Hello! Greetings to one and all. This is Jack Lookman welcoming you to our series:
Today's topic is:
Optimizing / Optimising Work Experience
This is an uncommon business model.
There are presumably a lot of unemployed graduates; they have skills but little or no experience. However, most jobs require experience.
The Graduate may not gain experience if he has no job.
This business model addresses that challenge. It could benefit the graduates, the employers, and even the creators of this business model.
The business model recruits suitable graduates or undergraduates, trains them via the use of digital courses, gives them the opportunity of practical experience, boosts their confidence and abilities, and will not pay them any salary.
Instead of a salary they get their portion of the profit sharing formula. This could be shared quarterly, every six months, every year, periodically or as agreed by the company. Some of our videos on profit sharing formula app could be checked on our YouTube channel. We aim to create the app shortly.
How does the business model work?
The business recruits suitable graduates or undergraduates, sorts out any legalities, trains them with the relevant skills and experience, works on their mindset, gives them relevant and measured tasks, supervises them as necessary.
Now instead of paying them, the work they do is quantified in terms of monetary value. This is then cumulated for profit sharing. The graduates or undergraduates continue to get their profit share for as long as possible. Please check the videos on profit sharing formula on our Youtube channel: ‘Curated Business Ideas’ Just do a search for profit sharing formula and Jack Lookman.
After some time the graduates or undergraduates may choose to move on. Some may remain and some may continue as a side hustle.
There shall be periodic reviews as necessary. Unproductive graduates or undergraduates shall be relieved of their positions.
What are the potential benefits?
- There will be low overhead costs for the business.
- Good work experience for the employees.
- Added value to society.
- Passive earnings from employees.
- Low budget training and development.
- Empowerment of staff - providing ladders for leverage.
- The business model could be replicated.
What are the threats?
- There could be trust-related issues.
- There could be resistance to change of the status quo
- There could be abuse of process.
- There could be sabotage.
- There could be challenges navigating a new phenomenon.
- Turn over of staff could be high.
- Inexperienced staff
- Constant retraining
- Lack of continuity
- High training budget?
Once you know the threats you could find solutions to mitigate them.
Expectation Management
- Terms and conditions shall be clearly spelled out
- This shall be updated as necessary.
- Conflict shall be avoided or mitigated as necessary.
- Systems and structures shall be in place through automation, etc
- Participants in the process shall have a positive and constructive mindset.
- Trust shall be of great importance and shall be one of the pillars.
- Integrity is also very important
- Time and resource wasters shall not be tolerated.
- Contracts shall be reviewed periodically.
- You could start with a short-term contract.
- Review contracts and the duration periodically - good performing officers maybe he started with a one month contract - this shall be increased to 2, 3 , 6 months, etc - underperforming staff shall be supported or sanctioned - they may get little or no profit share, they may be suspended or expelled.
Who are the target audience?
- These are graduates and undergraduates.
- Those requiring flexible side or full-time hustles.
- Those in geographical locations of interest or choice
- Those who have basic skills
- Those who have access to the internet.
- Those who are result-driven
- Those who have positive mindsets
- Those who are willing to to learn and take responsibility
- Etc.
Some profit sharing formula scoring metrics
- Time to accomplish tasks and targets
- Mindset
- Quality of work
- Competitive hourly rates for the role
- Quantity of work done
- Longevity in the business
- Reliability
- Etc
Monetization
- You could monetize by carrying out business activities as usual.
- The main difference is that your running and capital costs are probably going to be less.
- Sick leave could be tolerated and managed. This may be a legal requirement based on the status of the contract.
- Holiday pay, etc might not apply to your business. Check legal requirements.
- Your interns may be considered and treated as freelancers or interns.
- Your workers are compensated based on their input; the work input as well as based on success of the business or projects.
- Profits are shared fairly.
- Based on a transparent set of rules.
- The Profit Sharing Formula App methodologies shall be applied.
Key officers
- Human resources
- Project Manager
- Funding Manager
- IT manager
- Publicity Manager
- Social media manager
- Profit Sharing Formula Manager
- Etc
Most of these officers might do it as a side hustle and they also get a profit share rather than a salary.
Which businesses could this business model suit?
This business model particularly suits online and related businesses. For example, service based businesses, content creation businesses, social media businesses, offline businesses, etc.
Conclusion
As usual this is just an idea. It requires perfection and to be modified to suit individual preferences.
It’s presumably one of those ‘out of the box’ ideas.
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John Tosin Adekunle - Thank you for your input
Thank you very much for your time
This is Jack Lookman signing off.
Ire o (I wish you blessings)
Ire kabiti (I wish you loads of blessings)
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