journey to your freedom - building and managing virtual teams
TRANSCRIPT
Building and Leading Virtual Teams-‐ Journey To Your Freedom
¡ Summer job in May 2000 ¡ 6yrs MRI -‐Rgl ROY, 3-‐time Rgl AE-‐
OY, Top 10 WW in 05 out of 4,000+ ¡ 5yrs running RayboyIS ¡ Over $7M career cash-‐in ¡ $964k cash-‐in 2011; $654k ytd 2012 ¡ Pinnacle Society 4/09, BOD 10/11 ¡ Specialize in a specific niche within
IT-‐ data storage/infrastructure ¡ Tour De Rayboy
¡ Do you want more money, with lower risk & higher reward?
¡ Do you want more time?
¡ Do you want more freedom, flexibility, and mobility?
WE GET TO DO WHATEVER WE WANT, WHENEVER WE WANT-‐ ALL THE TIME!!!!!!
¡ Jordan-‐ CEO/Rainmaker ¡ Jeska-‐ VP of Ops ¡ Christina-‐ Admin/Researcher ¡ Amy-‐ Project Manager ¡ Mark-‐ Project Manager
¡ 40hrs/wk X 50wks/yr = 2,000 hrs/yr
¡ Want to make $1M/yr? Time must be worth $500/hr. If it’s not a $500/hr activity, I shouldn’t be doing it!
¡ Millionaires Ask “What’s it going to make me?”
Recruiting: ¡ Bring in the work (get JO’s) -‐ qualify hard, decide which work to focus on
¡ Air traffic control-‐ manage process from a high level-‐ identify & overcome obstacles
¡ Recruit on leadership searches ¡ Manage and develop client relationships ¡ Engage w/ lead candidates in final stages ¡ Close deals
Leadership: ¡ Determine firm’s vision, branding, and image to the
marketplace ¡ Set the strategy, and delegate responsibilities-‐
including daily goals/plan ¡ Set expectations and hold people accountable-‐
manage by the metrics ¡ Hiring & Firing, as well as performance management ¡ Coaching, mentoring, ongoing training & course
correction ¡ Motivate and inspire-‐ set the pace, and lead by
example
¡ #1 priority-‐ Keep Rainmaker focused on revenue production!!!
¡ Rule w/ anything financial-‐ Money into the account-‐ Rainmaker; Money going out-‐ VP-‐Ops.
¡ Payroll-‐ salaries, commissions, bonuses ¡ Banking-‐ bill pay, expenses ¡ Taxes/Book-‐keeping/Accounting
¡ Insurance-‐ Health, E&O, General Liability, Life, DI
¡ Pension/Retirement Plans/Erisa Bonds ¡ Vendor Management-‐ ATS, Phones, Internet, Website, Wine
¡ Manage our lives-‐ anything personally that would distract Rainmaker from revenue production
¡ Activity tracking – RPM data entry ¡ Track all of the numbers for the year-‐ billings, cash in, activity
¡ Keep an up to date AR sheet-‐ make collection calls on overdue payments
¡ Update hotsheet daily and weekly point sheet ¡ Invoice all bills (bills and retainers) ¡ Keep track of all incentive plans and achievement towards those plans
¡ Update resumes in database ¡ Keep track of resumes sent out to clients-‐ make backdoor calls
¡ Put together fee agreements ¡ Send out emails-‐ confirmations, resumes, mass emails ¡ Check mail and deposit any cash-‐in checks into
business bank account ¡ Send all of Jordan & Jeska’s mail every couple weeks-‐
using Fedex account # ¡ Keep paperwork together for accountant, drop off to
accountant every couple weeks ¡ Send out bottles of wine for hires made ¡ Manage website-‐ keep all opportunities up to date ¡ Internet researching-‐ help make rollups, manage all
mass emails
¡ Source, recruit, and qualify candidates for search assignments
¡ Prepare Write-‐ups to present candidates ¡ To arrange, prepare, and debrief candidates for interviews with clients as directed by AE
¡ Manage candidate relationships ¡ Administrative Duties ¡ Daily Planning
¡ Owner provides value for a recruiter through:
§ Infrastructure (office/desk/phone, IT, etc) § Culture (training, advancement, relationships, etc) § Economics (commissions, equity, benefits, etc)
Recruiters will eventually ask themselves on some level-‐ what value am I getting for the % I’m giving away?
