Episode 235: Why You Should Remove Bonuses From Your Business with Laura Probert, Chief People Officer at Egress
Today we are joined by Laura Probert, CPO at Egress. Takeaways Bonuses are not effective motivators of performance, as evidenced by research and studies. Removing bonuses from the compensation structure can lead to improved performance and a more engaged workforce. It is important to communicate the reasons for removing bonuses and address any concerns or objections from employees. Performance management mechanisms, such as clear goals and regular feedback, are crucial when bonuses are removed. Certain industries, like banking and finance, may be resistant to removing bonuses due to their ingrained bonus culture. Chapters 00:00 Introduction and Motivation 02:04 Implementing Change at Egress Software Technologies 05:50 Challenges and Obstacles in Removing Bonuses 08:18 Impact on Performance and Company Culture 09:33 Performance Management without Bonuses 11:30 Considerations for Different Industries 13:10 Lessons Learned and Implementation Tips