In the "Lucky 13" podcast, Josh Hauser and Mike Lantz humorously tackle the trials of large family management and the orchestration of a Disney trip with kids. They pivot to dissect employee compensation and performance reviews, offering dual perspectives. They underscore the necessity for a compensation strategy that aligns with company profits and the benefits of a total compensation model that includes non-monetary perks. The episode is a blend of light-hearted family anecdotes and serious business discussions on rewarding performance and competing for talent as a small business.
he speaker's trip to Disney with a large group (00:01:01) Discussion on the logistics and challenges of taking a large group to Disney, including managing travel and group dynamics.
The challenges of managing a large family trip (00:01:56) The complexities of organizing and managing a family trip, including the logistics of travel and the dynamics of a large group.
The complexities of employee compensation and performance reviews (00:05:38) Insights into the challenges of aligning employee performance evaluations with compensation, and the impact of market trends on pay increases.
The perspective of the business owner on compensation (00:09:01) Insights into how business owners should approach compensation, including aligning compensation with business strategy and profitability.
The perspective of the employee on compensation (00:09:30) Discussion on how employees can position themselves for a substantial pay increase, focusing on value creation and impact on the organization.
Total compensation model and individual preferences (00:17:43) Exploration of the total compensation model and the importance of aligning compensation with individual preferences and values.
The importance of proper compensation allocation (00:18:18) Discussion on the importance of allocating compensation for various purposes such as savings, 401k, health wellness, and insurance policies.
Total compensation statement (00:19:06) The value of total compensation beyond pay, including time off, mission trips, and 401k contributions, and how employees often overlook these costs.
Comparing total compensation (00:19:31) The significance of comparing total compensation packages when considering job offers from different companies.
Approaching pay increase as an employee (00:20:10) Advice on approaching a request for a pay increase by presenting solutions and demonstrating added value to the company.
Showcasing value for compensation (00:21:22) Strategies for demonstrating value to justify compensation, including leveraging sales performance and proving worth over time.
Translating value into bottom line performance (00:22:08) The importance of employees understanding that their value must translate into bottom line performance for the company.
Developing compensation philosophy (00:22:47) Advice for business owners to research market compensation, develop a compensation philosophy, and align employee expectations with bottom line performance.
