When IndustryWeek wondered one of the best ways to motivate a team toward achieving extraordinary success, they turned to Michael Feuer for answers. Read the entire article here.
Here’s an excerpt from the story:
Michael Feuer admits he was “born with a severe birth defect: poverty.”
“So my whole life has been about leveraging what I have and making — I hate the phrase — one plus one equal three or four, not just two,” Feuer tells IndustryWeek.
Feuer has found employee equity to be the ultimate lever.
When he co-founded OfficeMax in 1988 in Cleveland (with $20,000 of his own money), every manager had equity in the company. At the height of the company’s success, there were 1,100 managers.
Feuer (pronounced “Foyer”) says he believes companies should “pay for performance, not perspiration.”
“And that means some type of bonus program,” he says. “And I love equity programs.”
His former OfficeMax employees learned to love them too.