¡ JO worth 25% of CI
¡ Running process worth 10% of CI
¡ Recruiting Candidate worth 10% of CI
¡ Candidate Ownership worth 5% of CI
¡ Maximum total commission rate = 50%
Accelerators for AE’s ¡ CI of $0-‐$100,000 = 50% commission
¡ CI of $100,001-‐$200,000 = 52.5% commission
¡ CI of $200,001+ = 55% commission
¡ Recycles to 50% every calendar year
¡ 100% commission position -‐ no base ¡ $2k monthly advance against future commissions earned will be paid -‐ first month is non-‐recoverable, and all future months are recoverable
¡ Maximum advance at any given time will be $6k
¡ Minimum activity expectations must be met to receive ANY advance
Activity Bonuses ¡ $25 bonus for each first time face to face interview ¡ $50 bonus for each new JO you get w/ a new client (new fee agreement put in place). You must get activity on new JO to qualify for bonus
¡ $25 bonus for each new JO you get w/ an existing client (fee agreement that YOU already had in place)
¡ Must get activity on new JO to qualify for bonus ¡ Activity bonuses will be paid monthly
¡ Base salary (typically give 5% raise per year on anniversary date)
¡ 1% of all cash-‐in ¡ Additional 4% on all placed candidates she originally sourced (paid 2% from PC, 2% from AE)
¡ Additional 4% on all placed JO’s where she originally sourced JO lead
¡ $100 bonus on every invoice paid by due date ¡ FTSO bonus-‐ split w/ PC on each sourced candidate that gets in process
¡ They respect what you inspect, not what you expect
¡ Most are like children-‐ they will get away with as much you allow them to
¡ Do I have your permission to hold you accountable?
¡ Hold them to their goals, not yours
¡ Dream-‐ what do they want to have, be, or do
¡ Develop PIG (personal income goal)-‐pre & post-‐tax
¡ Based on commission % and ratios, determine billings, avg. fee, # of placements, down to # FTI’s & POEJO’s necessary per day/week
¡ Example-‐ W2 goal= $100k. 20% commission requires $500k billings. $25k avg fee = 20 PL. 10:1 FTI:PL ratio = 200 FTI/50 weeks = 4 FTI/week required. 2 POEJO:FTI ratio = 8 POEJO’s/wk.
¡ JO/PL-‐ 3.3
¡ FTI/PL-‐ 12.8
¡ FTSO/PL-‐7.1
¡ POEJO/PL-‐ 21.8
¡ 2012 Goal-‐ $1.5M Avg Fee-‐ $25k = 60PL ¡ 60PL x 3.3 JO/PL = 198 JO’s / 48 weeks = 4 JO’s/wk
¡ 60PL x 12.8 FTI/PL = 768 FTI’s / 48 weeks = 16 FTI’s/wk
¡ 60PL x 7.1 FTSO/PL = 426 FTSO’s / 48 weeks = 9 FTSO’s/wk
¡ 60PL x 21.8 POEJO/PL = 1308 POEJO’s / 48 weeks = 27 POEJO’s/wk
WEEKLY POINT SHEET
JO 1ST ACT FT Int FTSO POEJOs: 2ND SO PS DEAL Blended %
OFFICE 3 13 7 23
OFFICE Goals 4.0 16.0 9.0 27.0
Weekly % Attainment 75.00% 81.25% 77.78% 85.19% 81.40%
AMY 4 2 6
AMJ Goals 5.3 3.0 9.0
Weekly % Attainment 75.47% 66.67% 66.67% 69.60%
MARK 6 4 8
MS Goals 5.3 3.0 9.0
Weekly % Attainment 113.21% 133.33% 88.89% 111.81%
JORDAN 3 3 1 9
JR Goals 4.0 5.3 3.0 9.0
Weekly % Attainment 75.00% 56.60% 33.33% 100.00% 63.31%
¡ Focus on niche JO’s that leverage Recyclability ¡ Planning-‐ PC builds rollup list and writes mass email
¡ If necessary, Researcher sources additional target candidates (LI, boards, etc)
¡ Day 1-‐ Researcher sends mass, handle responses ¡ Planning-‐ PC reviews responses, stack ranks ¡ Day 2-‐ PC calls best prospective candidates ¡ Usually presenting candidates within 48-‐72 hours
¡ Intraday 3-‐way calls, IM/Email, Video Chat (Oovoo)
¡ Daily morning meeting-‐ group ¡ Daily afternoon wrap-‐up-‐ individual ¡ Weekly metrics meeting-‐ individual ¡ Weekly training sessions-‐ group ¡ Quarterly reviews-‐ individual ¡ Annual gatherings-‐ group
¡ Rock Star Trip-‐ $250k AE, $500k PC, 25% office contribution for researcher
¡ Weekly contest-‐ $25 for top blended (FTI/FTSO/POEJO) % attainment (must be over 100%, & must beat me!)
