Strategy
Charlie Munger on Incentives
“Never, ever, think about something else when you should be thinking about the power of incentives.” Charlie Munger Both Warren Buffet and Charlie Munger extensively use and have strong feelings about incentives. Every business leader would be wise to learn them. The following are excerpts from a very interesting article on incentives from the Farnum Street website. Read article here.…
Value of Senior Leaders?
While some may balk at the compensation of senior leaders, they may be worth every penny given the value they bring to all of their stakeholders. In public companies, virtually all are compensated in one or more variable ways based on organizational results. What do you think? Click here for one local example, Lancaster based Fulton Financial: https://lancasteronline.com/business/local_business/fulton-financial-ceo-sees-compensation-rise-in/article_8c73c49e-380c-11e8-b505-63ada952f31c.html
Year-End Bonus for April Fools?
By Rob Marchalonis. Many organizations and leaders give year-end bonuses to their employees. The big question is why? Are your end-of-year payouts strategic and motivational, or discretionary and taken-for-granted? How would your employees answer this question? How much connection is there, from the recipient employee’s perspective, to the bonus received relative to their contribution to the organization? If the annual bonus is…
Incentive Compensation Podcast
Listen to Rob describe why and how he started IncentShare on STP Podcast here! Thanks to Smashing the Plateau Podcast for the opportunity to share my IncentShare story: http://tendstrategicpartners.com/episode-373/
Incentive Results I’m Seeing
By Rob Marchalonis. Recently, I’ve been helping business leaders design and implement smart incentive plans. Here’s what I’ve learned: Believe it or not, many workgroups operate at just 60% productivity, or less. Employees have much more capacity, but minimal strategy to encourage extra output. There is simply no reward to work harder or smarter, and employees wish there was. Incentive compensation…
Start with Productivity, Not Recruiting
Why Grow Sub-Optimal Performance? by Rob Marchalonis. (Portions of this post first appeared in the Central Penn Business Journal) Business leaders, are you actively recruiting for new employees? Many employers are working to expand their teams because they believe they need more “hands and heads” to get the work done. Right now, business is good and growing for many, but…
Chilly Incentive
Brilliant idea, but for who? By Rob Marchalonis. We could have seen this storm coming. When the local Chick-fil-A offered a “free meal a week for a year” to the first 100 customers on opening day, was anybody surprised by the response? In short order, 100 early-birds and 10+ alternates set up camp for the 24-hour wait. Sub-freezing temps and a…
When Employees Depart, Think Up
Six Steps to Ease Workplace Transitions. by Rob Marchalonis. Have you lost a key worker recently? If you employ people, it’s inevitable that you will experience transitions. Employees retire, receive promotions, move on to other opportunities, quit suddenly, or get fired. Rarely do these events happen without some strain or stress. Have you experienced the departure of a…
Read IncentShare
New Book Helps Employers Motivate, Recruit, and Get Results with Incentives. by Rob Marchalonis. When you learn to share your success with variable pay plans, everyone wins. Every day, millions of employees show up at work physically, but the evidence reveals that most are not into their work mentally. As a result, these disengaged, distracted, or discouraged workers cost employers…
Sam’s Rule #2
During my career, I’ve enjoyed working with and getting to know many amazing organizations and leaders. A few have influenced and inspired me more than others. Two of those were Walmart and Sam Walton. I never knew the man personally, but I’ve felt his spirit and have seen his impact on numerous occasions. Walmart was a great client of mine…