I’m fascinated by the topics of motivation and employee engagement and one tool I’ve focused on in the past is variable pay. I even wrote an article suggesting that the unemployment crisis could be solved if we paid people the way we paid pro athletes—low base, super high incentive pay.
I recently met long-time entrepreneur and business leader, Gary Brose, who is passionate about creating “perfect bonus programs” for everybody.
Brose suggests there are 8 key elements of an effective program. They are:
- Gradiated—create multiple levels so employees always have higher levels to strive for.
- Equitable—Eliminate rivalry between departments or job types by making the bonus programs fair across your company.
- Timely—vary the frequency according to job level. Lower level employees should get bonuses in every paycheck, mid-level managers should be bonused quarterly and senior executives should be bonused annually
- Simple—make sure it’s…
View original post 155 more words