Crafting a Non-Traditional Compensation Plan
Verne Harnish is the Founder and CEO of Scaling Up, a global executive education and coaching company with over 180 partners on six continents. Verne chairs the annual ScaleUp Summits and serves on several boards, including Chair of The Riordan Clinic, Co-founder and Chair of Geoversity, and Board Member of the Million Dollar Women community.
Verne is the Founder of the Entrepreneurs’ Organization (EO), a peer-to-peer network for entrepreneurs with over 14,000 members worldwide. He is also a keynote speaker and the author of multiple best-sellers, including Mastering the Rockefeller Habits and Scaling Up — which has been translated into 23 languages and won eight major international book awards.
Here’s a glimpse of what you’ll learn:
- Why is compensation so hard to get right?
- Verne Harnish explains why you should gamify your compensation system
- Verne shares examples of successful compensation methods in different companies
- How to compensate both in-house employees and subcontractors
- Finding common ground and building trust with employees
- How the Scaling Up Compensation book can help you turn compensation expenses into a strategic advantage
- Verne’s tips for setting employees up for success
In this episode…
Why is compensation so hard to get right?
According to Verne Harnish, compensation can be tricky because you deal with people who all have different ideas and expectations. If you want to improve your compensation system, you need to think outside of the traditional methods. Verne suggests gamifying your compensation plan to motivate employees — because everyone wants to win. In addition to this, owners need to build trust and be transparent with their team, helping them achieve personal wins along the way. When you align these strategies with your compensation system, your business will reap the benefits.
In this episode of This is Concrete, Chad Gill joins Verne Harnish, the Founder and CEO of Scaling Up, to talk about transforming your compensation plan. Verne shares tactics from his book, Scaling Up Compensation, techniques to motivate employees and incentivize customers, and examples of companies who have successfully revolutionized their compensation methods. Stay tuned!
Resources Mentioned in this episode
- Chad Gill on LinkedIn
- Verne Harnish on LinkedIn
- Scaling Up
- Entrepreneurs’ Organization
- Scaling Up Compensation: 5 Design Principles for Turning Your Largest Expense into a Strategic Advantage by Verne Harnish and Sebastian Ross
- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert T. Kiyosaki
- “How to Create the Best Incentive Plan for Your Company” with Tom Bouwer on This is Concrete
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