Price Versus Compensation: Attracting and Retaining Top Talent

by | Oct 24, 2022 | Podcast | 0 comments

Verne Harnish
Verne Harnish

Verne Harnish is the Owner of Scaling Up, a company that provides education, coaching, and technology services to help mid-market companies worldwide build and execute a strategic plan. Scaling Up has over 180 partners on six continents. Verne chairs the annual ScaleUp Summits and serves on several boards, including Chair of The Riordan Clinic, Co-founder and Chair of Geoversity, and Board Member of the Million Dollar Women community.

As a world-leading expert, keynote speaker, author, and entrepreneur in the business growth field, Verne has spent more than 30 years educating entrepreneurial teams. Verne is the Founder of the Entrepreneurs’ Organization (EO), which has over 16,000 members worldwide. He served for 15 years as Chair of EO’s premiere CEO program held at MIT. Verne is the author of multiple best-sellers, including Mastering the Rockefeller Habits, The Greatest Business Decisions of All Time, and Scaling Up, which has been translated into 22 languages and won eight major international book awards.

 
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Here’s a glimpse of what you’ll learn: 

  • Verne Harnish shares his entrepreneurial journey 
  • How businesses can attract and retain employees
  • Verne addresses Google’s decision to cut pay for top talent and offers advice on employee compensation
  • What is a SPAC (special purpose acquisition company)?
  • Offering incentives, training, and development to foster a positive company culture
  • How leaders can adapt to the shift in employee culture
  • The importance of social media influencers in scaling a business
  • How remote work has changed the business landscape

In this episode…

In today’s volatile labor market, companies like Google are deciding to cut pay for remote workers. As a result, these employees are going to work for businesses with higher compensation. So, how can you attract and retain talent to scale your company?

World-renowned business growth expert Verne Harnish advises organizations to regard compensation and price from equal perspectives. This involves assessing employees’ demands for higher pay and your company’s need for top talent. By increasing wages and offering incentives, leadership training, and workforce development, you can hold onto skilled workers and reduce labor costs to grow your business. 

In today’s episode of What The Teck?, Rolando Rosas and Dave Kelly interview Verne Harnish, Owner of Scaling Up, about employee compensation. Verne discusses how businesses can attract and retain employees, how leaders can adapt to the shift in employee culture, and how remote work has changed the business landscape.

Resources mentioned in this episode:

Sponsor for this episode…

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Episode Transcript:

Intro 0:00

Welcome to the What The Teck? podcast where we talk about business and Office Technology and put our 20 years of expertise to discussing trends and issues impacting the workplace.

Rolando Rosas 0:17

And welcome to another episode of What The Teck? I’m your host Rolando Rosas, and today we are talking about employee compensation. Should companies like Google just cut remote worker pay, they’ve actually announced it, and some will see a significant pay cut in their salaries. And joining me for this hour is special guests, Verne Harnish, author and super coach to the fortune 500 to help us break that down. But before we get to Verne, I want to welcome back. As always, the other half of the team that always knows who need the root for Dave Kelly.

Dave Kelly 0:58

You introduce me like I’m the main star. I am not the main event today. Listen, I’m actually really excited about today’s topic. And I want anybody that wants to talk about remote working and compensation. These are unchartered waters. These are new types of conversations that we’re having. I’m definitely looking forward to diving into that. But first, Rolando, why don’t we hit that trivia question?

Rolando Rosas 1:20

Go for it, Dave. 

Dave Kelly 1:22

Alright. So John D. Rockefeller, one of the most important businessmen in this time, founder of the Standard Oil Company, markedly celebrated this day annually. Was it A his birthday? That’s an egomaniac? B Labor Day, or C job day? I’ll find out later. 

Rolando Rosas 1:48

Job day. Never heard of the two birthday and labor day job day?

Dave Kelly 1:52

Yeah, I’m not not exactly sure what that is. But tune into the end of the episode and we will excuse me, we will we’ll show you the answer to that.

