Celebrating Team Success at all Levels of the Organization

There once was a man named Rick. Rick was a true lifelong fan of his local sports team. He grew up loving the team, he idolized the players of each generation, and he would argue to the ends of the earth on behalf of the team legacy.

Rick ran into another adamant fan at a local game against the hated rivalry. This guy went by the name Bob, and it was a storybook friendship. They grew up in the same neighborhood, knew some of the same people, and wore the same jersey. Fate had paired them together through the randomness of the ticket buying process. They high fived each other and both cheered the team as they ran onto the field. 

While Bob was passionate about his team, it turns out it was all about his fantasy team. He would watch every game, study the stats, and make sure he had the best possible lineup. In today’s game, Bob was cheering for the home quarterback and defense, but also he celebrated any success from the visiting tight end and wide receiver.

The new friendship ended before the end of the 1st quarter. Both Rick and Bob had equal amounts of passion for the game, but success meant different things to each. By half time, Rick had eluded capture of the seating attendant while finding a less desirable seat. The reason for the downgrade was the upgrade of not sitting next to Bob.

Does this sound anything like your current compensation plan? Typically, I see one of three issues when evaluating compensation plans and all three can feel like the short-lived friendship between Rick and Bob.

1. Owners cheer for firm success, while employees cheer for personal success

2. Owners and employees both cheer for firm success, but employees are motivated only for short term results

3. Owners cheer for firm success and employees value their employment

If any of these three scenarios applies to you, don’t lose hope. Follow these 5 steps and you’ll find that you and your employees will celebrate the same successes and attack the same defeats. If you need help in planning, communicating, and executing on a new compensation plan, schedule a time to meet with me and I can help point you in the right direction. I’ve built a playbook that will get your firm on the winning track

Steps to Solving Compensation Issues Inside of Your Firm:

1. Create a compelling Mission, Vision, and Core Values centered around your clients’ success

2. Create clear goals that require contribution from all employees

3. Involve employees at all levels to be part of the planning process

4. Incentivize all employees on the same indicators that ensure success

5. Hold everyone accountable to losses and reward everyone on the wins

If you’re not ready to discuss your compensation needs at this time, but you’d love to learn about step 1, sign up for my upcoming webinar on the importance of the Mission, Vision and Core Values at your firm. Use code TRUGROWTH to save 10% and get an hour of CFP CE.

In the meantime, go team!