Hey everyone, it's Lorenzo and welcome to two Minute Tips on Hack Your Leadership
podcast. Today's two minute tip is brought to you by Lawrence frank Ketty.
Lawrence is the CEO of One Beat Medical. In this episode, Lawrence speaks
about building employee incentive plans. So check out the episode notes to find the
link to his LinkedIn page. My name is Lawrence frank Ketty, CEO One
Beat Medical, and you're listening to my two minute tip on Hacking your Leadership
Today. I want to talk about building an employee incentive plan that actually incentivizes
people to do their best work. We all know how tough it is to
find talent in a labor market like this, so giving people a reason to
not just stick around but excel is key for any business. My first tip
about creating a good incentive plan is actually talk to your employees about it.
Figure out what they want, not what you think they want. For example,
when I took over as CEO of One Beat, I run around the
office and asked employees what they wanted. Since many of them were parents,
having a child friendly workplace was at the top of their list, so we
made it clear that it was totally fine for people to bring their kids to
the office and they wouldn't get in troubled if Junior popped up in the background
of a zoom call. That improved morale a lot more than pizza parties or
a pinball machine. Not only did it show our employees we cared about them
as human beings, it also gave them peace of mind, which translated directly
into improved performance for all of us. My second tip don't be afraid to
admit when something's not working. Even the smartest, best intended ideas don't pan
out. Sometimes I'll share another example from personal experience. Since many of our
employees love growing plants, we briefly shot an office garden, but it turned
out people prefer to do that at home. Fortunately, we were able to
better use those resources elsewhere and reinvest in our employees, and that brings me
in my third tip. A good employee incentive plan is one that's updated at
regular intervals. We do an anniable review of ours because what our employees want
changes over time, their families change, their lives change, and because our
incentive plans due to we're able to make sure our people get what they want
so they can thrive. They can see how much we value what they do,
and that's motivated them to achieve some pretty exceptional results for our business over
the past few years. That's all for now. If you're interested in learning
more, you can follow me on LinkedIn at Lawrence Franketti or visit our website
at www dot mbat medical dot com.