How you compensate people is one of the most important strategic
decisions your company will make - but few "get it right and out of
sight." Nail it and you can add hundreds of percentage points to the
bottom line while driving up the energy in the organization. Make the
wrong call (or piecemeal the decision together), and the results will
create 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 book, the
authors share 5 principles for designing effective compensation systems
along with plenty of examples from leading small, medium, and large
firms across various industries. You'll learn: 1. The #1 mistake
business leaders make in setting up their compensation plans 2. The
psychological aspects of compensation underpinning successful plans 3.
How individual bonuses can backfire 4. The power of gamifying gains to
drive up energy and engagement 5. Whether you want to be queen/king or
rich!
