October 16th is Boss’s Day, a time we set aside to recognize all those great bosses out there. But what makes a great boss? The answer isn’t so simple. The ideal leader is part public speaker, part strategist, part psychologist, and part friend, to name just a few things.
Great bosses also do great deeds, which can inspire loads of trust and confidence, making them memorable, even legendary to their employees. Here are five examples of great bosses who did just that (in no particular order):
- Chieh Huang (CEO, Boxed) – Chieh Huang saw that his millennial workforce was struggling to cover major life expenses like college tuition and weddings, so he decided to cover up to $20,000 of those costs for employees as part of their standard compensation package, inspiring fierce loyalty and exponential growth.
- Craig Jelinek (CEO, Costco) Craig Jelinek’s famous moves as the leader of Costco include starting all employees out at living wages, making them all eligible for health insurance, and promoting diversity and inclusion as a core value, and he does it all with no PR or advertising department. In return he enjoys the lowest turnover rates and highest profit margins in his sector.
- Nevzat Aydin (CEO, Yemeksepeti “Food Cart”) When Turkish innovator Nevzat Aydin had the opportunity to sell his homegrown online food delivery service to a German company for almost $600 million, he rewarded all of his 370 employees with bonuses averaging $270,000 each, with positively life-changing consequences.
- Richard Branson (CEO, Virgin) Virgin CEO Richard Branson has had many zany ventures, but many forget that from the beginning he was instrumental in flipping the script on employee satisfaction. His quintessential and steadfast messaging of “clients do not come first, employees come first” and “people are our greatest asset” sent reverberations through the business world we can still feel today, and shaped our modern approach to engagement.
- Tony Hsieh (CEO, Zappos) Ever since taking the reins of Zappos, Tony Hsieh has made himself a beacon of employee satisfaction and loyalty, mostly due to his outside-the-box engagement solutions that include instituting flat hierarchies and the ingenious “pay to quit” initiative. Hsieh has many critics, but few can argue with his astronomical 85% employee retention rate.
- A great boss is hard to come by, so this Boss’s Day, let all of your leaders know where you stand by giving them some recognition for all they do. Let us know if you need any help!