Heyo!

Welcome to the $100 MBA show, your regular business workout with our practical business lessons.

I'm your host, your coach, your teacher Omar Z-home, and today is Q&A Wednesday where I answer a question

from one of you, one of our listeners.

If you got a question you want to ask, go ahead and email me over at omar at 100MBA.

Today's question is from Lloyd and Lloyd asks, ohmar, I'm in a highly competitive market

and I have been running my business for about seven years now.

My question is around team and keeping my players on my team.

How do I attract and retain top talent in a competitive market?

This is such a solid question by Lloyd because if you've been around in business for

two, three, four, five, ten years, you know this problem.

I know this firsthand. I've had team members that have stayed for very long time, five, six, seven years.

I've also had team members that have left after a few months have been poached by other companies

Competitors not competitors you want to keep your team members you're going to retain them as much as possible for two big reasons one One, when you hire anybody, there is an ignorance debt you have to pay off,

meaning they have to be trained, they have to be on-boarded. It takes weeks, months, even a year sometimes for them to ramp up and be at their best

at their position.

So you don't want to pay that debt over and over for the same position.

Secondly, just like money, relationships over time compound in value.

The longer somebody stays on your team, the more valuable they become to your team.

Because it's a relationship.

If somebody's been in your company for one month,

they're less likely to stay for three years

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