The ART of compensation

Compensation is usually just approached as a form of SCIENCE. (i.e. math calculation of $$).

This past week I’ve been in many conversations around compensation. I love that we at Century are thinking hard about how pay should be structured. What best honors the past while serving the team and the organization for the future.

There’s a startling reality that an employer can and should take more responsibility than just providing a pay check. There’s more to the compensation equation than simply throwing money at someone.

I heard a great phrase from Tony Robbins that I believe fits with compensation: The SCIENCE of success and the ART of fulfillment.

When an individual only focuses on money… It can create a scenario of being cash rich but joy poor.

There's been some very "successful" people that have taken their lives because they were not mindful of the ART of fulfillment:

• Robin Williams - Comedian

• Kate Spade - Entrepreneur

• Anthony Bordain - world-renowned chef

• Thomas Lee - Private Equity Financeer

These four incredible contributors to their respective fields of work clearly missed out on the ART of life in some way.

Cash rich and joy poor. That is a very sad place to be. All SCIENCE. No ART.

I think there's so much upside to finding a way to combine the SCIENCE and the ART in our work.

Daniel Pink came out with fantastic research (DRIVE 2.0) around a philosophy of pay that is profound and supports the science and art of pay. Daniel Pink suggests a focus on the ART.

I understand proper compensation as a 2 step process:

1. Nail the SCIENCE: Pay your team above market (robust research on market rates) so it's not a concern. Expect great performance and get great pay.

2. Double down on the ART: (this is where the leadership comes in.)

   1. Mastery - an environment where people can be the best version of themselves for their team, family, & community

   2. Autonomy - environment of trust and safety for people to climb the mountains

   3. Purpose - infusing meaning and connecting work to the greater team & even the community at large

I certainly don’t have the answers but I know and feel this is the journey we have really started this past week. The conversations are becoming very real.

Cash great and joy RICH!

Providing an environment of flourishing requires both the SCIENCE of success AND the ART of fulfillment.

Through our work we find who we are. Through our work we can make a difference.

Onward,

Matt