When you are determining what decision to make from a list of alternatives, do you think through the consequences of each alternative based on a short-term and long-term perspective?
Years ago, I read a book by Suzy Welch called 10 - 10 - 10. What are the consequences of my decision in 10 minutes? In 10 months? And in 10 years?
So, when I design incentive plans or develop base pay programs, I think about the different time frames and how each stakeholder of the program will be impacted.
· When we implemented the incentive plan, would the employees understand what to prioritize and why?
· Would the results after 10 months show that the incentive was working well and driving growth in sales? Would the sales leaders be happy with how the plan was communicating priorities and encouraging the right employee behaviors?
· Would the incentive plan stand the test of time? Would it be one that we could build on as we scale and become a larger organization? Would it be flexible enough to allow for changes to customer segments, territories, or products/services?
I also used the 10- 10-10 framework when I decided to start my business. I thought through the 10 minute and 10-month timeframes. I knew it would be more difficult as an entrepreneur in the short-term than it would be if I stayed working as an employee in a large corporation. But in 10 years, I could imagine how my life and that of my family would be changed for the better.
I was right. It was worth it. But those first 10 months…well, those first few years were difficult. I had to learn a lot of new skills to grow and become a successful business owner.
If you are struggling to decide because of the consequences in 10 minutes or 10 months, think about 10 years. It may give you the insight and perspective to choose something that is scary today but less so in a decade.
If you are willing to ask for help, do hard work, and are resourceful, many things are possible.
And designing pay programs fits into this 10- 10- 10 approach as well. I am willing to have a conversation about the alternatives and pay program decisions you are trying to make. Sometimes reaching out to a colleague and talking for 15 minutes is the action needed to shift your thinking from an endless debate to a decision and a committed path forward.
Do it afraid. The fear doesn’t go away. You take a deep breath and take the next step and then the next. And the next.
Deciding with intent, research, consideration, courage, and an alignment to your values and that of your employer is powerful.
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