Jul 20, 2020 by Kaeli Lindholm
In today’s episode, Kaeli discusses creating compensation plans that motivate your employees. Times are tough out there and many businesses are struggling to make the pivots necessary to survive during the pandemic. Many are seeing unexpected reactivity in areas they would usually be bulletproof in.
Kaeli begins by describing the three main challenges companies are currently seeing with their employees. First of all, many workers are apathetic about returning, whether it’s due to safety concerns or new stress at home created by lockdown. Second, many are reluctant to return to expanded responsibilities for no extra pay. Finally, they are seeing a decrease in commissions and customers leading to an overall revenue reduction.
How do you overcome the resistance to motivation? Begin by understanding there is no cookie cutter comp plan, and that motivation and compensation are often unrelated. The two can be aligned, but they don’t necessarily impact each other.
An important step is to look at your hiring process. Are you hiring to fill a gap or are you actively looking for an ambitious worker that will go above and beyond to help your business grow? Really reflect and shift from tactical to strategic hiring and ask yourself, “is this person going to elevate us?”
Kaeli ends the episode by discussing the 4 acts principle. Create a set of responsibilities for your employees to create 4 times their salary in a year. Employ key performance indicators that perpetuate revenue increase and scale a holistic global compensation package. Remember that team building, leadership and management go hand in hand, and you need to articulate your goals to create alignment.