Scaling Up Compensation Plans to Attract and Retain the Right Employees with Verne Harnish

Verne Harnish is the Founder and CEO of Scaling Up, a global executive education and coaching company with over 200 partners on six continents. He is also the Founder of the world-renowned Entrepreneurs' Organization (EO), which has over 16,000 members worldwide. Verne is the author of multiple books, including the best-seller Mastering the Rockefeller Habits, The Greatest Business Decisions of All Time, and Scaling Up (Rockefeller Habits 2.0). His latest book is Scaling Up Compensation.

Here’s a glimpse of what you’ll learn:

Why Verne Harnish decided to focus on employee compensation for his latest book
Common mistakes leaders make with compensation and how they can create plans for managerial roles
Verne talks about incentive schemes for professional services firms and how to effectively use perks
How to incorporate gamification in your compensation plans
Structuring compensation to incentivize risk-taking and innovation — and the case for Outback Steakhouse
Verne's advice to leaders of traditional businesses on adapting their compensation plans
The role compensation plays in attracting and hiring new employees
Verne discusses “sharing the last 10%” with employees and how bonuses can backfire
When is the right time to introduce a profit-sharing compensation model?
The best compensation plans for independent workers
Verne shares his book recommendations and his contact details

In this episode:

What type of compensation plan do you have in place for your business? Is it scalable? How efficient is it in ensuring fairness and gratification among your employees?

The right compensation plan can be an extremely powerful tool for attracting and retaining the best employees for any organization. It shows employees that they are valued, which helps improve their productivity — and ultimately results in better services and products for customers.

In this episode of the Systems Simplified podcast, Verne Harnish is interviewed by co-hosts Adi Klevit, John Corcoran, Dr. Jeremy Weisz, Elise Holtzman, and Joshua Chin about building and scaling employee compensation plans. Verne talks about the role compensation plays in attracting and hiring employees, the common mistakes leaders make with compensation, and how he incorporates gamification in compensation plans. Stay tuned.

Resources mentioned in this episode:

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