How To Manage Your Remote Teams Through The Holidays
Whether you are just starting out building out your team for investing in real estate or are scaling fast with all of the opportunities out there this year, much of your success will rely on how well you manage your remote team members.
This year, many real estate investors are finding that they are new to remote hiring or are making the leap from 1 to 10, 10 to 50 or 50 to 100 team members. It’s a great time to grow, and this is definitely still a people business. Those who master the art of managing remote teams through this season will be best positioned to enjoy a new year that is even better than this one.
Here are some of the top questions you may be asking, and best practices that can set you apart from the pack…
How Much Time Off Should I Give Remote Team Members?
Time off is vital. Too few investors, CEOs and remote workers take it. That leads to all sorts of burn out, poor performance, bad decisions, hire HR costs, and more. The opposite is also true. Refreshed and recharged teams think better, perform better, and deliver better returns.
Don’t expect your remote team members to schedule their own vacations and time out. They can be workaholics as much as you.
The last two weeks of the year are notorious in the real estate and finance space. Everything is lagging because everyone else is in holiday mode. Little usually gets achieved. Using this time to destress, get inspired and recharge may be the best return you can get on this time. Consider rotating time off for yourself and team members during these weeks, or give them the full period to really get back in the game and get pumped for the next 12 months.
How Much Should I Give Remote Team Members As A Bonus?
Year end bonuses and raises seem surprisingly popular this year from government to C suite executives, and five figure relocation packages for other staff members. You may not be in a position to hand out such large year end bonuses. Especially for part time freelancers you use a few hours a month. However, a little can go a very long way in good will. However much it is will probably be cheaper than finding someone new, testing them and training them and earning their loyalty. It could be a month’s worth of earnings, the average they would earn on a single project with you, or just enough to put a great meal on the table for their family during the holidays.
How Much Should I Prepay Remote Workers For Tax Benefits?
By paying expenses for next year in advance you may be able to generate more write offs and tax deductions. A full year’s salary might be too much when you don’t know if the relationship will last that long. Though paying ahead for work through the first month or quarter of the year could really motivate them, while improving your bottom line.
Team Building & Company Culture
Experienced entrepreneurs and executives know that team bonds and company culture are actually the most important parts of building a business. That can be tricky in a remote environment. Meetings may be kryptonite to efficiency, productivity and profits, even over the phone or Google Meet. Yet, even in this ‘new normal’ getting your team together offsite can yield incredible benefits. Take them camping or to a resort bubble and build the human connections that will strengthen your business.
Empower Them & Get Out Of The Way
If you are hiring right, there is no need to micromanage, unless you really like inefficiency and wasting money. You might even defer many of the other decisions on this list to someone on your team. Hire well, point them in the right direction, go do something more important.
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