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In The Trenches
A Deep Dive on Compensation
Sep 14, 2023
This podcast explores compensation plans for CEOs and entrepreneurs, including aligning compensation with customer desires. It discusses an innovative compensation system in the furniture moving industry and the challenge of prioritizing customer demands. The importance of fair compensation based on productivity and performance is emphasized, along with the significance of finalizing compensation before the year starts. Giving options or profit sharing to management teams and employees is also discussed.
01:07:02
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Quick takeaways
- Align compensation with customer desires, ensure fairness in pay, and focus on individual carrots sparingly.
- Design sales compensation plans that are simple, uncapped, and include short-term bonuses tied to specific goals.
Deep dives
Creating Effective Compensation Plans
In this episode, Vern Harness discusses the five core principles outlined in his book 'Scaling Up Compensation' that CEOs should consider when creating and structuring compensation plans. These principles include aligning compensation with customer desires, ensuring fairness in pay, focusing on individual carrots sparingly, gamifying rewards, and implementing profit and equity sharing plans.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode