What Type of Compensation is Expected by Premier Talent?
Last time I blogged about the results you can achieve with premier talent vs. average talent. The surprising thing is how easily employers are satisfied with average talent even though premier talent is available. Perhaps employers think they can’t afford premier talent. I claim that premier talent is both available and affordable if you are prepared to commit to the following important improvements.
First, discover powerful ways to communicate a compelling future for your organization. Invest in building a business strategy that proves your company is capable of significant growth.
Second, examine your work environment (culture, facilities, communication channels, standards and values) to confirm you’re doing all you can to present an environment that fosters integrity, openness, fairness and purpose.
Third, create clear paths for improvement and advancement. Make sure all employees believe they have a future in the organization if they produce and live up to your standards.
Fourth, project the value of your compensation plans forward. Many employers demonstrate what last year’s rewards program was worth. I believe you should show what each employee’s future compensation values will be worth should you and they achieve the results presented in the strategic plan.
This last steps demands that you invest in a self-financing long-term incentive plan (such as phantom stock—but there are others as well). Premier talent expects to participate in the results they help create. A phantom stock plan gives them that opportunity. To attract and retain premier talent, present them with a clear, achievable and meaningful plan that produces financial value that your competitors can’t match. Then sit back and watch them execute.