This Business News Story Was Uncovered By Us From: https://blog.eonetwork.org/2019/08/greater-retention-offer-stake-company/
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Written for EO by Jeff Thompson, managing partner at Windermere Group One (WGO)
What do 9-to-5 office workers and rock stars have in common? Maybe not much on the surface, but their incentives should be similar. Though each member of a band brings unique skills to the enterprise, they have to pull together as a team to make better music than the competition. When they hit a groove, they all ride the wave—and if they can’t get the next gig lined up, they all suffer.
Contrast that picture with an all-too-typical corporate scenario. Many employees just come in, do a job, and get their paycheck and perks. They feel zero ties to the company because they’re not impacted by its success. Eventually, they’ll ditch the band and look for the next big thing.
This philosophy of one-step-removed workers doesn’t promote employee retention or loyalty. What does? Giving personnel a stake in their employer’s total economic rise or fall through ownership.
When Incentives Do More Harm Than Good
To be sure, many founders and CEOs balk at the notion of giving workers an ownership stake. They prefer the old-fashioned methods of incentivizing workers by offering monetary rewards for a job well done or for bringing in new hires. Here’s the problem: This method does nothing for the good of the company.
When my company did this, we noticed that workers tended to send anyone our way just to snag a monetary reward—even if they weren’t confident in the recruit’s ability to benefit the company. It’s like an example from Intel that Dan Ariely describes in “Payoff: The Hidden Logic That Shapes Our Motivations.” During an experiment, Intel offered employees a significant bonus to hit a stretch quota. Though the employees met the goal, the… Read More
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