Would you like to see these inside of your organization?
· Increased sales and revenue
· A leadership team that can grow the company
· A focused and dedicated, high-performance high-involvement workforce
You have the right people, right products/services and the right strategy. But, you are still missing the mark on realizing your true revenue potential. Have you ever considered that your compensation system is actually rewarding the wrong behaviors and corresponding results? Worst yet...maybe your compensation system is undermining the overall success of your company.
Yes...it is not all about money. However, money still weighs heavily into the human behavior equation.
Three questions to ask in aligning the right compensation system with your company's desired business results are:
1. What results are we looking for?
2. What behaviors will achieve these results?
3. What compensation system will drive these behaviors?
Properly configured compensation systems can have a tremendous impact on your company's success. A sound compensation system will attract the desired type of employee. It is also a motivator, a retention strategy and a powerful statement of company culture, as well as an investment – not a cost!
And, it should be tied to performance!
A pay compensation system that delivers an ROI and creates a high-performance workplace culture where employees think and act like business partners is a huge asset to you as a business owner. Your team will be motivated, and the traditional employee relationship can be transformed into a business partnership where everyone is focused on cash flow, profit and customer satisfaction. And that's great news for your bottom line.
A compensation system aligned with your company goals will have the following effects:
· Focus. Aligns day-to-day operations with company strategy and business plan.
· Commitment. Enables individuals and teams to develop action plans that improve results.
· Accountability. Measurement, performance feedback and action plans establish an environment of corrective action and self-imposed accountability.
· Empowerment. Empowerment becomes a reality. Employees are expected to make decisions, take action and assume responsibility for outcomes.
· Quality Decision Making. Employees at all levels understand what the organization must do to be successful, and their role in achieving the objectives.
· Efficient Resource Utilization. Forces the organization to evaluate all activities, including new opportunities/initiatives, in terms of how they align with overall strategies.
Developing an effective package to attract, motivate and retain your quality employees is a challenging task. So, to get the performance and profit you want, consider the three questions asked above as you review your existing compensation system, or entertain the idea of a new compensation system. You may realize that you have created a negative undertow inside of your organization.
Take the first step – evaluate your current plan against your desired business goals in order to develop a framework for next steps.
Swim Clear of the Compensation Undertow - To learn more about this author, visit Mike LeMaster's Website.
Like this article? Share it with your friends
 |
Related Articles |
|
 Swim Clear of the Compensation Undertow
|
| |
You have the right people, right products/services and the right strategy. But, you are still missing the mark on realizing your true revenue potential. If this sounds like your story, read on.
|
|
Maximize Your Sales Force
|
| |
10 Ways to Get More From Your Sales Force:
|
|
How to Reach the Top
|
| |
When I was younger I was on the school swim team, and in the summer went to canoeing camp. I also loved to bicycle and to ski. These were perfect preparations for selling insurance.
|
|
How Goal Setting Unleashes Your Potential
|
| |
If you're not a disciplined Goal Setter, you'll have to rely on pure luck to succeed in sales. Establishing goals and persisting in trying to achieve them is what success is all about. When you have goals you do...
|
|
Compensation Definitions: Basic Must Knows for the Entrepreneur or Employee
|
| |
Have you ever been in a staff meeting or other location and had a visit from a Human Resource Professional to discuss Compensation? Or maybe you’ve inquired about salaries or hourly rates – and have you been bombar...
|
 |
Related Businesses - Evan Elite Authors |
|
The Evan Elite Authors program is currently in beta phase. For details please contact us.
|
|
|
Mike LeMaster
(Visit Mike's Website)
Mike LeMaster, Revenue Coach, is President
and Founder of Sales Coaches
International, LLC. An innovator and
conceptual thinker, Mike has a Degree in
Economics from Denison University and
almost 30 years experience as a
strategist, coach, and leader to business
owners and other key decision makers. Mike
understands revenue acquisition to its
fullest and has a deep appreciation for
the value of institutional excellence. He
also knows the importance of designing and
implementing revenue-generation and
acceleration-supporting infrastructures
that drive immediate and sustainable
business results. Mike’s collaborative
approach is a winning formula that
identifies people, protocols, tools and
systems needed for businesses to achieve
full revenue potential. His vision,
experience, skills and abilities enabled
Mike to apply his concepts and strategies
to build a successful business of his own.
And, in doing so, has delivered on the
demands of business leaders who look to
achieve their own substantial business
growth. For more info, contact mikelemaster@salescoachesintl.com or visit www.sale
scoachesintl.com. Also, you can read
Mike’s Linkedin profile at
www.linkedin.com/in/revenuecoach.
|
|
 |
|
|
|
|
![[Get Copyright Permissions]](http://license.icopyright.net/images/icopy-w.gif){kind=small}
