himself as the president of two financial companies, earning seven figures annually. He also mentions his involvement in various nonprofit organizations aimed at helping people. Hyrum highlights his roots, coming from a family of migrants who worked hard in the Bronx, owning restaurants and catering companies. His parents were focused on building relationships with their employees, which became a core value he adopted in his business endeavors.
🏡 The Importance of Inviting People Into Your Mindset
Hyrum emphasizes the need to invite people into your mindset and home. He believes building relationships with employees goes beyond superficial activities like social outings; it involves creating a deeper connection. This connection, based on a shared vision and goals, is crucial for developing a team that is aligned with the company’s mission.
💡 Inertia and Shared Visions in Business
Hyrum discusses 'inertia,' a term he uses to describe the power of creating relationships that encourage employees to share the same visions and goals. He stresses that fostering this shared vision is essential for employee retention and engagement. By letting employees into 'your house,' which symbolizes your mind and heart, they become more dedicated to the company’s success.
🚫 Eliminating Gossip and Encouraging Ownership
Hyrum explains that by sharing company visions and creating a strong relationship with employees, gossip and toxic behaviors, such as coffee clutching and water cooler gossip, are minimized. Employees begin to take full ownership of their roles and responsibilities, contributing to the company’s growth and success with a sense of purpose and accountability.
👥 Growing the Company through Relationship Building
Hyrum recounts how his company started with only three employees, whom he invited into his 'house,' making them understand the bigger picture beyond just their job functions. This transparent and inclusive approach helped these employees learn every aspect of the company, from entry-level tasks to executive roles, fostering their loyalty and commitment.
🏦 Applying a Membership Mindset to Employee Engagement
Drawing parallels to credit unions, where every member feels important regardless of their financial status, Hyrum emphasizes the importance of making employees feel like they are part of something bigger. He believes that fostering this sense of belonging is crucial in building a dedicated workforce, much like how people want to belong to fraternities or sports teams.
🚪 Opening the Door to Growth Through Referrals
Hyrum shares how his company grew from three to twelve employees within six months without any external job postings. All hires were made through referrals, highlighting the strength of the internal team and their belief in the company’s vision. Employees were eager to work longer hours and fully commit to the business because they felt included in the company's direction.
🔄 Changing Toxic Work Environments by Sharing Vision
Hyrum addresses how employees can become disgruntled and perceive the workplace as toxic if they feel excluded from the company's vision. By inviting them into 'your house' and sharing your goals and purpose, you can change their perspective, creating a motivated and engaged workforce willing to go the extra mile for the company.
🚀 Final Advice: Let Employees Into Your House
In his concluding remarks, Hyrum advises CEOs or aspiring CEOs running seven-figure businesses to let employees into their 'house.' By sharing your mindset, vision, and passion with them, you foster loyalty and dedication, ensuring the success of both the employees and the company.
Mindmap
Keywords
💡Mindset
💡Relationships
💡Inertia
💡Vision
💡Retention
💡House
💡Ownership
💡Non-for-profit organizations
💡Growth
💡Toxic work environment
Highlights
Hyrum Algren introduces himself as the president of two financial companies making seven figures per year and working on various non-profit organizations.
He emphasizes the importance of inviting people to your mindset and home to create strong connections.
Algren comes from a migrant family who worked hard in the Bronx, running restaurants and catering companies.
His parents built strong relationships with employees by inviting them into their home and sharing their vision.
The key to successful employee retention, according to Algren, is building relationships based on shared goals and visions.
He introduces the concept of 'inertia,' describing it as the power to create relationships where employees share the same visions and goals.
Algren explains that inviting employees into your mental and emotional 'house' fosters deeper connections and dedication.
Sharing visions with employees helps eliminate workplace gossip and encourages full ownership of responsibilities.
Algren’s companies grew from three to twelve employees, all through referrals, by focusing on building strong relationships.
