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Wealth Virtues Journal: November 13, 2009




How Franklin’s Virtues of Sincerity and Justice Need to Influence Business Leaders Beyond 2010


Filed under: Virtues in Business — Tags: , , , — James Ward @ 10:02 am
© 2009 Poor Richard Web Press, LLC

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Tipping is an interesting thing in the United States. Tips are that extra money we provide to a restaurant staff for showing outstanding service and courtesy. I have always found inconsistencies with the U.S. method in that we base our tip on a percentage of the cost of the meal.

In most of Europe, or at least when I last travelled there, a restaurant patron would usually round up to the nearest Euro, Mark, Pound, etc. if the service warranted that. I think that practice is closer to what I envision to be fair. So what does my ranting about tips have to do with business?

Tips are the equivalent of bonuses. Now don’t get me wrong, I believe that good bonuses help keep good people. I use them all the time to retain good employees. In every case where I have recommended bonuses, the employee has done something to warrant a wonderful customer response, or has enacted a process that has saved money on expenses or made money for the company.

Read more at Franklinomics…

Please visit Franklinomics.com to get the rest of this story as well as other articles on wealth and business.



 
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