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Podcast: How Can Jewelry Stores Stop Losing Their Best Employees?

The key ingredients are right culture, right incentives and right training.

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IN A TIGHT JOB MARKET where the average person seeks to “reinvent” themselves four or five times their career, what does a jewelry store have to do to keep its very best employees long-term?

That’s the focus of the fifth episode of JimmyCast from jewelry store trainer Jimmy DeGroot of jewelrystoretraining.com. Guest Brad Huisken of IAS Training drops in to talk with Jimmy and co-host Doug Meadows about the practices and policies that will give you a better chance of keeping key employees.

For Huisken (who is also a partner with jewelrystoretraining.com), the three key ingredients are right culture, right incentives and right training.

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A few takeaways from the discussion:

  • Don’t one-size incentives. If you were trying to decide on a $500 reward and offered your staff five different options — 1.) cash; 2.) paid time off; 3.) a gift the employee wouldn’t typically buy for themselves; 4.) $500 in store merchandise; and 5.) $500 in lottery tickets — there’s a good chance different staff members would select each of the the five options. Says Huisken: “Your goal should be to know your people so well individually that you know what moves them individually.” That will allow you to individualize incentives for each team member.
  • Too many jewelers avoid doing quarterly or even annual reviews with their employees because they’re afraid that a face to face discussion of performance means that they’re going to have to increase that employees salary. Big mistake, says Brad. He says: “I just don’t believe in giving a person a raise simply because they lasted another year. You know, god forbid, you’ve got a person that, all they do is answer the phone, but they’ve been with you for 30 years so they’re making $85 an hour.”
  • The problem is that too many employees end up not knowing how they’re doing, which is extremely demotivating. Says Brad: “I go into so many stores, and I say ‘How you doin’ around here?’, and they say ‘Well, I’m not really sure, I don’t get a lot of feedback. In fact, I’m not sure I’m doing a good job at all.’ And that’s just unfair to the employee.”
  • Instead of raises, Brad and Jimmy push incentives — with a combination of personal and team incentives. Says Brad: “You’ve got to have contests, incentives and games going on all the time, all the time, all the time. I think that creates a fun environment and a fun culture within the organization.”
  • Brad tells a great story of a business that had a chronic inability to sell old merchandise. The owner created a huge incentive — a trip to Hawaii if his employees could sell 15 pieces of dated merchandise per month. His staff rose to the challenge and they earned the trip. When the staff returned from their reward journey, the owner told the staff that from now on, since they had proven that they could sell dated merchandise, they would now be required to sell five pieces per month.
  • At the 26-minute mark, Jimmy gets caught up in the excitement of a discussion about the importance of training and extends a special offer to listeners for three months free training from jewelrystoretraining.com. Brad responds, “Gee Jimmy, I didn’t know we were starting a non-profit organization.”
  • One more incentive to train your people from Brad. Staff training is tax-deductible, “so instead of giving your money to Uncle Sam, you can invest it in your business”.

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SPONSORED VIDEO

Four Decades of Excellence: How Wilkerson Transformed a Jeweler's Retirement into Celebration

After 45 years serving the Milwaukee community, Treiber & Straub Jewelers owner Michael Straub faced a significant life transition. At 75, the veteran jeweler made a personal decision many business owners understand: "I think it's time. I want to enjoy my wife with my grandchildren for the next 10, 15 years." Wilkerson's expertise transformed this major business transition into an extraordinary success. Their comprehensive approach to managing the going-out-of-business sale created unprecedented customer response—with lines forming outside the store and limits on how many shoppers could enter at once due to fire safety regulations. The results exceeded all expectations. "Wilkerson did a phenomenal job," Straub enthuses. "They were there for you through the whole thing, helped you with promoting it, helping you on day-to-day business. I can't speak enough for how well they did." The partnership didn't just facilitate a business closing; it created a celebratory finale to decades of service while allowing Straub to confidently step into his well-earned retirement.

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