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Second in Command: The Chief Behind the Chief

Ep. 401 - Q&A from CEOs & COOs: How To Reward Your Employees

Second in Command: The Chief Behind the Chief

Second in Command with Cameron Herold

Entrepreneurship, Business, Management, Careers

4.5 • 1.6K Ratings

🗓️ 8 August 2024

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In today's episode of the Second in Command, Cameron explores the often contentious topic of employee bonuses and their impact on motivation. 

Challenging traditional views, he argues that for seasoned professionals, performance-based bonuses can be more demotivating than motivating.

You'll discover the importance of fair and consistent pay, aligning with Maslow's hierarchy of needs to ensure employees feel valued and secure without the constant pressure of chasing bonuses. This approach fosters a more genuine and sustained commitment to the company’s goals.

From offering more vacation time and flexible work arrangements to providing stock options and unique learning opportunities, these strategies focus on recognizing and rewarding employees in ways that resonate deeply with them.

If you've enjoyed this episode of the Second in Command podcast, be sure to leave a review and subscribe today!


In This Episode You'll Learn:

  • The benefits of personalized rewards such as stock options, more vacation time, flexible work arrangements, and unique learning opportunities. (4:09)
  • How prioritizing employee happiness can lead to exceptional performance and loyalty. (5:14)
  • Why profit sharing can backfire during financial downturns and why rewarding growth may be a more sustainable strategy. (6:43)
  • How supporting employees' entrepreneurial ambitions can benefit both the individual and the company. (10:35)
  • The advantages of mandating vacation time to ensure employees decompress and return more productive. (11:51)
  • And much more...


Resources:

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Transcript

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0:00.0

I'm Cameron Herald, the founder of the Second Command Podcast.

0:03.0

Really quick, before we jump into today's episode,

0:05.0

you need to know about two important ways that we can help you and your company grow.

0:09.0

Number one, check out the COO Alliance.

0:12.0

It's for C.O.

0:13.4

Presidents, BP Ops, or whoever is your company's second in command to the

0:17.2

CEO. The C.O. Alliance is the world's leading community for the

0:21.1

second in command command and it gives

0:22.8

COOs the tools and connections to grow themselves and the company.

0:27.2

Head over to C.O.Aliance.com to learn more about our members and the

0:30.8

results, the program, and our 10X guarantee. If you qualify for

0:35.0

membership, you can set up a complimentary call with our team to discuss if it's right for you.

0:39.0

I'll tell you about number two in a bit, but first, let's start this week's episode. We were the

0:44.5

number two company in Canada to work for out of 1.46 million companies we rank

0:49.7

number two. We beat out we like we beat out everybody except this one fucking back company.

0:53.8

So, because we obsessed about our employees being super happy, that's where we got the

0:59.3

results from. That's where we got them working harder. That's when we had and somebody wants to talk about going on vacation Kate

1:06.0

We used to have to take our laptops away from employees before they went on vacation

1:10.7

We gave all our employees five weeks paid vacation

1:13.4

including their sick time day one the day they started they all got five weeks no one

1:17.4

quit nobody called in sick the retention went up training cost went down,

1:24.0

people were picketing outside of our office saying,

...

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