In Corporate America, it’s typical to get a set percentage raise based on experience and performance and it’s usually at a set time of the year. It’s something many look forward to and hope happens each year. For the rest of the year though, it’s pretty typical for businesses to lack incentives.
As a real estate investor and entrepreneur, you typically have a small team and the culture is much more personal compared to a large company. With a small team, everyone works together and you’re able to get to know each other on a more personal level. This change allows you to figure out the motivating factors so you can be the best boss you can be to each of your team members and you can additionally incentivize them in a way that truly matters to them.
Everyone is motivated by money to a certain extent but that’s not the driving factor for many.
- It could be positive praise on a job well done.
- It could be awarding them an extra day off.
- It could be providing them with an opportunity to rise within the company.
- It could be paying for a gift they’d never buy themselves.
- It could be pizza brought in on a stressful day.
- It could be having a team building day where you go out and do something fun instead of being in the office.
Instead of only thinking about rewarding them financially, take the time and see what they would appreciate for incentives.
A team member who understands your business, fits into culture, and has the same core values is not something you want to take for granted. The process of firing and finding a replacement and then training the new hire is a costly process.
Create a culture that you are proud of. With the right culture, you’ll only enhance their loyalty and happiness at the company.