¡ Quarterly contest-‐ $100 for top % attainment of billing goal (must be over 100%)
¡ Activity Bonuses-‐ $25 FTI, $50 JO (new client), $25 JO (existing client), need 1st act
¡ $100 for admin for invoices paid on time
¡ Recently featured in stories with well known media outlets, including ComputerWorld, Monster, Yahoo, AOLJobs.com, TheLadders, TopTechNews, DataStorageToday, MultiPlatform.org, Techzone360, EnterpriseSecurityToday, NewHorizons, CivilianJobs.com, and others
¡ Instant Credibility when national and industry-‐specific media sources quote you as an expert
All
¡ Google “Storage Recruiter” or “Storage Headhunter”-‐ I’m #1 on both
¡ Professional Video
¡ RSS Feeds
¡ News Section-‐ fed by PR efforts
¡ Job Posting Section
¡ Candidates can apply/send resumes directly
¡ Phones/Internet-‐ Verizon wireless cell phones ($80 unlimited + $30 data) & air-‐cards ($50)
¡ I-‐phones for whole team-‐ so we can face-‐time as well. Buy the best Bluetooth!
¡ ATS-‐ PCR ASP model ¡ Laptop/Mini-‐Netbook (Lenovo x120e -‐11.6”-‐ under 2lbs, under $400)
¡ Printer/Scanner/Fax Machine w/ EFax ($180/yr) ¡ RPM Metrics Tracking Software ¡ Could consider VOIP phone system w/ call accounting software integrated into ATS
¡ Investing in our people and our business
¡ Regus Suites
¡ Going hard certain times of year and easing back/delegating certain times of year-‐ LIVING!
¡ Accountability Groups
¡ Leveraging time zones to your advantage
¡ Training recruiters face to face first
¡ Sending recruiters to a professional training company to learn foundational skills first
¡ Having multiple virtual team members in a single location
¡ Hiring virtual PC’s vs. AE’s
¡ Always being available to your people
¡ Empowering your people, and encouraging them to be proactive
¡ Eat what you kill
¡ Nurturing a company culture where if one person is successful, everyone is successful
¡ Having backup plans & technologies
¡ Unlimited vacation policy
¡ Helping your team make as much money as possible (including giving them a few layups)
¡ CANI
¡ Hiring Family/Friends-‐ that we trust implicitly
¡ One admin/researcher combo vs. two
¡ Wifey as VP of Ops vs. PC
¡ GONG!!! You like apples?
Recruiting-‐wise:
¡ Leveraging recyclability and dominating our niche
¡ Client & Candidate testimonials
¡ Working to develop numerous key accounts
¡ Working with smaller to mid-‐size clients
¡ Paying big base salaries/guarantees
¡ Hiring lazy people that lacked work ethic
¡ Hiring people with negative/poor attitudes that bring down the rest of team
¡ Hiring people who don’t have a positive and sustainable work environment
¡ Allowing poor performance to go unchecked for too long
¡ Not setting expectations and holding people accountable from the beginning
¡ Expanding too fast
¡ Constantly fishing for them
¡ Setting up a schedule that’s unsustainable
¡ Focusing too much on things that are outside of your control
¡ Must eliminate distractions-‐ professionally & personally
¡ Not separating church & state
¡ “The 4-‐hour Work Week” by Tim Ferriss
¡ The Businessman and The Fisherman
NO-‐ Try not!
DO! Or do not!
There is no try…