6 Components to a Great Compensation Plan – Bob Cooper [RR 730]
How do you incent behavior and retain top talent? Is the tech shortage a blessing in disguise? Did you know money is not the best motivator for employees? Bob Cooper, President of Elite Worldwide, shares 6 key components you should have in your compensation and incentive package for your employees.
Bob Cooper, Founder/President Elite Worldwide. Listen to Bob’s other episodes HERE
Key Talking Points
- “No one works for me, they work with me”
- Shortage of technicians is a blessing, scarcity creates opportunity. Attract superstars and keep them.
- Retention, recruiting (24/7), apprenticeship programs
- Looking at other successful industries and how to you mimic it?
- Money is not the best motivator- you’ll never give your employees enough, think beyond dollars and cents
- Behavior that’s rewarded will continue, random rewards bring consistent behavior
- Hiring the right people- hire for what they know (skill), fire for who they are as a person
- #1 Competitive Base Pay (base income, uniforms, training, vacations, paid holidays, etc.)
- #2 Opportunistic income (Productivity pay)
- #3 Exemplary Performance Rewards (Going above and beyond their job responsibilities both at work and in their personal life)
- #4 Security- when you hire Larry, you are also hiring Mary (Health Insurance,401K, business cards, etc.)
- #5 Reward for Tenure (not loyalty, loyalty is your spirituality, nationality etc. Calling your employees and customers loyal is being assumptive)- (Anniversary rewards, Retirement programs, vacation packages, becoming involved with the integration decision making of business etc.)
- #6 Leadership (provided by the owner)- are you just default providing (I’m the boss)? Do you have a vision for the future and are focused on goals with growth opportunities? Growing on a lattice, not a ladder. Don’t be afraid of being friends with your employees
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About the author, Carm Capriotto, AAP
Carm is the founder and host of the Remarkable Results Radio Podcast and the pioneer of automotive aftermarket podcasts. Carm calls on his years of experience in the aftermarket to bring engaging stories from his guests.
Listen to raw, unfiltered, honest, and sincere stories that include insights, trends, best practices, and expertise. Each interview brings an opportunity to learn one new thing through the stories of personal achievement. Many podcast guests tell their story of transformation from working in their business to working on it.
As host of over 1,000 episodes, Carm uses his enthusiasm and passion for the aftermarket especially the service sector to take his listeners on a journey showcasing successful service professionals’ paths to Remarkable Results. He also enjoys interviews with aftermarket industry thought leaders who bring their industry perspectives to his listener.
Follow the podcast on your favorite podcast listening app and always listen to learn just one thing!