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:
- Adi Klevit on LinkedIn
- Business Success Consulting Group
- Scaling Up
- Verne Harnish on LinkedIn
- Verne Harnish’s email: email@example.com
- Scaling Up Compensation: 5 Design Principles for Turning Your Largest Expense into a Strategic Advantage by Verne Harnish and Sebastian Ross
- Scaling Up: How a Few Companies Make It…and Why the Rest Don’t (Rockefeller Habits 2.0) by Verne Harnish
- Mastering the Rockefeller Habits: What You Must Do to Increase the Value of Your Growing Firm by Verne Harnish
- The Greatest Business Decisions of All Time by Verne Harnish and the editors of Fortune
- John Corcoran on LinkedIn
- Smart Business Revolution Podcast
- Dr. Jeremy Weisz on LinkedIn
- Inspired Insider Podcast
- Elise Holtzman on LinkedIn
- The Lawyers Edge Podcast
- Joshua Chin on LinkedIn
- eCommerce Profits Podcast
- Lincoln Electric
- Egon Zehnder
- Outback Steakhouse
- The Virtual Hub
- Sara Blakely on LinkedIn
- Books by Michael Porter
- Books by Jim Collins
- Books by Daniel Pink
- Books by Greg Crabtree
- Topgrading (How To Hire, Coach and Keep A Players) by Brad Smart and Geoff Smart
- The Heart of Business: Leadership Principles for the Next Era of Capitalism by Hubert Joly
- Play Nice But Win: A CEO’s Journey from Founder to Leader by Michael Dell and James Kaplan
- The Innovation Stack: Building an Unbeatable Business One Crazy Idea at a Time by Jim McKelvey
Sponsor for this episode:
This episode is brought to you by Business Success Consulting Group.
At Business Success Consulting Group, we create custom processes and tailor-made management systems so businesses can thrive.
Businesses simply can’t survive without workable systems and well-documented processes. That’s why our team of experienced professionals takes care of it for you.
So, what are you waiting for? Do yourself a favor, and cut the chaos out of your business.