Teamwork
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.…
Are CEOs Paid Too Much?
Is the CEO’s compensation a relevant indicator of employee treatment, fairness, or otherwise? Seems to me a better measure is the value the CEO brings to the organization relative to whatever they are paid. I believe employees care more about how THEY can enjoy a reasonable “share of the company’s success” based on their workgroup’s contribution and care less about…
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 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…
Help Me Understand?
Ask This First When Expectations Are Unmet. by Rob Marchalonis. Are you getting the results you want? Every week, I engage with leaders to help them be more productive and successful. A core part of the work is to advise and coach these courageous individuals in heavy-duty roles who assume serious responsibilities. To be effective, they need to make wise…
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…
How Much Incentive Compensation?
The magic of 15%. By Rob Marchalonis. The way up, may be to pay up. If you are looking for a way to boost employee engagement, effort, and results, then consider incentives. No other resource is more valuable to you than your team, especially when you bring out the best they can offer. Smart incentive plans that “share your organization’s…