B
arbara Corcoran's path to becoming a multimillion-dollar success story wasn't about being tough or stingy with her employees. Instead, she believes that rewarding them handsomely for their hard work is key to winning over top talent.
Corcoran started building The Corcoran Group at 23 and aimed to create the largest brokerage in New York. She achieved this by showering her employees with perks, including buying a Bentley for one of her top brokers. "It wasn't about the car," she wrote on LinkedIn, "it was about making her feel like a star." This approach worked wonders, as everyone began competing for her attention.
The real estate mogul sold The Corcoran Group in 2001 for $66 million and today it's still raking in $20 billion under parent group Anywhere Real Estate. Looking back, she says that "fun is the most underutilized tool in business." She attributes her company's success to creating a fun work environment where employees felt valued and motivated.
Corcoran's benefits went beyond the usual perks like unlimited PTO or offices with beer on-tap. She offered hot air balloon rides, wild parties, in-office manicures, and even brought massage spas and safari adventures to her employees during the workweek. Her office was equipped with freebies like yoga classes, blowouts, massages, ping pong tables, and laundry machines for working moms.
The former CEO would often take her staff on extravagant trips, including mid-week picnics in the countryside with hot air balloons, elephant rides, and camel safaris. She believed that her employees should enjoy the fruits of their labor and that recognition motivates people more than money. Corcoran even kept a "good idea jar" where she'd reward each good idea with a dollar, fostering an environment where ideas flowed freely.
In the end, it was all about motivating her workers to achieve greatness. Even when she gave out gold ribbons for million-dollar sales instead of cash, everyone laughed at first – until jealousy kicked in and desks were covered in gold ribbons.
