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

TEDx Talks

16 Mar 202205:01

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

00:00

👋 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

In the context of the video, 'mindset' refers to the mental attitude or approach a person takes toward challenges and opportunities. The speaker emphasizes the importance of inviting people into your mindset, which means sharing your vision, goals, and values with others to align them with your leadership. This is a key to building strong relationships and loyalty within a company.

💡Relationships

Relationships in the video are portrayed as the foundation of success, both in business and personal life. The speaker shares how his parents built strong connections with their employees, focusing on personal care and mutual respect. He emphasizes that building meaningful relationships with employees leads to higher engagement and commitment, which is vital for the growth of a company.

💡Inertia

The term 'inertia' is used metaphorically to describe the momentum or energy needed to establish and maintain strong relationships within a company. It refers to the continuous effort leaders must invest to align their employees with the company’s vision. The speaker suggests that this kind of inertia creates a shared purpose among employees, which leads to greater dedication and success.

💡Vision

Vision refers to the long-term goals and aspirations that leaders have for their company. In the video, the speaker stresses the importance of sharing this vision with employees, making them feel part of something bigger than just their daily tasks. This alignment with the company’s vision fosters loyalty and drives business growth, as employees work towards a common goal.

💡Retention

Employee retention is the ability of a company to keep its employees from leaving. The speaker discusses how building strong relationships and aligning employees with the company's vision enhances retention. When employees feel valued and part of a larger mission, they are more likely to stay with the company, reducing turnover and fostering a stable workforce.

💡House

In the video, 'house' is used metaphorically to represent a leader’s mind and heart—where their vision and values reside. The speaker encourages leaders to 'let employees into their house,' meaning to share their personal and business goals openly with employees. This openness helps to build trust and deeper connections, which in turn encourages employees to take ownership of their work and the company’s success.

💡Ownership

'Ownership' in this context means employees taking personal responsibility for their roles and the overall success of the company. The speaker highlights that when employees feel included in the company’s vision and are treated as members of a family, they are more likely to take ownership of their tasks, be accountable, and actively contribute to the company’s growth.

💡Non-for-profit organizations

The speaker mentions that his company is involved in non-for-profit organizations, which are entities that operate to serve a public or community benefit rather than for profit. This involvement highlights the speaker’s broader vision of giving back and helping others, aligning with his philosophy of relationship-building and contributing to the greater good.

💡Growth

Growth, as discussed in the video, refers to both the expansion of the company and the personal development of employees. The speaker describes how his company grew from three to twelve employees in a short time by focusing on relationships and shared vision. This growth is attributed to creating an environment where employees feel invested in the company’s success.

💡Toxic work environment

A toxic work environment is one where negativity, dissatisfaction, and conflict are prevalent, often leading to disengaged or unhappy employees. The speaker contrasts this with his approach of building positive relationships and sharing the company’s vision. By 'letting employees into the house,' he aims to eliminate the causes of workplace toxicity and create a culture of trust and shared purpose.

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.