Compensation Dentistry – 4 Things We Learned (part 5 of 5)
So, what did we learn about the link between dentistry and compensation?
Obviously, Dan Walter thinks about teeth and dentists far more than a compensation professional should. Let’s face it, being able to link dentistry to pay practices, the tooth fairy, orthodontia and wisdom teeth was deeper than any of thought this series would go. Also, Dan should probably not be writing any short stories for Highlights magazine. (That’s still a thing, right?)
We need to do a better job of taking care of compensation when companies are young. The long-term impact of poor early pay execution can hobble a company for years. Poor hygiene is the biggest problem for teeth. The same can be said for compensation programs. It is critical that we keep plans current, check our data and assumptions regularly, and do regular maintenance. It’s the simple stuff that can be the most important.
Everyone needs help, sometimes. Despite our best efforts to care for our teeth, braces may be called for. They may not be comfortable or fun, but they are very effective. Compensation professionals have the same challenge. Whether it’s bringing in a comp consultant to provide a full set of new guidance, or a communication expert to get a new plan launched, or maybe just a colleague to provide a fresh perspective, help is a good thing.
Wisdom teeth are a lot like pay compression. The issue starts with you doing everything right and after a while there is such a big problem that we may simply avoid trying to fix it. Sometimes the only solution is to remove the offending teeth, or executives, from the group. The key is doing this before things have gone too far to fix.
The underlying theme of this odd series is focused on doing the simple things as early as possible and head off the bad things as soon as they start to rear their ugly little heads. Of course, some of the things we work on are complex and require the “art and science” of pay, but many just require our regular and sincere attention for a fraction of our work week. Most importantly I think we also learned that even when we are focusing on compensation, thinking about going to the dentist doesn’t give many people the warm fuzzies!
Dan Walter is a CECP, CEP, and Fellow of Global Equity (FGE). He works as Managing Consultant for FutureSense. He has three metaphors for every occasion and is a leading expert on incentive plan and equity compensation issues. He has written several industry resources including the only resource dedicated to Performance-Based Equity Compensation. He has co-authored ”Everything You Do In Compensation is Communication”, , “Equity Alternatives” and other books. Connect with Dan on LinkedIn. Or, follow him on Twitter at @DanFutureSense.
