As has been mentioned already in class and in blog posts, building a good team is in large part dependent on figuring out the venture's needs and attracting members with desirable and complimentary skills according to those needs. Another important element in the internal cohesion of teams is having the right incentive structures.
Incentives don't just mean salaries and bonuses. In fact, people are generally more driven by higher level, intangible, intrinsic motivation. Intrinsic motivation depends entirely on the work itself rather than extrinsic rewards and punishment. It is generally linked to the ability to work autonomously, the ability to truly master something, and the feeling of contributing to something much bigger than your specific tasks.
Some companies have figured out how to intrinsically motivate their employees more than others. Google, for example, offers employees the benefit of spending 20% of their time (or one day per work week) to work on their pet projects. Other strategies and tactics include making employees owners of the company (literally and figuratively) and investing in the professional development of employees.
I know it seems these are all things for future consideration, but I think it is important that these elements be integrated in both the values of the venture and in the team building process. Instead of just thinking about one's own venture needs in terms of employees, also ask what candidates' goals are (both professional and non-professional) and think about how the enterprise can help team members fulfill these goals.It seems a worthwhile step given the importance of team cohesion and quality in the venture's short and long term success.
For more reading on and examples of intrinsic motivation, check out these articles:
http://trynice.com/resources/the-power-of-intrinsic-motivation/
http://www.managementexchange.com/blog/moonshot/it-doesnt-feel-work-power-intrinsic-motivation
Incentives don't just mean salaries and bonuses. In fact, people are generally more driven by higher level, intangible, intrinsic motivation. Intrinsic motivation depends entirely on the work itself rather than extrinsic rewards and punishment. It is generally linked to the ability to work autonomously, the ability to truly master something, and the feeling of contributing to something much bigger than your specific tasks.
Some companies have figured out how to intrinsically motivate their employees more than others. Google, for example, offers employees the benefit of spending 20% of their time (or one day per work week) to work on their pet projects. Other strategies and tactics include making employees owners of the company (literally and figuratively) and investing in the professional development of employees.
I know it seems these are all things for future consideration, but I think it is important that these elements be integrated in both the values of the venture and in the team building process. Instead of just thinking about one's own venture needs in terms of employees, also ask what candidates' goals are (both professional and non-professional) and think about how the enterprise can help team members fulfill these goals.It seems a worthwhile step given the importance of team cohesion and quality in the venture's short and long term success.
For more reading on and examples of intrinsic motivation, check out these articles:
http://trynice.com/resources/the-power-of-intrinsic-motivation/
http://www.managementexchange.com/blog/moonshot/it-doesnt-feel-work-power-intrinsic-motivation
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