Since we’re just getting started with Dear Billionaire podcast, let’s look at the common terminology we’ll be using, and share some assumptions about whom we’re talking to, so we’re all on the same page. If this is you, then this is YOUR podcast!
• You have multiple homes
• You have Full-time staff
• You Hired, or are you ready to hire a full-time house or estate manager
• Or maybe You’re intrigued with the lifestyles of the rich and famous and want to gain insight into the dynamics of how their lives are managed.
Whether you’re an esteemed billionaire or someone who aspires to be one, we’re talking to you. Today you’ll learn how to take care of the people who take care of you and your family.
Results?
• Better service
• Avoid high staff turnover
• Lower your risk
I’m guessing that you’re listening because:
• Your stress is greater than your pleasure of owning these properties
• Mechanical issues have become costly due to proper maintenance
• Your property value starts to decline due to aged mechanical systems
It’s time to set yourself up for success to attract skilled staff and retain them. Before we do that, let’s clarify some terms:
• Homeowners are the same as principals
• Homes are the same as estates
• Estate manager refers to a luxury home and lifestyle manager, not a financial portfolio manager – although both are correct
• Private service professionals – the definition we’ll use here refers to anyone who works as an employee at your home, in other words, not a contractor or vendor. They are referred to as Service Providers.
Why does all of this matter? As your wealth and real estate portfolio grow, so does your risk of:
• Lawsuits
• Security and privacy breaches
• Theft Your household staff is one of the riskiest endeavors you’ll undertake.
So how do you lower risk, find the right employee, and retain them? That’s why we’re here… The great resignation is alive and well in private service. Barron’s Quentin Fottrell of MarketWatch, says that people have returned to work after the covid shutdown but are looking for happiness, stability, flexibility, and a good salary. There’s been a significant shift in the work culture and the demand for personal well-being is peaking. You’ll want to finding the right staff and then retain them.
Here’s why:
• Minimize costs associated with a high turnover – your time and recruiters’ fees to screen, background investigate, trial employment, onboarding, and training.
• It’s takes months or years to build a trusted household team.
• New people in your home are one of the highest personal risk to your safety and security.
• Long-term, trusted staff who feel valued, heard, well-paid, and appreciated want to provide the best service, and reduce risk and minimize lawsuits.
• Eliminates Bad press - Google celebrities who were sued by their housekeeping staff.
What makes staff leave?
Burnout, per Philipp Smith, Managing Director of Silver Swan Recruitment (they service the Middle East, UK, and US domestic staffing markets). Burnout typically occurs 12 to 18 months into the new employment term. Do you contribute to burnout - knowing or unknowingly?
Primary culprits are:
• Vague job descriptions
• Job creep
• Hybrid roles
• Long hours
• 24/7 service expectations
• Unrealistic service requests
• Staff who doesn’t feel valued (did you lay off during covid?)
More subtle causes of burnout that you might not be aware of:
• Buying alcohol or prescription meds for an addict
• Hide things or lie to a spouse
• Lack of control of personal time off
• You aren’t organized enough to turn over information to someone else
• No household management system
• Too much conflict between staff (or between principals)
• No staff training = not valued
• Recognition
Are you a Good Employer? Let’s test that. Do you:
• Communicate with them regularly? Weekly or more?
• Express appreciation? How often?
• Compensation (look at hourly wage + housing costs + expectations)
• Do they feel secure in their job?
• Guess-pectations. Do they have to guess at what pleases you?
• Do you give clear directives and deadlines?
• Do you expect 24/7 service and responses from only one person?
If you’re any of these missing key aspects, here’s how to remedy them:
• Use a time-tracking app
• Review staff regularly
• Ask them what they need from you to be successful
• Pay them hourly with overtime compensation
• Follow state and federal employment guidelines for rest and lunch breaks
• Provide a break room area, or somewhere they can have private conversations, as well as a personal locker
• Get a house management system so they can work autonomously
• Develop a 12-month maintenance calendar program
• Provide adequate funding to manage your expectations, purchases, and proactive maintenance.
• Refine job descriptions – no vague language
• Eliminate hybrid roles.
Remember, they aren’t paid parents. They excel in specific areas, and to be successful at those, they need to focus.
Remember, The Dear Billionaire Podcast was created to create win/win relationships between private service professionals and employers. Thanks for listening!
For more information, visit our Linktrees:
https://linktr.ee/dearbillionairepodcast
https://linktr.ee/estatemanagementsystems
