Developing an understanding of the current compensation parameters, obtaining an overview of current events that have an impact on the structure of the owners’ and employees’ compensation, reviewing and assessing the existing compensation system, gaining an understanding of division of responsibilities among owners/employees, defining the objectives and goals of establishing a new compensation system, obtaining documentation of job responsibilities and discussing and establishing incentives.
Structuring a performance-based incentive plan to meet the needs of the owners and business.
Assisting with the development of critical success factors (CSFs) and key performance indicators (KPIs) by job classification and providing tracking templates that include these measurements as well as a scorecard mechanism to track performance.
Assisting the company’s management with determining the appropriate amount of the total profits to be allocated to the plan and assist with the development of an allocation template that will be used to perform this calculation.
How It Benefits the Client:
Provides a process by which to reward those who work hard, establishes incentives and incorporates a mechanism to ensure implementation and monitoring.
Can also prevent disputes among owners regarding individual compensation and assists in attracting and retaining good employees by having a formal plan in place.
Helps management understand the value of ownership and help define compensation and ROI to shareholders.
