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Mark Cuban just announced he will give $35 million in bonuses to employees after selling a majority share in the NBA's Dallas Mavericks franchise. This is considerably less than the $55 million Taylor Swift reportedly gave her employees at the end of her Eras Tour, but still a huge number.
Whether it's a bonus or a paycheck, most of us can't even wrap our heads around having that much money, let alone giving it to employees. But leaders don't have to sign six- and seven-figure checks to make bonuses and benefits meaningful to employees.
You can show leadership and generosity without signing massive checks. Here are a couple of things to keep in mind:
Neither Cuban nor Swift will suffer any hardship because of the amount of money they gave in unexpected bonuses. Cuban has an estimated net worth of over $6 billion, while Swift comes in at an estimated $1.1 billion. Cuban's bonuses are 0.5 percent of his net worth, while Swift's bonuses clock in at 5 percent of her net worth.
Assuming I did my math correctly, you can be generous to your employees with much smaller dollar figures but similar percentage points. If you and your business have a value of $100,000, a $500 bonus is equal to Cuban's. (Although I will acknowledge that it quickly doesn't seem as dramatic when you bring it down into percentages.)
If your employees know that you don't have gobs of cash to share, and yet you give what you have, they will respect your generosity -- as long as you don't do it in a way that is designed to call attention to yourself. "Look how fantastic I am to provide pizza for everyone! What a sacrifice I have made for you!" This mindset will immediately negate any of your intended generosity.
No one expects the boss to take a pay cut to give employees bonuses, although there are plenty of companies where founders and owners receive little to no pay in the early years -- and maybe never.
But if you are making good money (or love consumer debt) and show up to work or on Zoom meetings in fancy designer clothes, driving expensive new cars, and bragging about your first-class vacations all while saying, "Well, revenue wasn't good enough to pay bonuses," that won't demonstrate leadership.
And if you're showing up with fancy things and providing a small bonus or a free employee lunch while proclaiming a lack of income, that's even worse.
If you live a life of opulence, ensure your employees are well cared for.
Time is something that many, many employees value. Whether it's allowing flexible schedules, remote work, or part-time options, giving employees control over how they get their work done can be a sign of generosity.
Taking your own time to give fast and fair feedback and provide coaching, and generally looking out for your employees can also be a generous act. Being generous with your help can make a workplace a great place to be.
Most businesses don't have Cuban or Swift levels of money to hand out, but that doesn't mean you can't take a page from their playbook and be generous in the way that fits your business and your life. It's something everyone can do -- even if you're right at the beginning of a new business venture.
A refreshed look at leadership from the desk of CEO and chief content officer Stephanie Mehta
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Mark Cuban and Taylor Swift Give Millions in Bonuses. Here's How You Can Be Just as Generous on a Budget
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09.01.2024
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These CEOs Aim to Make Financial Services More Accessible to Consumers
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Mark Cuban just announced he will give $35 million in bonuses to employees after selling a majority share in the NBA's Dallas Mavericks franchise. This is considerably less than the $55 million Taylor Swift reportedly gave her employees at the end of her Eras Tour, but still a huge number.
Whether it's a bonus or a paycheck, most of us can't even wrap our heads around having that much money, let........
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