It’s Not Only About the Money
Donna Rosa
Humanitarian award winner providing remote business coaching to entrepreneurs in developing countries and emerging economies. Founder and Chief Entrepreneurship Officer at EFour Enterprises.
Last month I wrote a post about how difficult it is for microenterprises in developing countries to attract and retain talent. I promised to follow up with no- and low-cost ways to do that. It comes down to making a company a nice place to work for employees, and it doesn’t have to cost a lot, if anything. These can and should be used as recruitment incentives as well as implemented business practices.
1. Offer Flexibility – A small business often can’t pay high salaries, but it can be adaptable. Entice good people with adjustable working days or hours, working from home, or accommodating special needs or schedules. This can be worth a lot to staff.
2. Smart Salary Structures – Offer ways that employees can boost their incomes if they create value for the enterprise. This might take the form of bonuses for bringing in great hires or meeting key milestones, as well as sales incentives or other service awards. Individual or team competitions can be used to reward revenue generation and reinforce productive practices.
3. Outline Advancement Opportunities – Show employees a clear career path so they can grow into roles they are passionate about.
4. Acknowledge and Reward Good Work –This doesn’t have to be monetary. Simple recognition goes a long way to boost morale for everyone and encourage successful ways of working.
5. Construct a Positive Culture – Treat employees well. Be supportive. Welcome engaged behavior. Maintain positivity—it’s contagious. Provide autonomy. Think about how you’d like to be treated.
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6. Foster a Team Environment – People feel included and want to contribute when they’re part of a team. Mutual support produces better results than working in isolation.
7. Support Good Causes – Staff feel good when they have a chance to give back to the community, and the business benefits as well. Or remake the business into a social enterprise.
The bottom line is to help employees feel good about working for the company. It's a win-win situation. After all, a great place to work is not that common and its value is more than just the salary.
Donna Rosa, Chief Entrepreneurship Officer, EFour Enterprises.com
Remote business coaching for entrepreneurs in developing countries and emerging economies