You’ve worked hard and earned that promotion to management or even the C-Suite – and with it, increased your income. KT Thomas is the founder of New Day Solutions, a financial advisory firm and author of The Hard Working Woman’s Guide to Money. In this episode, we discuss: why women are more in need of financial advising assistance and overall financial education; the #1 and first mistake female leaders make when they come into wealth and money; and how to evaluate financial packages when considering career progression and earnings.
Managers count on team members to be productive every day. And to ensure commitment to the work, organizations create incentives based on compensation and bonuses. Determining how big bonuses should be can get complicated and expensive for organizations.
In today’s tight labor market, you could spend a fortune trying to lure the kind of talent you need to succeed. If the thought of sky-high salaries is keeping you up at night and crimping your profitability, consider an alternate strategy.
To make a splash in the marketplace, businesses will often establish a compensation system that rewards salespeople to take huge risks in exchange for the chance to earn huge sums. Research published in Kellogg Insight also associates these kinds of compensation models with the recent near collapse of our financial systems.
Attention sales managers. Are your reps happier about the prospect of extra cash or would they appreciate recognition in the form of a trip to an exotic destination? The answers to these questions matter, and to some extent, depend on cultural background.
Your product or service might be so technical that your sales reps need extra training in order to successfully sell. They shouldn’t encounter the same situation with respect to the compensation plan you are offering.