Keeping your company motivated

Some notes from the CEO roundtable at the Nantucket Conference.

Chris Zannetos, CEO, Courion

  • The cuts they made last summer put the company in the bunker and made people lower their expectations. They stopped believing they could go above and beyond.
  • Chris put processes in place to to “ruthlessly reward the high performers”.
  • Last fall all but one of his exec suggested there should be no President’s Club. Instead, Chris made President’s Club include the top 20% of the company, down to the admin and an HR person who did amazing work.
  • It’s working: employees believe again that it’s possible to succeed/exceed.

Aron Ain, CEO, Kronos

  • Did 10% cut after 115 (yes, that’s right) quarters of continued Q-over-Q growth
  • Made sure the cut was across the board (VPs, directors, managers, employees)
  • Upped severance pay by 25% for those who left
  • Had “hall monitors” escort people to their desks + help them leave after they were laid off
  • Didn’t cut salaries, benefits, 401K matches for those who were still at the company
  • Over-communicated along the way

About Simeon Simeonov

I'm an entrepreneur, hacker, angel investor and reformed VC. I am currently Founder & CTO of Swoop, a search advertising platform. Through FastIgnite I invest in and work with a few great startups to get more done with less. Learn more, follow @simeons on Twitter and connect with me on LinkedIn.
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