It's impossible to have an honest conversation about employee engagement without talking about money. There is a compensation point above market rate that’s required to attract “A” players, and a point after that where the money is better used elsewhere. In this video Don Phin discusses the importance of establishing an above average starting pay and how to use incentive pay effectively.
- I don't know anybody who shows up to work…and says "that's okay, I don't need to get paid today",…and I don't know of anyone who's capable…of feeling fully engaged in their work…if they don't feel like they're getting paid right.…So, it's impossible to have an honest conversation…about employee engagement without talking about money.…I want to talk about two aspects of compensation…that would help get and keep those A players,…starting pay and the use of incentives.…
We've learned that, for most employers, what they get paid…falls off the top of the list of engagement drivers…once they receive what they feel is a fair day's wage,…which is usually defined by the marketplace,…not your company.…Let me tell you about two companies that do a great job…of using their starting pay as a tool to obtain…and retain engaged employees.…For as long as I can remember,…that culinary delight, In-N-Out Hambuger,…has been paying new employees more than the minimum wage.…
In-N-Out uses their compensation strategy…as a competitive advantage to attract…
LinkedIn Learning (Lynda.com) is a PMI Registered Education Provider. This course qualifies for professional development units (PDUs). To view the activity and PDU details for this course, click here.
The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
- Exercising discretionary effort
- Attracting engaged employees
- Assessing the fit of employees
- Making onboarding more engaging
- Learning from new employees
- Provide opportunities for career growth
- Clarifying objectives
- Measuring engagement using surveys
- Being present for employees
- Driving engagement with fun