Having worked with retailers who use coupons as a driving marketing strategy - let me explain one of the basic problems with that strategy. Retailers who rely upon coupons to drive traffic are often negating or neglecting the other dimensions that are needed to run a successful business: strong merchandise, interesting presentation, great customer service and a relationship with the customer.
The result? As soon as another retailer waves a higher value coupon in front of the customer - the customer is gone. Coupons do not build customer loyalty.
And so it is with money in terms of compensation; money alone does not build team member loyalty. Don't get me wrong - I'm all in favor of paying people what they are worth - but often the focus becomes so much on the dollar figure of compensation that we ignore the other, very necessary elements of job satisfaction.
Do team members know their contribution to the enterprise and do others recognize them for their importance? Feeling useful, knowing that one is important and integral - this is also part of compensation.
Is heartfelt thanks (genuine gratitude) offered ethically and often? "Thank you" is not only warranted, but it is necessary to sustain work and life. This is also part of compensation.
Is the framework set so that people can work as a team? Knowing that others are reliant upon you. . .and that others have your back. . .this makes work enjoyable - and we should all enjoy work. . . because this is also part of compensation.
And do you have a strong professional and ethical relationship with team members? Do you put intent behind building those relationships? Relationships build loyalty and loyalty beats money. . .
Just as coupons are only a tentative and tenuous marketing strategy . . .so is relying upon paychecks as the only form of compensation. There must be something more.
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My book "Courageous Questions, Confident Leaders" is available on Amazon Kindle.
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