How to motivate employees and reduce turnover, and in the process improve the marketability and value of your business.
Does your business struggle with unmotivated employees and high turnover, and you are concerned that if you were to try selling your business a buyer would object to your personnel issues? Maybe you’ve even asked business brokers, CPAs, or consultants what you should do and you’ve been told that you need to provide higher salaries, bonuses, or other additional compensation. Yet, if you do so, that may reduce profitability which will negatively impact business value. New research shows that if you listened to a business broker, CPA, or consultant who suggested paying employees more, you may have received bad advice. While it is true that if people have too low of compensation they may be unmotivated, the research indicates that giving high pay or bonuses for better performance may not work. Instead, what tends to motivate employees are: autonomy, mastery, and purpose. Check out the following video from RSA Animate to learn more.
Buy and Sell Well
Codiligent Business Brokers' blog on entrepreneurship, capitalism, and successfully buying and selling businesses.
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