He stresses that employees want to feel like they are part of something meaningful, much like membership in a credit union or sports team.
Training and teaching employees about the company's vision prevents them from seeking opportunities elsewhere.
Algren notes that employees showed increased dedication, voluntarily working longer hours and weekends.
Creating a sense of belonging in the workplace drives employees to go above and beyond for the company.
Disgruntled employees often result from feeling disconnected from the company's vision and work environment.
As a CEO, Algren encourages others to let employees into their ‘house’ to cultivate loyalty, engagement, and company success.
Transcripts
hello my name is hyrum algren
and today
i want to give you a little bit of
information on who i am
i'm the president of two financial
companies making seven figures per year
and we're also working on a lot of
non-for-profit organizations out there
to help out people
but one of the things that i want to
mention here to you today
is that you need to invite people to
your mindset invite people to your home
we're going to cover that we're going to
talk about that later on
but i'm a son of a migrant
family migrant parents
that work their tails off
in little old bronx
the most important reason why i'm
telling you this is because my parents
build relationship they build bridges
they own restaurants and catering
companies
but one of the main focus was on their
employees who they are
how they knew who they are
they would invite them to their homes
they would make them
believe in their visions believe in
their goals
and all this time my parents even though
they didn't have a big education they
understood
relationship building
as i started these companies out
one of the things that i want to make
sure that i focus on was building these
relationships
these relationships with your employees
are not based off how many times you
go out with them at night or how many
times that you have to sit with them
and try to do things that are
overwhelming but it's all about one
thing that we call inertia
inertia is the power to be able to
create
a relationship so that they share the
same visions that you share
the same goals that you share
so what we call the mind here and when
we start these companies we start really
really realizing how can we keep
employees that retention that they
connect with you
we started really focusing on letting
them in to our house
our house is our is our mind and our
hearts
how we share these things with them
will have them interact and really go to
bat for you when they're interacting
with an end user or a client
and this is a really big focus and the
reason why
is because it really eliminates the
coffee clutches and the water cooler
station gossip
our employees
anything that happens they take full
ownership
so as they continue to move on with this
company
by us sharing our visions it is
something that they can really move on
and continue taking your company and a
tremendous growth
we started with only three employees
these three employees we were able to
let them in our house so that they can
realize that there's a bigger picture
than just support
and and end user experience
or even somebody that just had an entry
level job
we taught them everything that they
needed to know from the bottom of the
company to the top position executive
parts of the company
we broke everything down for them we let
them know and let them understand what
is finance what is lending
so i want to share this with you because
we are in the lending space
if you ever done any interaction with
any credit union
they make you a member
it doesn't matter if you have millions
of dollars in the bank account or it
doesn't matter if you started out with
just five dollars in that checking
account
they make you a member and they make you
feel that you are big and powerful
and that is the same thing when it comes
down to the workforce we were able to
transfer that same style of membership
because everybody wants to be a part of
something
in colleges we want to be in
fraternities
in certain sports group we want to be
associated representing our cities and
states and where our these big nfl or
big nba teams are from
people want to be a part of something
your employees want to be a part of
something
but the moment that you put your defense
mechanism to not train and teach them on
what your house is thinking it's the
moment that you find that now people are
thinking that there's grasses greener on
the other side
so what we found is that in a matter of
six months when we started with three
employees we then moved up to 12.
we never put any type of job offering on
any of these big platforms because it
was all referral based
we started finding out that our
our our teams and our employees wanted
to work longer
they wanted to commit to saturday hours
when we were only working from nine to
five monday to friday we were finding
people that were really dedicated and
all for the simple reason that we let
them in our house
the point is
a lot of times we find employees that
are disgruntled because they think that
their job their work environment is
toxic
change that around let them in your
house
the more that they can share that vision
that go that fire
they will go to back for you and make
sure that you and your company is
succeeding
so with that being said
do not hesitate
as a ceo in the making or even a ceo
operating seven
figure businesses
let them in your house
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