Posts by author:

Larry Comp

Keep it Perky

October 14, 2010 · 0 comments by Larry Comp

in Benefits, Economy, Employee Communication, Feedback

Fancy travel. A VIP parking spot. Fruit baskets. What perks are you offering your employees?

MEANINGFUL perks matter when it comes to attracting and retaining top talent, especially in the current financial environment.

Problem: Rewards like executive parking, first class air travel and country club memberships often create or expand the gulf between employees and their managers, while sending the wrong signals in the current climate. And employees can see through those petty make-up gifts like fruit baskets or restaurant gift certificates (which were obviously donated to the company).

Solution: Make it personal. thankyoucard Leah Shepherd at Workforce Management notes that employers are focusing on nonfinancial rewards and customizing recognition at the local level.

“The personal touch always makes the reward seem sweeter-especially when there’s little or no money attached,” she writes in this (link) article.

Some of those localized perks may include:

Paid days off
Lunch with senior executives
Personalized thank-you messages from supervisors or fellow employees
Flexible work schedules
Personal artistic tributes

In Shepherd’s article, Theresa Chambers, chief motivation officer for Recognition Works in Seattle, is quoted as saying: “What I’m seeing is less focus on formal awards and more on building a culture of appreciation on a local level.”

Another idea is to focus on perks that will enhance executive’s health, productivity, security and financial well-being. Those perks might include:

Physical examinations
Reasonable change of control benefits
Severance and outplacement provisions

The importance of hiring, motivating and retaining top-notch, well suited executive talent cannot be overemphasized. Good executives outperform averages ones and exceptional executives can make the difference. In the aftermath of the recession where employees have just about had all they can take, this is more true than ever.

Reward your execs with perks that matter.

{ 0 comments }

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

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

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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 [...]

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 [...]

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Larry Comp

Keep it Perky

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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