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Erik Fyrwald, CEO of Nalco
How I motivated my employees to cut costs

We saw the market start to weaken in late September and quickly established a goal of cutting $150 million in costs for 2009. We froze salary increases but said if we hit the goal, everybody would get a 4% increase. When we hit the halfwaymark -- $75 million -- everyone got a 2% increase. If we cut more than our goal in the second half, they'll get more.

NEXT: David Steiner, CEO of Waste Management
Last updated August 13 2009: 9:17 AM ET
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