Rolando Rosas 2:02

You know, or he’s throwing us a little bit of a curveball maybe on purpose. So maybe that’s the wrong one. The throw off the scent. Yeah, he could be. Alright, you got us right now, man. I don’t know which which is which? All right. So let’s introduce our special guest. Let me tell you a little bit about Verne. Verne is the founder of the world renowned Entrepreneurs’ Organization known as EO and chaired for 15 years. He owes premier CEO program, the birthing of giants held at MIT program, which he still teaches today. He is the founder and CEO of Scaling Up a global executive education and coaching company with partners on six continents and have helped over 70,000 companies. That’s a lot. It’s probably even higher than that. Verne has spent the past three decades helping companies scale up. And let me tell you a little about his. He’s got a bunch of books. He can also tell us about his books, but let me tell you about one of them. He’s the author of best seller Mastering the Rockefeller Habits, and his latest book, Scaling Up: Rockefeller Habits. 2.0 has won eight major book awards, including the prestigious International Book Award for Best Business Book and he’s got another one we were talking about earlier, Scaling Up Compensation web show. We’re gonna get to that before the end. There’ll be before we get to all that. Let’s bring out of the greenroom Verne Harnish.

Verne Harnish 3:27

Hi Verne. Hey, Dave. Hey, Rolando.

Rolando Rosas 3:31

Where are you joining us from today?

Verne Harnish 3:33

I am in Westchester, Pennsylvania. It’s kind of the Austin of Philadelphia and it’s in our studio. But we said I didn’t know I was gonna be on stream yard. So I’ve got this kind of funky background with our green screen. But anyway, it’s just good to be here. And work.

Rolando Rosas 3:50

It’s work. So after the summer, so okay, we know it’s working. It looks fine. But you can’t tell you’re not you know, sitting at home with that nice piano and the brick fireplace behind you.

Verne Harnish 4:01

By the way, I am a keyboardist and the place I normally stay down in Tampa, this room looks almost exactly like that. So anyway, I feel at home and ready to share for sure. There’s that book, you guys were talking about Scaling Up Compensation. So it just came out July 2. So we are I think on the right topic at the right time, for sure.

Rolando Rosas 4:23

Absolutely. And you know, we could we could talk a little bit about that. And, you know, as we were saying, people are reevaluating work. And we’ve had the last six or eight guests that have come on from Steve Cadigan, who’s written a book of a little bit about this. Talking about the great resurrect people are calling it the rest, great resignation, but he had a term that I actually like better is the great career migration, where people are, you know, looking at what they’re doing is deciding, do I really want to work here? Or do I want to spend more years investing in in this venture, when maybe I could Do something different. What are your thoughts on that?

Verne Harnish 5:02

Well, what we do know about compensation is people coming through the pandemic said, Look, I want to make sure I’ve got some resources. And compensation used to be number four, number five on the list all the work that the Gallup organization and Marcus Buckingham did. And by the way, if you didn’t have a good culture, you go to number one. But regardless, it and many of the research surveys that we’re seeing over the last few months, I’ve just checked in with Kevin Oaks, who’s one of the top culture guys, so he’s looking at the data as well, compensation has gone to number one, ahead of flexible work hours, which is obviously become a hot topic because of the pandemic and remote work as well. So we know it’s top of the list for people. And I think in some sense, are kind of tired of working for others, to make them rich. And they’re in a position where they don’t have the place to escape, they don’t have the resources. And so they’re making some of those really, I think, important decisions, that’s putting huge wage pressures. Plus we’re staring at inflation. And a lot of us have not navigated through inflation. It’s been decades. And if your your costs, you know, are going up everywhere, and putting, again, pressure on wages, and so it’s time to get this, get this right.

Rolando Rosas 6:25

Well, you know, I believe that and you know, the other thing that I, I would like to have you share with our audience, because people do want freedom, and they do want the ability to make their own decisions. As an entrepreneur, I wanted to let folks in on your journey as an entrepreneur, so they they hear your story from your mouth, I saw a video where you shared how your parents were entrepreneurs at one point, and that venture didn’t go well for them. And that’s what kind of led you down the path of entrepreneurship and helping others in their journey of being an entrepreneur.

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