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Andrew Cordova

@rumad

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Andrew Cordova pfp
Andrew Cordova
@rumad
Follow me for daily BD tips and insights! Today I’ll breakdown my incentive design process for employees. Start with a clean data set from your last few weeks of work; how long are specific tasks taking? Where can efficiencies be introduced or strengthened? Develop a labor budget for tasks you want to incentivize. I use hours, but you can also use $ values. Then, if the team comes in under budget, reward them. I take my average wage (w/o burden) multiplied by the hours saved, and give 80% of those savings to the employees. The other 20% goes into a pool for lead/admin bonuses. Here’s an example from one team today: Invoiced: $6885 Labor budget: $750 30 hours (3 workers, 10 hours) @ $25/hr (avg. wage w/o burden) Team finished in 27 hours: labor savings of $75 will be split among them. my incentive? I don’t have to budget for bonuses, more motivated employees. My true cost of employment is $37.50/hr per worker, so I’m also keeping the burden savings ($12.50) from every labour hour saved!
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Andrew Cordova pfp
Andrew Cordova
@rumad
3 things you can do to be a better mentor to your assistant/intern. 1) Give them full ownership of a process, and incentivize their achievements. No gifts cards or pizza party, cold hard trackable cash bonuses. 2) Leave options for collaborative spaces. I have a desk next to mine where they can work at any time. This leaves the door open for questions, or for them to simply watch how I use software/communicate. 3) Shed your preconceived notions of what they are capable of, or “should” be doing. Once you identify strengths, assign tasks that push their boundaries within reason. Then support their growth! Do you want them getting coffee and screening calls forever?.. Trust them with a small client, or let them lead your next new software integration.
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Andrew Cordova pfp
Andrew Cordova
@rumad
Recently a business partner sent me a free sample of a local hot sauce brand with my order. Today I also received a box of chocolates (I assume because I left a review) I already love the product and price, but these little touches took the entire interaction from a 10 to 11. #bisdev #network
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