Scaling Up Compensation with Verne Harnish
How you compensate people is one of the most important strategic decisions companies will make – but few “get it right and out of sight.” Get it right and you can add hundreds of percent to the bottom line while driving up the energy in the organization. Get it wrong (or piecemeal it together), and it’s often a buzz kill, creating needless drama throughout the organization.
Do any of these challenges sound familiar?
- “I gave a star performer a raise, and now everyone else is marching into my office, demanding one, too.”
- “If anyone looked closely at our payroll, it would be hard to rationalize why we’re paying certain people what we do.”
- “I’m tired of losing our best people to the Googles of the world because we can’t match their salaries.”
Compensation is one of your largest expenses, one you can turn it into a strategic advantage in attracting, retaining, and motivating talent (or not accidentally demotivating them). In this highly practical presentation, Verne details 5 principles for designing effective compensation systems along with plenty of examples from leading small, medium, and large firms across various industries
What You Will Learn
- The #1 mistake business leaders make in setting up their compensation plans
- The psychological aspects of compensation underpinning successful plans
- How individual bonuses can backfire
- The power of gamifying gains to drive up energy and engagement
- Whether you want to be king/queen or rich!