This sounds crazy, but it works. I allow my employees, for example, the use of my Rolls-Royces or Bentleys for their weddings. I permit them to stay at my homes around the world if they have performed well. Such perks are legal because I paid for them myself from after-tax dollars or pounds. -How to get rich, p.212 Continue reading Offer legal perks that you have paid for yourself to employees.
I once did so, like a fool, and twelve months later my company was forced to pay ludicrously high bonuses for a very small improvement in profit to six senior managers. -How to get rich, p.210 Continue reading Never delegate bonus arrangements
If you want your managers to concentrate on improving margin and profitability while growing the business, they have to feel the light is worth the candle. Pay them well for performing well. (They will have many excuses to make to their lovers or spouses for working late to achieve the goals you set them.) -How to get rich, p.210 Continue reading Make annual bonuses generous
They want security, respect, or the chance to learn or the opportunity to shine. -How to get rich, p.199 Continue reading For whatever reason, a surprising number of first-class employees are not overly motivated by money.
Ownership isn’t important, it’s the ONLY thing. Risk equals reward. “An honest day’s work for an honest day’s pay” is not risk-taking. If you work in my business, I’ll pay you fairly, try to make it a great place to work in, incentivize you if it makes sense for the company to do so, contribute to your pension, perhaps contribute to your health care and the health care of your family, teach you to grow your skills and thereby improve your personal net worth, ensure you have paidvacations, ensure you are not bullied or in any way discriminated against, and … Continue reading Don’t offer shares in the business to employees.
If you don’t they will resent you and blame any future failure on you. Let them experiment and come to their conclusion themselves. -How to get rich, p.144 Continue reading Permit young managers to make their own mistakes.
You must identify talent. Then you must move heaven and earth to hire it. You must nurture it, reward it properly and protect it from being poached. If necessary, dream up a new project. Better still, get the talent to dream it up. -How to get rich, p.107 Continue reading What talent seeks, as often as not, is the chance to prove itself and the opportunity to excel.
There is no substitute for talent. -How to get rich, p.105 Continue reading There’s only one talent you require. The talent to identify, hire and nurture others with talent.
It’s your responsability and your task. Nobody else’s. How to get rich, p.95 Continue reading You can delegate many tasks when creating a new business, but monitoring and forecasting cash flow is not one of them
Don’t overcomplicate hiring. (1) Hire someone who has done the exact task you need completed (2) Make sure they fit with the team Rinse and repeat. -Andrew Wilkinson Continue reading Stop Hiring Execs for Potential
Roadmap to Billions 