About That SPIFF

WHAT ARE WE TALKING ABOUT TODAY? The SPIFF - is it an Incentive to fail? SPIFF, SPIF, or SPIV are all the same form of a short-term bonus paid to employees that may be used inadvertently to cover up a bigger problem. SPIFFs can be distracting to your leadership career success and business growth. On this podcast episode, we have two stories to tell that are all about that SPIFF and a suggestion for an alternative. WHAT TOPICS DO WE COVER? * We thank listener Jared for his question about the purpose behind the SPIFF. * What is the definition of a SPIFF, SPIF or SPIV and what does it stand for? * Are SPIFFs really as useful and effective as they’re made out to be? * The negative effects of SPIFFs on long-term behavior and business growth. * A story about the “Distracting Injury” and how it relates to SPIFFs. * A Good SPIFF example. * The law and IRS issues behind the SPIFF. * Alternatives to consider. WHAT’S THE TAKE-AWAY? SPIFFs are often used to try to correct a bigger problem and they often fail to help. Instead, look more closely for the root of the problem and correct that. WE USED THESE RESOURCES: Besides our experiences that directly relate to this topic, we found the following resources very helpful in preparing for this episode: We mentioned a quote from NATHAN BONILLA-WARFORD, OD, here: https://www.reviewob.com/research-says-spiffs-incentives-dont-work-are-you-using-them/ WHO ARE DAVE AND KELLI? An entrepreneur and intrapreneur duo with street smarts, ‘preneurial’ chops, and a penchant for storytelling. Dave and Kelli met as teenagers and have a life-long story of their own. They took separate and contrasting career paths, both struggling with challenges and celebrating their career successes differently. Over the years, they noticed similarities in their stories about their work, the people they interacted with, and how business was conducted. Kelli, who “worked for the man like a dog for decades,” and Dave, who “started or ran businesses all of his life,” quickly realized there is substantial value for others in those combined experiences. The “My Job Here Is Done” Podcast is the result. HOW TO WORK WITH US Ultimately, you’re building a great business or moving up the career ladder of success, and we absolutely know we can help! If you like what you hear in the podcast, we have more to share with companies that we work with. With the foundation of business experience from Dave and Kelli as a team, in concert with subject matter experts from the rich roster of smart people in our network, we have put these goals, culture themes, and operational processes you hear on the podcast to the test - and they work. If you have a complicated problem to solve, AND you like to play to win in business or soar to new heights in your personal career success - click here to learn how you can work with us.