CHAPTER EIGHTEEN
Reward
PROVIDE RECOGNITION
Ponder this: Which matters more, praise or pay?
So this is the chapter about money, right? Isn’t money a major motivator to stay?
Decades of research and common sense tell you to pay fairly or your best people might leave. Benchmark similar organizations in your industry, and find out what the pay scales, bonuses, and perks look like. If you find that your compensation system is not competitive with that of similar companies, be concerned. Take your findings to your boss or to the compensation expert in your company and try to get things changed.
Pay fairly and pay competitively. But don’t stop there. The research that suggests you need to pay fairly to keep your people also says that money alone ...
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