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Management Action Programs (MAP) just issued a news release with the headline "When it comes to retaining employees in tough economic times, pay raises are overrated." It's about their latest Quarterly CEO Survey. Here's the key "finding" of this survey, according to MAP's president.

"Sure, financial reward is important, but the CEOs we interviewed are choosing to motivate first through other key fundamental strategies."

Wow. I wonder if we'd get the same answer if we asked workers about whether pay raises are overrated. Or about how they feel that their CEO is choosing to motivate first with other things?

A bit farther down in the release, I found the following.

"The survey uncovered other newsworthy topics, including:

The three greatest challenges CEOs are facing in business today: 1) revenue growth; 2) hiring talented employees; and 3) cost containment."

Now, I may be lacking in sophistication, but I thought that businesses always tried to increase revenue and decrease expenses. After all, that's how you get profit. I don't understand what's newsworthy about that.

And "hiring talented employees?" I've got a newsflash on that one.

The problem isn't hiring talented people. Every person on the planet is talented.

The trick is to hire the people who are talented in ways that matter to your organization and mission. It's to bring them on board and provide an environment where they're willing to give you what Fred Smith calls "discretionary effort."

That great working environment will include a good supervisor. It will provide a safe place to work in all the senses of that word. It will reward good performance in a variety of ways.

Want to know what mix of rewards your workers prefer? Ask them, not the CEO.

Wally's Working Supervisor's Support Kit is a collection of information and tools to help working supervisors do a better job. It's based on what Wally's learned in over twenty years of supervisory skills training. Click here to check it out.

 
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Wally Bock has helped people learn to be great bosses for more than a quarter century. His latest book, Performance Talk: The One-on-One Part of Leadership, makes learning key leadership principles almost effortless by teaching through a story and providing lists of resources for further growth.

Click here to find out more about Wally's coaching services.

For weekly tips and resources pointers, check our Wally Bock's Three Star Leadership Letter.

Click here to find out more about having Wally speak to your company or convention.