Is it just me or are coffee shops always cold?
I spend a lot of time in coffee shops for a number of reasons, none of them because I like coffee (because I don’t like coffee). Still, it’s a convenient place to meet clients and work. The problem is they always seem cold.
It has long been practiced in restaurants to keep the temperature low to speed up table turnover. If a coffee shop has any similarities, it’s not in turning the tables. They want us there, right? I think the colder room temperature encourages us to buy more hot water dripping from the ground beans. it’s not a knock. You can argue that it is good business.
One of my clients recently shared how they were restructuring the components of their reward structure as some of their incentive pay “failed”. This was a good problem as what was once financially incentivized became such a standard that the incentive had effectively lost its meaning. has been introduced.
It’s not an isolated example. In 2022 alone, there have been several such conversations about compensation structures. Some are the natural upward pressure of inflation and a tight labor market. Other issues relate to non-cash benefits and creative ways employers offer appropriate and meaningful terms and conditions of employment. As in the previous example, couples is a targeted effort to design reward structures that reward individual and company performance.
Just to be clear, I’m not a rewards expert. Luckily, I know a few people I turn to when client needs arise. But what I’ve found in these conversations is strategic and critical thinking, which is essential for anyone evaluating a market position and what a business model can offer. Here are the things:
Does your compensation structure encourage the behavior you want? Often employers don’t think about what they want and whether the structure encourages it. W. Edwards Deming famously said, “All organizations are perfectly designed to achieve the results they obtain.” This includes comp plans. Some want to collaborate and share results. Some want to encourage internal competition. The same comp plan will not work for both. One more step: Beware of unwanted shadow behavior. That team structure can reward someone in a boat that isn’t rowing. The competition you want can end up in unhealthy competition.
Benefits do not bring the same benefits to everyone. I didn’t make it, but I would like to. An important component of total compensation is the employer’s cost of providing certain benefits. Still, you can promise that your employees have a wide range of real value from the benefits you offer. I don’t know if the company can fix it, but it does allow us to think critically about its relevance to what we offer our employees. approach is intensifying.
Are you listening? Risk for any company has fallen on deaf ears because it is too closed. The truth is that market dynamics are at work. You don’t have to follow it, but you’re always competing. And there are things you can do to set yourself apart. I recently read the results of NOARK’s 2022 Compensation and Benefits Survey with great interest. This is one example of a solid community resource that can help you listen.
Final Thoughts: A few years ago, I was on a board meeting, and I was fairly new and asked a question. This may be an accurate explanation, but I politely pointed out that it is rarely a proper answer to the question. The same applies to existing systems, and there is a willingness to continuously evaluate whether they are (still) working in the way they are needed.
Chuck Hyde is the founder of C3 Advisors, a company focused on executive development and talent optimization.he can be reached at www.c3adv.comThe opinions expressed are those of the author.
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