Casual Cattle Conversations

Family Farm Compensation: Strategies for Financial Harmony from the Experts


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Season 7 || Episode 5 Tired of working all day for little pay and being told you are supposed to be proud of it? That’s the narrative many of us in agriculture grew up with, but it doesn’t have to be this way. Compensation is not only possible on family farms and ranches but also necessary. Elaine Froese, Farm Family Coach, and Lyndsay Seafoot, agriculture HR specialist, shared tips and strategies for creating fair compensation plans on family farms in ranches on Season 7, Episode 5 of the Casual Cattle Conversations podcast.

In this episode, you will be able to:

Uncover the untold advantages of farm compensation.

  • Establish fair policies for farm compensation with ease.

  • Overcome the challenges of determining fair farm compensation.

  • Shift your mindset to maximize farm earnings effectively.

    My special guests are Elaine Froese and Lyndsay Seafoot

    Elaine Froese, a farm family coach with a background in cattle farming, has established herself as a prominent figure in the family transition space. Residing in southwestern Manitoba, Elaine is known for her practical insights and expertise in addressing the financial and interpersonal challenges within family farms. Her extensive experience and commitment to providing valuable tools and resources make her a trusted source for family farm owners and operators seeking to navigate fair compensation and enhance financial stability.

    https://elainefroese.com/

    Lyndsay Seafoot, an HR consultant specializing in the agricultural sector, brings a unique blend of personal experience growing up on a hog farm and professional expertise in HR consulting. Based in southwestern Manitoba, Lyndsay is dedicated to supporting farms and agribusinesses in optimizing their HR functions, including compensation policies. With a grounded and approachable demeanor, Lyndsay offers relatable insights and actionable strategies to help navigate the complexities of compensation within family farms, fostering a more cohesive and prosperous working environment.

    https://www.curbridgeco.com/

    Elaine and Lyndsay offer practical solutions to help farmers and ranchers create harmony on their operations. They are effective leadership skills, experience with transition planning and agriculture backgrounds make them both valuable assets to the agriculture community.

    The key moments in this episode are:

    00:00:19 - The Influence of Red Angus Females in the Beef Industry https://redangus.org/

    00:01:27 - Importance of Compensation on Family Farms

    00:02:28 - Introduction of Elaine and Lindsay

    00:07:57 - Fair Compensation and Merit-Based Rewards

    00:11:59 - Initiating Conversations about Compensation

    00:14:57 - The Impact of Unstructured Compensation

    00:17:35 - Clean Accounting and Compensation

    00:19:35 - Determining Worth and Fair Compensation

    00:23:11 - Delayed Compensation and Fair Exchange of Value

    00:27:01 - Clarity in Compensation and Fairness

    00:29:29 - Understanding Different Needs and Compensation

    00:30:44 - Shifting Mindset Around Money

    00:31:20 - Challenging Unwritten Rules

    00:34:49 - Blowing Up the Ranch Mindset

    00:36:33 - Accessing Support and Resources

    Full Show Notes: https://www.casualcattleconversations.com/casual-cattle-conversations-podcast-shownotes 

    Free Weekly Resources: https://www.casualcattleconversations.com/ranching-resources 

    The easiest way to create a new revenue stream for your ranch is with LandTrust. Learn more here! www.landtrust.com/a/cattleconvos 

    Take Your Ranch to the Next Level

    Once a month Shaye hosts Q&A calls between cattle producers and beef industry leaders to help ranchers find answers to their questions and improve their bottom lines. The best part is you get expert insight from the comfort of your own ranch and get to ask any question you want relating to the topic!

    Learn More About RancherMinds: https://www.casualcattleconversations.com/ranchermind-events 

    Connect with me on Social Media

    Facebook - https://www.facebook.com/cattleconvos

    Instagram - https://www.instagram.com/cattleconvos/

    Podcast Coaching

    Do you have an existing podcast or want to start a new one but don't know where to start? Connect with Shaye and she will lay out everything you need to know to get you started on the right foot.

    Find podcast resources and coaching opportunities here! https://www.casualcattleconversations.com/podcast-coaching

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    Casual Cattle ConversationsBy casualcattleconversations

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