wardell books

Chapter 8: Compensation

One of the biggest challenges for business owners is the issue of financially compensating employees. As businesses try to keep up with growing customer demands for quality, customization and service, the old standards of pay rates based on position descriptions with raises and bonuses tied to subjective performance reviews, tenure and automatic cost of living adjustments, have become more and more obsolete. Companies are tired of paying employees who do little more than take up space, and employees are frustrated by companies who let outstanding work go unrecognized by treating everyone the same. The new standard is: “If you want your employees to go the extra mile, you’ve got to show it.”