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(Book Excerpt) Compensation: How does money affect retention? - Commoncog

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This is an excerpt from a book I'm working on, titled Keep Your People: The Startup Manager's Guide to Retention. You may read the introduction to the book here, where I lay out the book's central premise: there are six categories of reasons that people leave companies. As a manager, you can influence five of those categories. This chapter, on compensation, examines one of the five. Update: Keep Your People is now out! Buy it here. People stay when you give them lots of money. True or false? To a certain extent, this is true. If I pay you a million dollars a year, you’ll probably think twice before leaving your job. But if I pay you a million dollars and psychologically abuse you for every day of that year … it’s also obvious that at some point, you’ll snap. This is the conundrum with compensation. It’s clear to us that money affects retention. But it’s not as simple as ‘pay the person more, and that person stays.’ We’ll need a richer mental model of compensation and motivation if we w

(Book Excerpt) Compensation: How does money affect retention? - Commoncog --> Ideas (Book Excerpt) Compensation: How does money affect retention? By Cedric Chin Table of Contents The thought of business school make you go ‘eww’? You’re in good company. 9,000+ investors and operators read Commoncog to sharpen their business acumen ... WITHOUT going back to school. Sign up for our newsletter and get a weekly dose of good business thinking (no BS guaranteed): Subscribe This is an excerpt from a book I'm working on, titled Keep Your People: The Startup Manager's Guide to Retention . You may read t

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