$1,000,000 salary

By May 21, 2019 No Comments

In his bestselling book ‘How to Win Friends and Influence People’ Dale Carnegie tells a story about Charles Schwab.

Charles Schwab was one of the first people in business to earn a salary of over $1,000,000. He worked in the steel industry and helped rescue a struggling steel company to the point that it became one of the most profitable.

How did he do it?

You might think he had in-depth knowledge of the steel industry and manufacturing. But he didn’t, plenty others had more expert knowledge of the steel industry than him.

Schwab said his success was all down to how he managed those around him. He could motivate his employees to be enthusiastic about their work through appreciation and encouragement. They worked harder and the company thrived.

Schwab knew that appreciation and not criticism inspired people to work hard.

Flattery is insincere and people can pick up on it from a mile away, we have all experienced someone paying us a compliment that felt insincere and it just feels insulting.

Appreciation on the other hand is genuine and comes from the heart. It is meaningful.

When someone on your team performs well make sure you let them know.

Show your appreciation for the work they have done by complimenting them.

A little bit of praise goes a long way.

This is useful information but you will most likely have forgotten it in the next 24 hours. How could you retain this information? By encoding it in your memory. Your memory likes images and repetition.

  1. Encode key information as an image
  2. Position the image somewhere familiar
  3. Revisit the image

Key takeaway: Complement your team

  1. Encode as an image: You tell your favourite sports team how well they did in their last game and they all burst into tears of joy.
  2. Position: Imagine this team all squashed into your car
  3. Set a remind for 24 hrs and put ‘in my car’ in the reminder description. See what happens in 24 hrs time.

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