Scaling Up Compensation: 5 Design Principles for Turning Your Largest Expense into a Strategic Advantage - Softcover

Harnish, Verne; Ross, Sebastian

 
9781955884181: Scaling Up Compensation: 5 Design Principles for Turning Your Largest Expense into a Strategic Advantage
Softcover
ISBN 10: 1955884188 ISBN 13: 9781955884181
Verlag: Forbes Books, 2022

Inhaltsangabe

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!

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Über die Autorinnen und Autoren

Verne Harnish is founder of the world-renowned Entrepreneurs' Organization and Scaling Up, a global coaching and executive education firm. Verne has spent the past four decades helping companies scale. He's author of Mastering the Rockefeller Habits; The Greatest Business Decisions of All Time; and Scaling Up (Rockefeller Habits 2.0).

Sebastian Ross is a thought leader and consultant in the space of People, Culture, and Conscious Business. Sebastian started his career as an entrepreneur in the technology space and later as a partner in a venture capital firm. In recent years, Sebastian held leadership roles as CEO and other C-level positions with several international scaleups. He is currently the Director of the School of Founders Program at the IESE Business School in Barcelona.

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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!

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EXECUTIVE SUMMARY: Being different is key to any effective strategy – and that includes designing a “strange” compensation plan that incentivizes the behaviors your customers and other stakeholders expect. But make sure your comp plan aligns with your culture/core values or risk it being rejected. This is why it is dangerous to just copy someone else’s compensation plan. And don’t look at people as a cost; they are an investment. This mindset is crucial as you design a compensation plan that supports what we call a Good Jobs Strategy. This allows you to scale with less people, who are paid more, yet with a lower total cost basis than your competition – a win, win, win in the marketplace.

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Verlag
Forbes Books
Erscheinungsdatum
2022
Sprache
Englisch
ISBN 10 
1955884188
ISBN 13 
9781955884181
Einband
Tapa blanda
Anzahl der Seiten
116
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Verantwortliche Person
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