The rule of thumb is if you lose an A performer, it takes you 3 years of salary to get them back. Having goals, accountability, and rewards for your team ensures that you keep your A performers because it’s a huge expense to get another one back.
The Productivity Pyramid TM is a key to improving employee retention, productivity and culture per Dale’s presentation per Robert Martin, Telesystem, Toledo, Ohio. Robert learned key business concepts from Dale Richards’ presentation on Business Valuation Principles – How to Increase Your Business Value, Financially, Operational and Strategically.
A productivity improvement program (“Productivity PyramidTM”) with a pay for performance program where there are company and employee goals with monthly coaching sessions should be implemented. This method can raise a company productivity by over 400%, and help you get those A performers.
If monthly coaching sessions are held, how easy do you think it would be to hold an employee accountable? Much easier than an annual review.
The important parts of rewards system are:
E. All participate commensurate to their responsibilities and achievements
Keep your top A performers!
A full discussion of the productivity pyramid is included in my book Business Valuation Principles.
Learn more about Business Valuation Principles by Dale S Richards http://a.co/cVsYyNN https://successbiznow.com/books/business-valuation-principles-by-dale-richards/