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The foundation of any job is that an employer will pay an employee a fair wage for an honest day’s work. Simple, right? Wrong.
What is “an honest day’s work?” What’s the job? What are the goals for that position? What employee behaviors will maximize success?
Second, what’s a “fair wage?” What is the right structure to incentivize the desired behaviors?
Effective employment starts with a job description that sets clear expectations. It requires a compensation structure that motivates the right actions and attitudes through cash and non-cash awards.
Defining “day’s work” and “fair wage” thoughtfully will yield better outcomes.
– Kip Caffey, Cary Street Partners