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All managers must decide how much to invest in each individual in their team. This decks proposes one strategy, given finite resources.
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COMPENSATION
ME THE MONEY
STRATEGIES FOR PEOPLE MANAGERS
all managers must decide how much to invest in each
individual on their team
you can invest a fixed amount of money and/or time
MONEY TIMECompensation, promotion, benefits, etc…
Coaching, mentorship, training, etc…
so, as a practical example, if you have 10 members on your team, $100,000 in comp, and 30 hours per week to support them, how
will you invest?
how much of your time & money do you invest in your top talent?
what about your weaker members?
what about everyone else?
what is fair? what is right?
what gets you and the firm the highest return on those
investments?
remember
it is a fixed pie that you have to work with, so you need to make
hard choices
start by dividing your workforce into 4 categories
CATEGORY OF WORKERSTARS
POTENTIALS
WORK HORSES
UNDER ACHIEVERS
and, since people fall roughly into standard deviations
it’s a good bet that your team will distribute roughly as follows
CATEGORY OF WORKER
% OF YOUR TEAM IN THIS CATEGORY OUTPUT AS A GROUP
STARS 10% 40%
POTENTIALS 30% 30%
WORK HORSES 50% 20%
UNDER ACHIEVERS 10% 10%
in your team of 10, you’ll have 1 star, 3 potentials, 5 work horses and 1 under
achiever
the star and potentials will add a vastly disproportionate value to your goals
here is my recommended investment strategy
CATEGORY OF WORKER
% OF YOUR TEAM IN THIS CATEGORY
YOUR BUDGET
YOUR TIME
STARS 10% 50% 10%POTENTIALS 30% 30% 50%WORK HORSES 50% 20% 20%UNDER ACHIEVERS 10% 0% 20%
why this distribution?
RULE ONEcomp your stars extremely well so
that they stay, and then get out of the way so that they can achieve
these guys don’t need much time. they are well trained already. all they
need are goals and air cover
RULE TWOPotentials have the highest return
on time
comp them above market, but invest a much greater relative
percentage of your time so that they become stars
RULE THREEComp your Work Horses fairly and
spend some time helping them understand & achieve their goals
But signal that while it is OK to, "just get the job done," if they stretch themselves towards the Potential
category, you'll respond with greater investments
RULE FOURDo not comp your under achievers
Instead, spend a disproportionate amount of time to help them retrain
and/or move out of the function where they are under performing and into another function where they can
become a star
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Please note that all content & opinions expressed in this deck are my own and
don’t necessarily represent the position of my current, or any previous, employers
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