Episode 153:
Compensation Design to Scale Your Business
Welcome to episode 153 of the Grow Your Law Firm podcast, hosted by Ken Hardison. In this episode Ken sits down with Verne Harnish and they talk about compensation design for your workforce.
Verne Harnish is founder of the world-renowned Entrepreneurs’ Organization (EO), with over
16,000 members worldwide, and chaired for fifteen years EO’s premiere CEO program held at MIT, a program in which he still teaches today.
Founder and CEO of Scaling Up, a global executive education and coaching company with over 200 partners on six continents, Verne has spent the past four decades helping companies scaleup.
He’s the author of the bestseller Mastering the Rockefeller Habits; authored The Greatest Business Decisions of All Times,” for which Jim Collins wrote the foreword; and wrote Scaling Up (Rockefeller Habits 2.0) which has been translated into 22 languages and has won eight major international book awards including the prestigious International Book Award for Best General Business book. His latest book, Scaling Up Compensation, rocketed to the #1 HR book on Amazon.
Verne also chairs the annual ScaleUp Summits and serves on several boards including vice chair of The Riordan Clinic; co-founder and chair of Geoversity; and board member of the social venture, Million Dollar Women. A private investor in many scaleups, Verne enjoys piano, tennis, and magic as a card-carrying member of the International Brotherhood of Magicians.
What you’ll learn about in this episode:
- The five questions cutomers have and why you need to be prepared to answer them
- The importance of the language you use to refer to your workforce
- Strategist as the number one role of a succesfull leader
- The five principles for effective compensation design
- Leaving the past behind to move forward
- Incentivizing behaviors in your employees that make clients reach for their wallets
- Being different with your branding
- How there is nothing more unequal than the equal treatment of unequals
- When and how you should structure bonuses
- How peers work harder for each other than the boss
Resources:
Website: www.scalingup.com
Additional Resources:
- The Mastermind Effect: https://www.pilmma.org/the-mastermind-effect/
- PILMMA’s Free Resources: https://www.pilmma.org/resources/
- PILMMA Join Page: https://www.pilmma.org/mastermind/
