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Your Virtual Upline Podcast

310: Leading Through a Change in Your Compensation Plan

Your Virtual Upline Podcast

Bob Heilig

Education, Careers, Self-improvement, Business

4.91.7K Ratings

🗓️ 1 July 2022

⏱️ 20 minutes

🧾️ Download transcript

Summary

Something that's not talked about is how to handle changes to a compensation plan.

These changes can be challenging, especially when it means a decrease in pay for many of the people on your team. 

This could be short term effect, but it greatly impacts the performance of your team. 

As leaders, it's our job to navigate change and be that calming influence and the light when things get dark.

In this episode, I discuss why companies make compensation plan changes, how to communicate it to your team, and how to lead them through it and keep them focused and motivated to continually take actions. 

Transcript

Click on a timestamp to play from that location

0:00.0

A bob here and welcome back to the your virtual upline podcast where we give network

0:12.4

marketers the mindset, strategies, and skills that you need to build the business and life

0:18.8

of your dreams.

0:21.4

A bob here, welcome back to the show episode 310 today, I want to talk to you about leading

0:27.3

through a change in your company's compensation plan, if you've ever had to deal with this before

0:34.1

you understand how challenging it can be, especially if that change in compensation plan short

0:40.5

term means a reduction in pay for many of the people on your team.

0:46.5

How do we as a leader, how do we keep people focused and engaged to be able to move through

0:51.3

that uncertainty of a change and stay motivated to take action?

0:56.6

So if you've ever had to deal with that, this is going to be a really great episode

1:00.2

for you, but it's also going to be a really great episode.

1:03.2

If you're somebody that finds yourself struggling, like you get people to become consultants,

1:09.5

but you can never actually get them to do the work.

1:11.3

So maybe you're somebody that is consistently sponsoring people into your team, but none

1:16.1

of them actually pan out to be anything other than just, hey, I agreed to become a consultant

1:20.6

and that's it.

1:21.9

So we're going to really dive into the source of those two issues, because in this conversation

1:27.2

they're very directly related, the inspiration for today's episode actually came from a coaching

1:31.6

session that I did with a leader in our next level program where she was actually her company

1:37.8

had just made a major compensation plan change, and this was having a really negative impact

1:45.0

on her business.

1:47.0

What she shared with me was that her business was significantly down in the month of June,

...

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