Tom Tierney, former CEO of Boston-based consulting firm Bain &
Company and
author of Aligning the Stars, elaborates that for many
employees, "lifestyle needs are as important as money." Offer
employees flex time, for instance, and that might be viewed as a
substantial reward.
A key point: Ask workers what they want, and do your best to
deliver some of what they crave. (For more on "Getting Yours," see
below.)
In fact, Tierney suggests that years with no bonuses may -
paradoxically - be the best times for a business: "Turbulent times
can strengthen a company," he says. "Mercenary armies rarely win
wars, and in down times a com-pany can reiterate its core values:
What other than money brings and keeps us together?" Keep up that
discussion, says Tierney, and "you reinforce your culture's values
beyond money. That's how to build a company that lasts."
GETTING YOURS
What can you do if the no-bonus Grinch comes your way? Step one is
to swallow hard and accept reality: If the company says there are
no bonuses, there are none. But that doesn't mean you shouldn't ask
for a one-on-one with your boss, because it could deliver tasty
alternatives. Such as?
• Ask for recognition, suggests Lena Bottos, a compensation analyst
with Salary.com, a Web-based human capital management products
company. Do you want a spiffier title? Now's the time to ask.
• Seek career growth opportunities, says David Hofrichter,
principal and national compensation practice leader for Buck
Consultants. Crave more challenging work, or maybe you want to take
classes that will prepare you for a higher-level role in the
company. Managers may smile upon such requests - and the doubly
good news is that you'll be preparing yourself for more
responsibility, inside your current employer or outside.