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#818 - Andrew Wilkinson - How To Stop Feeling Like Your Success Is Never Enough
Modern Wisdom
Aligning Incentives and Structuring Remuneration Packages in Business
Effective alignment of incentives is crucial for fostering a motivated workforce. Providing remuneration structures that include performance-based rewards encourages employees to share in the success and risks of the business. Offering bonuses tied to profit, equity options, or ownership stakes can significantly enhance engagement and commitment among team members. Ensuring that employees have 'skin in the game' promotes a sense of accountability and connection to the company's goals. Additionally, thorough vetting of potential hires is essential; comprehensive background checks help avoid hiring individuals with questionable backgrounds. This process should include validating educational and employment history through in-depth references. These practices lead to a more dedicated workforce that values their contributions and remains invested in the company’s success.
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