- Liz Elting was the co-CEO of TransPerfect, a global translation company founded in 1992.
- She set out to make her company the employer of choice in her industry.
- She stated that culture, training, incentives, and motivation are the keys to employee retention.
- This article is part Talent InsiderA series of expert advice for small business owners to address a variety of challenges in hiring.
Liz Elting set high standards when she was creating her company. She wanted to foster a work culture that encouraged employees to stay.
Her goal was to make “our company an employer of choice in our industry and ideally in any industry,” she told Insider.
While earning her MBA from New York University, Elting founded TransPerfect, a global translation company. For 26 years, she was the co-CEO of TransPerfect. America’s richest self-made womenAccording to Forbes, he has a net worth $370 million. Forbes. She sold her shares in 2018 For $385 millionPhil Shawe, her cofounder. Last year, the company had its first anniversary Reports $1.11 billion in revenue
Elting found that company culture and incentive programs were crucial to retaining its 5,000 employees. Elting stated that employees who don’t want leave are the most important and hardest part.
Here are her methods of training, offering commissions and setting expectations to increase employee tenure.
Continue to learn
Elting stated that once a company has hired employees, it is important to invest in their education and development. TransPerfect hosted annual conferences for both the production and sales departments. These conferences offered training in technology and sales; networking opportunities; and featured motivational speakers.
She said, “You need the best training available.” “Everyone we hired in sales had a month of training in production before they could be hired.”
Elting said that she continued to learn about the needs and wants of her staff by getting “lots of feedback” from them, then “when it’s not working out, I change it.”
Incentivize high performance
TransPerfect had a large sales team, and employees were paid commissions and incentives for achieving their goals. Elting was the leader of TransPerfect. It was a great motivator, according to Elting’s experience.
She stated that “if they weren’t great salespeople, they make less money than they would at other companies.” “But if they’re excellent salespeople, they make much more.”
Elting suggests that founders pay their employees based upon the success of each company. Elting stated that employees should be paid if their department is financially successful.
TransPerfect offered many perks, including a “Platinum Club”, which was open to top-selling salespeople. They also gave holiday season awards and offered phantom stocks, which are stock payouts that can be used without actually owning stock.
Elting stated that “Meritocracy” is essential because it makes people want to stay.
There has been a lot of criticism recently about the idea that people should get rewarded for their accomplishments. Experts such as the Yale Law professor Daniel MarkovitsAuthor Adrian WooldridgeThe researchers have found that meritocracy has contributed to America’s growing inequality gap.
Encourage work-life harmony
Elting encouraged her employees to be hard workers, but she also advised them to have boundaries and to prioritize their personal lives. Elting stressed to her employees that it wasn’t all about the hours worked, but the results.
She said that she used to tell employees to be intense so they could get out of there at a reasonable time. They generate revenue and profit, which they are rewarded for while still making time for their personal lives.
The founders and leaders of the company are key to creating a work-life balance culture. Healthy boundaries are a sign of a healthy boss Be an example to your employeesShe replied,
She said, “They won’t want your job if they’re on email 24/7/365 and through weekends.” “Compartmentalization is very important.”
