6 Components to a Great Compensation Plan – Bob Cooper [RR 730]
Episode 730 •
25th March 2022 • Remarkable Results Radio Podcast • Carm Capriotto, AAP
00:00:00
00:35:16
Shownotes
How do you incent behavior and retain top talent? Is the tech shortage a blessing in disguise? Did you know money is not the best motivator for employees? Bob Cooper, President of Elite Worldwide, shares 6 key components you should have in your compensation and incentive package for your employees.
Bob Cooper, Founder/President Elite Worldwide. Listen to Bob’s other episodes HERE
Key Talking Points
- “No one works for me, they work with me”
- Shortage of technicians is a blessing, scarcity creates opportunity. Attract superstars and keep them.
- Retention, recruiting (24/7), apprenticeship programs
- Looking at other successful industries and how to you mimic it?
- Money is not the best motivator- you’ll never give your employees enough, think beyond dollars and cents
- Behavior that’s rewarded will continue, random rewards bring consistent behavior
- Hiring the right people- hire for what they know (skill), fire for who they are as a person
- #1 Competitive Base Pay (base income, uniforms, training, vacations, paid holidays, etc.)
- #2 Opportunistic income (Productivity pay)
- #3 Exemplary Performance Rewards (Going above and beyond their job responsibilities both at work and in their personal life)
- #4 Security- when you hire Larry, you are also hiring Mary (Health Insurance,401K, business cards, etc.)
- #5 Reward for Tenure (not loyalty, loyalty is your spirituality, nationality etc. Calling your employees and customers loyal is being assumptive)- (Anniversary rewards, Retirement programs, vacation packages, becoming involved with the integration decision making of business etc.)
- #6 Leadership (provided by the owner)- are you just default providing (I’m the boss)? Do you have a vision for the future and are focused on goals with growth opportunities? Growing on a lattice, not a ladder. Don’t be afraid of being friends with your employees
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