Do you remunerate, or do you compensate your agencies? You may think there is no difference. They are synonyms. But there is a subtle difference that expresses your attitude towards your agency relationship. Do you know what that is? Find out here in a Golden Minute.
Do you remunerate? Or do you compensate your agencies?
The dictionary says to remunerate is to reward for effort or output.
While to compensate is to make good for damage or loss.
So, do you reward or make good for damages?
But a competitor said to me “Don’t be stupid Darren, they are synonyms of each other”. They mean the same thing”
And I retorted “So did you buy that sports car to remunerate or compensate for your small genitals?”
The words you use convey a meaning.
What does your compensation model say to your agencies?
Perhaps it is time to try a value-based remuneration model.
It’s the first step to making good with your agencies.