Pay Raises and Updates

Money
Employee Raises and Incentive Pay

How do you reward your top performing employees? If you give an average raise to all your employees, I think you are making a mistake. Most salespeople receive some kind of commission or incentive pay. I believe all employees should have some type of incentive pay tied to performance. If you reward exceptional performance – you get exceptional performance.

What about the extraordinary employee – how do you reward her? I've seen great success with one time cash rewards given out on the spot. Waiting until the end of the year or quarter to reward the extraordinary person doesn't send the same type of message as on the spot rewards. By waiting until the end of the year, you may find that your extraordinary employee has left the company and you will have lost an important asset. There just aren't that many of them to go around. Show that you value them!

I've never understood rewarding the sub-par worker even though it happens all the time. I've heard business owners say they do to keep up morale. It would be better for morale to replace the sub-par worker with one who will pull their share of the load.

Update on The Dip

You might remember, I offered to loan my copy of The Dip by Seth Godin to readers of this blog with the understanding they would read it and pass it on to someone else. Here's an update on its journey from Barb Harris who was last to read my copy.

Your copy of The Dip is making the rounds of the local Chamber of Commerce members, and then I hope to take it to a conference of home based businesses. Either that or it will make its way North to the Yukon Territory.

Yep, you read that correctly – The Yukon Territory. And, the Chamber that Barb refers to is in Manitoba. I think we need to see about getting the book a warm coat!

New Domain Name for The Water Cooler

In order to make it easier for people to remember the URL for this blog, you can now use the URL www.pooleswatercooler.com. The old URL will still work too. I think the new one is a lot easier to remember. By the way, I use TypePad to host my blog. They have added some great new features and they are a pleasure to work with. So, if you are thinking of starting a blog, I recommend them.

I don't get paid to do that. And, I don't accept advertising on this blog. If I recommend someone or a company it is because I use their services and trust them enough to suggest them to you. I write this blog because I love doing it. And, I hope that it helps people with their own businesses.

Experience is a great teacher – but other peoples' experience is a better teacher.

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