Female Founders Breaking Boundaries
Female Founders Breaking Boundaries
Using Rewards and Incentives to Attract, Retain, and Motivate Employees
When we bring on team members, they are bringing value into the business and in order for us to attract and retain them, we must provide value in return. Rewards structures are just one way we can provide that value and motivate employees to help the company reach its goals. This week’s episode 86 of Female Founders Breaking Boundaries is about misplaced reward structures - rewarding for performance that drives unethical activity!
Have you ever felt like you were WAY too busy, stressed out, burnt out, and overwhelmed, so you were advised to delegate some tasks to take things off your plate and free up some time? Except, maybe it didn't work. If getting out of the day-to-day in your business was as simple as hiring more people, then why are you still feeling overwhelmed and burned out? You are not alone! Sometimes, simply delegating tasks doesn’t work and instead shifts your workload from “doing” to “managing.”
I invite you to use the exercise that our own C-Suite clients use to take the first step in turning your team into a well-oiled, self-managed machine- and get you out of the delegation catch-22. Download the exercise here to get started!
In this episode of Female Founders Breaking Boundaries, I’m sharing how you can go beyond hourly and salary wages to reward employees financially and actionable steps you can take right now to be specific on the guidelines for your rewards to avoid unethical activity. Some of the things I cover in this episode are:
- Celebrating Melanie Perkins, founder of Canva, who, despite being rejected by 100 venture capitalists in her startup phase, turned her idea into a 26 Billion dollar company.
- Deciding if an hourly wage or a salary wage is the right fit for your employees.
- What offering bonuses, profit sharing, or equity compensation might look like in your business.
- The benefits of having a rewards structure in place and how you can match your rewards structure to very clear, specific outcomes.
- My thoughts on the messages I told myself about what I could and could not do that held me back (& what I am doing to make sure my kids don’t do the same).
When you have a well-crafted rewards structure in place, even if your employees aren’t 100% motivated by money, you’re going to encourage the right type of activity that gets you closer to your goals.
Thanks for listening! Be sure to tune in to all the episodes to receive tons of tools, advice, resources, support, and encouragement that resonates with the modern businesswoman and to hear even more about the points outlined above.
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Learn more about Female Founders Breaking Boundaries and Casey at https://c-suiteboutique.com/podcast/
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LINKS MENTIONED IN THIS EPISODE:
Ep. 16: Using Time Blocking to Save Your Sanity
Ep. 39: Accountability is Key