Dave Ramsey's Entreleadership: Money Isn't Everything
Tuesday, July 5, 2016
By Dave Ramsey
One of the keys to building a dedicated team that will pull together and do whatever it takes to get the job done is making sure they’re properly compensated. Treat your staff the way you would like to be treated, and you’ll find yourself surrounded with passionate people who willingly go the extra mile.
A good compensation plan motivates and encourages excellent performance. While salaries and great commission structures are a big part of making this happen, other things like profit sharing, raises and unexpected cash bonuses should also be part of your strategy. But did you know studies show non-cash rewards can be just as important? And the good news is you don't have to break the bank to offer them. When it comes to this sort of compensation, a little creativity goes a long way.
Exercise a little flexibility
Giving your team the option to choose a specific set of work hours is becoming more and important. In a world of long commutes, crazy family schedules and year-round school calendars, establishing flexible work hours is important. Remember to set specific, understood parameters, so you’ll be able to conduct business as usual.
Make sure their stomachs are full
Back when I first started my business, we hosted an occasional company-wide potluck meal. Not only was it in inexpensive way to celebrate, but I also noticed it served as a great way to build relationships. Today, we cater monthly lunches for the entire company — more than 500 team members. It took us a while to grow to that point, but whether it’s a big lunch, a gift card to a favorite restaurant or celebrating birthdays once a month with cake and ice cream, people get excited about free food!
Additional time off
After they’ve completed one year with the company, each of our team members earns one additional week off to work with a certified ministry of their choice. Team members must submit their activity proposal for approval. Allowing them to make a significant, hands-on impact to a worthy cause while helping those in need enables them to come back inspired and spiritually refreshed.
Good, old-fashioned fun
We know we need to work, but most people I know are kids at heart. Connecting with that inner child can be a great motivator, and the simplest way I know to do that is by just letting go and having fun. Try scheduling unexpected things, like family movie nights at a local theater or renting an ice skating rink for a couple of hours. Summer outings and a Christmas party should always be on your list! This kind of stuff doesn’t have to cost a fortune, and the return on investment in terms of happy team members is enormous.
Creating an excellent overall compensation plan takes time, attention and careful planning, but it’s important to have a generous spirit toward those who help you win. So treat them well in all areas. You’ll live with fewer regrets, and you’ll profit more in all areas by attracting and keeping talented and passionate people!