Verne Harnish | How to Master the Art of Compensation

Verne HarnishVerne Harnish is the Founder and CEO of Scaling Up, a global executive education and coaching company with over 180 partners on six continents. Verne chairs the annual ScaleUp Summits and serves on several boards, including Chair of The Riordan Clinic, Co-founder and Chair of Geoversity, and Board Member of the Million Dollar Women community.

Verne is the Founder of the Entrepreneurs’ Organization (EO), a peer-to-peer network for entrepreneurs with over 14,000 members worldwide. He is also a keynote speaker and the Author of multiple best-sellers, including Mastering the Rockefeller Habits and Scaling Up — which has been translated into 23 languages and won eight major international book awards.

With his most recent book, Scaling Up Compensation, Verne details the importance of mastering the art of compensation to attract, retain, and motivate talent. Although compensation is one of your largest expenses, designing an effective system can be a strategic advantage.

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Here’s a glimpse of what you’ll learn:

  • Why compensation is so important right now
  • Mistakes to avoid when setting up a compensation plan
  • Verne Harnish’s thoughts on crafting a plan in the legal and professional services industries
  • Attracting and motivating frontline talent through meaningful perks and gamification
  • Verne’s advice for leaders in traditional professions who want to shift their compensation methods
  • The importance of aligning incentives with the customer
  • How to go about changing your compensation system — and crafting a plan for independent contractors
  • The books that can help you develop your business

In this episode…

What are the benefits of designing a non-traditional compensation plan? How do you go about crafting a plan that’s right for your business?

Many businesses within the legal industry abide by the “you eat what you kill” motto. In addition to this, many traditional leaders are not risk-takers, which makes a compensation plan shift seem impossible. However, Verne Harnish is here to share how anyone — including lawyers — can create a fair compensation plan that will attract the right talent, retain top employees, and drive success.

In this episode of The Lawyer’s Edge Podcast, Elise Holtzman is joined by Verne Harnish, Founder and CEO of Scaling Up, and Co-hosts John Corcoran, Dr. Jeremy Weisz, Joshua Chin, and Adi Klevit to talk about designing a compensation plan that’s right for your business. Verne emphasizes the importance of aligning incentives with the customers’ needs, shares examples of real-life companies’ non-traditional compensation methods, and discusses the steps you can take to differentiate your compensation plan.

Resources mentioned in this episode:

Sponsor for this episode…

This episode is brought to you by The Lawyer’s Edge, a firm based in the New York metropolitan area founded by Elise Holtzman in 2008 to help lawyers become skilled business developers and leaders so that they can grow their practices, retain top talent, and step confidently into leadership roles.

The firm offers customized coaching, consulting, and training programs such as their signature business development program, Lawyers Making Rain.

Now more than ever, it’s not enough to just do good work and hope your law firm will thrive. And no matter how smart and hard-working you are, it can be time-consuming and overwhelming to figure it all out by yourself.

To learn more about how we help lawyers become rainmakers and leaders, visit thelawyersedge.com or email us at podcast@thelawyersedge.com.

 

Leslee Cohen | How To Become a Rainmaker and Leader on Your Own Terms

Leslee Cohen | How To Become a Rainmaker and Leader on Your Own Terms

Leslee Cohen is the Founding Partner of AllRise Lawyers, a boutique law firm in Chicago founded 11 years ago that helps startups, entrepreneurs, and small businesses with their early-stage fundraises, day-to-day contract needs, and mergers and acquisitions. Leslee has...

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