CEOs are reacting in a very real way to the need to retain and attract white-collar talent, as well as those who occupy many unskilled jobs.
Many CEOs of middle market companies view sales and marketing functions as autonomous. When problems or inefficiencies arise in operations, finance, manufacturing or other areas of a company, CEOs zero in on well-established metrics and processes to pinpoint trouble spots and address them. However, that same kind of rigor and discipline is often absent in sales and marketing.
More CEOs are shouldering the notion of providing higher entry-level wages as a sort of obligation that they have to their employees and to the importance of restoring the American middle class.
Wal-Mart’s high-profile move to raise its minimum wage was aimed at least in part at boosting its reputation among certain constituencies. But what ever the motive, the action now looks like it may have been inevitable given other rising market forces at work. It’s also apparent that Wal-Mart's maneuver may have set in motion a trend that could affect just about any company with hourly employees.
As you review last year’s business results, you’re likely working with your leadership team to help its members develop 2015 stretch goals for themselves and their organizations. However, since most executives think that goals motivate, they believe wrongly that a stretch goal has the added value of challenging people to do more than they otherwise would.
We’re in the midst of bonus season. Before you sign those checks, think about this: While money can be an effective motivator, bonuses frequently fail to deliver incentives for better performance. Worse still, they may punish the best performers.
Non-cash rewards and more frequent recognition are attractive alternatives to the traditional, year-end practice of handing out cash bonuses, giving CEOs a new way to say “thank you” and reward top talent.
Restaurant CEOs, who employ thousands of part-timers, have yet to solve the minimum wage dilemma and are still struggling with the issue of whether to raise wages above the minimum wage in their facilities.
Here’s how to use a reward system to ensure you don’t lose your top performers.
The social and cultural drumbeat for higher minimum wages is picking up volume, but CEOs and business owners may want to listen to their own drummers on this issue.