Increase Turnover By Paying Your Staff More!
Let’s all learn a priceless (no pun intended!) lesson from an entrepreneur who decided to turn the traditional concept of only paying staff a salary sufficient to retain them, to investing in giving his staff an excellent salary package to retain and motivate them.
Flies in the face of the age-old adage that financial reward is not a good motivator!
What is more fascinating is that to fund the salary hike, Dan Price took a $1 million pay cut himself, recognising that staff who do not have to worry about the financial pressures of life have less to worry about and more time for driving the business forward.
The results of the bold decision have brought very impressive results: Gravity Payments in Seattle have seen business treble, staff turnover reduced by 50% and staff engagement has increased by an amazing 76%.
Rosita Barlow, Director of Sales at Gravity Payments puts it nicely: “When money is not at the forefront of your mind when you’re doing your job, it allows you to be more passionate about what motivates you.”
Certainly makes you think about reward and associated commitment! To make your business fly contact www.davidsummertonconsulting.co.uk