General Tips for Compensation

Be creative with compensation and perquisites. Remember, most people are not motivated by additional money. Respect, recognition, challenge and non-monetary benefits mean more to most people than a few dollars for a new sale.

Some other basic rules to consider are:

1. Establish criteria for judging good performance for each position. When exceeded, they should be eligible for a bonus pool.

2. Have incentives for going beyond the job description.

3. Have non-monetary incentives/bonuses, such as:

• Day off with pay
• Tickets to sports, music or cultural events
• Recognition: advertisement in the local newspaper, thanking employees for their contributions or plaque in the office
• Donation in an employee’s name to the charity of his or her choice
• Pay for tutoring for the employee’s child, or daycare for a month
• Have the employee’s car detailed during work
• Pay for the employee’s house to be cleaned
• Special parking spot at work for employee of the month
• Pay for an evening out for the employee and his or her spouse
• Limo picks up employee at work to go shopping for the day

Topics Talent