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The Right Compensation Model

Business expert Verne Harnish offers tips for finding and retaining talent by developing a successful compensation plan.

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Structure Pay To Fit Culture

There's no one compensation plan that works for every company. Harnish said the key is matching the structure of the compensation plan with a company's culture. Some companies, for example, might emphasize commissions and bonuses over salary to encourage individual employee efforts (such as a sales representative) and even to spur competition between employees. But if teamwork is the goal, straight wages is a better approach. And look beyond wages when thinking about compensation plans. Rather than a bigger paycheck, some talented people may value additional time off, sabbaticals or other non-wage compensation.

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