When Barbara Corcoran led her self-founded brokerage firm, The Corcoran Group, from 1973 to 2001, she was focused on how her employees felt at work. She believed that they did their best when having fun, so she made it a priority.
And it worked. She didn’t need to run job ads because people came to her, and turnover didn’t exist. The way she ran things made the overall job the attraction, not just the paycheck. From wild parties to over-the-top perks to public praise, Corcoran’s approach revealed what matters to employees beyond salary.
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Threw Wild Parties
Corcoran threw wild parties with wacky themes for her team and required them to dress up. The more ridiculous the theme, the more fun everyone had, she recalled. She said the parties consisted of excessive eating, loud laughing and over-the-top fun.
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Gifted a Broker a Bentley
To make one of her top brokers feel like a star in front of the entire team, Corcoran bought her a Bentley with a personalized license plate. She explained that the broker was a “fancy lady” who Corcoran knew would love a “fancy car.” The result? The gift inspired other members of the team to step up their game in the hopes of getting her attention.
Offered Amazing Office Perks
Corcoran offered her team all sorts of extraordinary office perks. She explained that if a perk would make her team happier, she put it in place. Examples of perks she offered included laundry machines, babysitters, shoe-shine stations, salon services, ping-pong tables and free lunches.
Bused Workers to Midweek Picnics
Corcoran not only loaded hundreds of workers onto buses bound for midweek picnics in the country, but she also arranged for unique entertainment once they arrived. Examples included camel rides, elephant rides and 60-foot hot air balloon rides. To Corcoran, working hard meant being able to play hard.
Started a ‘Good Idea Jar’
To encourage her team to continuously contribute their ideas, Corcoran put a “good idea jar” in the office. Each time a team member contributed an idea to the jar — no matter how outlandish it was — she rewarded them with $1 for their efforts.
What We Can Learn From Corcoran’s Approach
It’s not necessary to go “crazy” when it comes to employee perks as long as your actions show your employees you truly care.
Erin Mittelstaedt, CEO at The FruitGuys, said that when employees are aware their employer prioritizes their well-being, they feel a deeper sense of belonging and loyalty. She added that many times, the feeling of being valued results in employees staying in place and giving their best efforts — even if a rival employer offers a higher salary.
“Workers remember and appreciate it when their boss offers flexible schedules, regular opportunities for recognition and programs that support their physical and mental health,” she said. “These benefits create a relationship between employee and employer that money can’t.”
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This article originally appeared on GOBankingRates.com: 5 ‘Crazy Things’ Barbara Corcoran Did To Keep Her Employees Happy (and What We Can Learn)
