Buddhist Compensation Best Practices

Compensation systems rarely create strategic alignment of both the team member and organizational goals.

Care and Compassion

Many employers, especially in the small to middle market are very generous when it comes to seeing and helping team members through hard times.  However, this is hardly universal.  There is no better way to instill trust and loyalty in your workplace than to stand behind your teammates when they need you most.

Sharing

Sharing pleasant things with your teammates and vendors can not be over emphasized; little things can make a big difference. 

The culture of your organization will be determined more by the small kindnesses, unexpected pats on the back and sincere thanks than any other single element of your overall compensation systems.

Rest for the Weary

Providing your troops with needed rest is another incredible opportunity to differentiate your organization and make you an employer of choice.  Again, many companies do a respectable job here, but in general, we work way too hard in the American culture.

We do not provide enough paid vacation.  We work too many hours with too few breaks for renewal.  We provide too little time off to allow our team members to be engaged in their families’ lives and the community at large.

Adequate rest is good for business.  It is the embodiment of the John Wooden principle of the need to have “fresh legs” in the fourth quarter when the game is on the line.

Recognition – Show me the Love!

Do not underestimate the power of non-monetary compensation in attracting and retaining key talent on your team.  It has been said that people are more starved for recognition than they are food.  In my experience this has certainly been true.

Non–monetary systems can also be informal, and those may have the most motivating impact of all.  Examples would be the so called “Pat on the Back” that you give a team member in the simple form of a thank you for a job well done.

An example of a legendary informal non-monetary recognition system is the thank-you notes Ronald Regan would send out to Republican Party volunteers and supporters.  He reportedly wrote and mailed five such cards every day.  No wonder he was so popular with the party loyalists at election time.

Please share your thoughts on the most important aspects of sustainable compensation strategies.  We would love to hear from you!!