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From the category archives:

Compensation

morsel1In Healthy, High Performance Companies, employees at all levels share in the risks and the rewards of the business. Pay is truly linked to organizational and individual performance.

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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_manffcd3. 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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Terry Lauter Comp

To Leave or Not to Leave? That is the question.

February 2, 2010

We all want a purpose in life, don’t we?
Who wants to sit at a desk every morning, not knowing why he or she bothers going to work every day?
Sadly, it’s a mentality that is plaguing more and more high-performers whose development aspirations went out the window with their company’s profit.
According to a survey conducted by [...]


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Larry Comp

Time for a Compensation Check-up?

Thumbnail image for 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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Terry Lauter Comp

In a Recession: Recognize & Retain Your Star Performers, Part V

July 13, 2009

By now, it’s a foregone conclusion: Top performers should not be taken for granted or lumped into the mix, and then rewarded like the many “average” performers each organization has on the payroll roster. This truism applies even for continuing or enhancing cash compensation components, when many businesses have limited financial resources.
Therefore, savvy leaders are focusing on [...]


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