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SIX STEPS TO SCALE PEOPLE, PERFORMANCE + PAY.
Struggling with scaling your team? Does it feel clunky, chaotic and costly? Creating a successful business, one that can scale requires careful planning and strategic management of your most valuable assets: your people. Here are six simple steps to help you build a thriving work environment, one that you can better budget for!
1 // DEFINE YOUR BUSINESS'S VALUES AND LONG-TERM GOALS
Clearly articulate the principles that guide your company's culture and establish long-term objectives to provide a solid foundation for your team's growth.
2 // ASSESS THE SKILLS AND EXPERIENCE OF YOUR CURRENT TEAM
Identify the strengths and weaknesses of your team, and pinpoint any skill gaps that may hinder your company's progress.
3 // SET OUT THE HIERARCHY, ROLES + RESPONSIBILITIES
Clearly define the organizational structure, roles, and responsibilities for each position to ensure a smooth workflow within your company, otherwise known as a job profile.
4 // DRAFT A FAIR AND COMPETITIVE PAY SCALE
Develop a pay scale that reflects the value of each role within your organization, promoting fairness and competitiveness.
5 // CREATE A CAREER PATH
Establish a plan for employee growth through training and development, providing a clear career path for advancement within the company.
6 // TRACK PERFORMANCE + PROVIDE FEEDBACK
Implement a robust performance management system to monitor employee progress and provide constructive feedback for continuous improvement.
BONUSES + INCENTIVES
Bonuses are a great way to incentivize employees and secure top talent. But bonuses aren't just for the bigwigs - even Founders of scaling businesses can use bonuses to improve employee morale and retention.
The key is to bonus the right things.
For sales teams: Base bonuses on gross sales, unit sales, or pitches.
For customer service teams: Consider bonuses tied to renewals or referrals.
For production teams: Explore bonuses related to process or labour efficiencies, or reduced waste/loss.
Consider rotating incentives monthly, but always measure impact and return on investment. Creativity is essential when it comes to bonuses, which can take the form of money, gift cards, trips, dinners, stocks, benefits, pension plans, or investments. Involve your team in the decision-making process, emphasizing that teamwork leads to shared success.
Remember, the key to a successful incentive plan lies in understanding what motivates each of your team members. Knowing their driving factors makes it easier to design a plan that encourages them to reach their respective goals eagerly.
ABOUT TAUNYA WOODS RICHARDSON
Taunya is well-known for her straight-shooting, bottom-line-building approach to founder finance. As the Founder of Nail The Numbers, she brings 30+ years of experience in entrepreneurship, finance, and neuroeconomics to our mission of strengthening the minds and bottom lines of Founders across North America.
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