Posts by author:

Larry Comp

Keep the Hot Ones

February 15, 2010 · 0 comments by Larry Comp

in Benefits, Business Strategies, Compensation, Economy, Employee Communication, Management, Organizational Growth, Uncategorized

Whether you see it or not, your organization may be in danger of losing some of its top performers.

So Brandon has been with you six years and his performance ranks among the best. Because of this, you have been able to offer Brandon above average annual salary increases. He also likes working for you. toptalent

However, when the thriving competition down the block offers Brandon a significant salary increase, coupled with an attractive bonus – he’s leaving you.

More and more top performers are realizing that, to “get ahead,” they may have to leave their current employer.

We know salary increase budgets are not what they used to be. Experts predict 2010 salary budgets to be in the 2-3% range.

But can you afford to lose the “hot” ones? It’s time to identify those people that you can’t live without and give them a good enough – scratch that – a WORTHWHILE reason to stay.

Here are some suggestions:

1. Identify your top performers and let them know how much their efforts are appreciated. Also consider if any of their salaries are in need of adjustment

2. Consider offering “spot” awards, as appropriate, for superior individual contributions

money_manffcd 3. Identify those employees who possess critical skills you cannot live without. Consider the prudent use of a “Stay” bonus where such an incentive may be warranted.

4. Consider including your key long-term strategic players in a Long-Term Incentive Plan (LTIP). Incorporate a vesting schedule as an incentive to stick around long-term.

Don’t wait until it’s too late to ask why your top employees want to jump ship.

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Bathing and motivation: Recommended daily

January 6, 2010 · 0 comments by Larry Comp

in Employee Communication, Feedback, Leadership, Organizational Growth, Performance Development, Performance Feedback

“People often say that motivation doesn’t last. Well, neither does bathing – that’s why we recommend it daily.” - Zig Ziglar showermain

There’s no better time than the beginning of the year to assess your employees’ motivation. Recent studies have shown employee engagement levels are down. No surprise there, but the surprises will hit when employees either leave because they’re not challenged or when they adversely affect company growth because they’re losing steam.

“A Gallup study published in August involving about 32,400 business units found that those in the top quartile on engagement had 18 percent higher productivity, 16 percent higher profitability and 49 percent fewer safety incidents compared with those in the bottom quartile on engagement,” writes Ed Frauenheim in “Commitment Issues- Restoring Engagement Issues” (www.workforce.com).

Here are some questions to help you out:

· Do your employees understand how they can best make a difference?

· Do they seem “pushed” to make objectives, or “pulled” toward the organization’s mission?

· Are their objectives realistic, objective and attainable?

· Are your staff members able to share in the rewards, as well as the risks?

· Do they act more like “hired hands” (employees) or people with a vested interest in the business (owners)?

And finally…

· Are your employees motivated?

This last one sounds like a no brainer, but you’d be surprised how many employers forget (or don’t want to) ask that question.

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Time for a Compensation Check-up?

October 30, 2009

How can you tell if your Compensation Program is working?
The first clue is whether or not the organization is meeting its short and long-term financial goals. Even in these tough economic times, financial performance provides some good clues.
If not, SYMPTOMS might include:
1.    Difficultly attracting/retaining your TOP performers, while less productive ones “stay put.”
2.    Lack of focus from employees [...]

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Working Smart: Focusing on the Vital Few

May 22, 2009

We all see so much wasted time at work, that I am always amazed to hear that the U.S. is one of the most productive nations in the world. Busy-ness seems to be replacing effectiveness as people go to endless meetings and spend hours sending and receiving emails.
Every once in awhile, I have to remind [...]

What is Your Unmatched Customer Value Proposition?

May 21, 2009

Have you noticed that it is getting harder and harder to compete in today’s marketplace? As customers demand and expect more, we must ensure that we offer an unmatched value proposition to our target customers. In the book, “The Discipline of Market Leaders,” the authors explain that there are 3 key value proposition models and [...]

Simplify Your Mission, Vision and Values

May 20, 2009

A large number of companies develop their mission, vision and values as part of their organization’s strategic planning efforts. Unfortunately, many of them fail to achieve a solid return for their efforts. Three reasons for this are: (1) they are unclear about the difference between mission and vision; (2) they fail to engage their employees [...]

Getting Everyone on the Same Page

May 15, 2009

Over the years I have noticed that most companies do a pretty ineffective job of strategic planning. We all know how important strategic planning is to the long-term viability of an organization, but what’s really going on here? Well, many organizations never seem to get around to tackling this critical function. Others take a handful [...]

Peter Drucker Nailed It!

May 13, 2009

Several years ago, I had the privilege of hearing Peter Drucker, the “Father of Modern Management,” speak. At the time, he was already very old and nearly deaf, and didn’t seem to realize he was almost speaking in a whisper. The audience, however, was in total awe…and you could have heard a pin drop. I’ve [...]

Be a Value Builder

May 8, 2009

Several years ago, I was reviewing some Audio Tech Book Summaries and learned that organizations tend to fall into 4 operating profiles. These profiles are largely influenced by the Chief Executive.
The first profile is Underperformer and this is the worst. In this case, the organization lacks adequate focus on revenue growth or cost savings.
The second [...]

Key Business Strategies to Fuel Your Growth

May 6, 2009

Some organizations seem to operate without a business strategy, while others have way too many. We have guided many of our clients to focus on a half dozen, specifically:

Focus on profitable growth. Seems pretty basic, but it’s amazing how many companies experience declining profits, while their businesses are actually growing!
Start with the market and work [...]

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Larry Comp

Keep the Hot Ones

Bathing and motivation: Recommended daily

Time for a Compensation Check-up?

What is Your Unmatched Customer Value Proposition?

Simplify Your Mission, Vision and Values

Peter Drucker Nailed It!

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