In my consulting practice I get asked frequently about what factors go into determining someone’s compensation. As one client put it “what are the ingredients that go into the compensation plan?” Similar to when you’re preparing a new recipe for the first time – following the directions to the letter, doing the steps in order… Read more
Incentives
Let’s face it, end-of-year compensation decisions and pay talks are stressful. Even the most successful owners may lack the confidence needed to have meaningful discussions. Here’s a list of planning tips to improve employee pay meetings and ease the annual ritual. 1. CONFIRM ROLES AND RESULTS Dust off your firm’s job descriptions and ensure you… Read more
How do you know if you are currently paying your employees at competitive levels? And what merit increases are warranted for each position? Are you utilizing the appropriate mix of base and variable compensation based on the type of position? These are common questions we are asked when clients engage us on a compensation project… Read more
Advisory firms spend more money on compensation than on any other expense, so getting it right just makes good business sense. Your compensation plan should define the behaviors you value the most and reflect what you are willing to pay to attract and retain key talent. I have found some consistent compensation misconceptions across advisory… Read more
We are excited to announce that our new whitepaper, Hiring & Retaining Top Talent for Growth, is now available! This whitepaper covers key human capital areas including: designing your org structure; recruiting and hiring; managing and developing your team; and how to compensate your team. Read the Introduction excerpt below and please contact us to… Read more
A majority of employees at advisory firms — both professional and nonprofessional — now receive a combination of base salary and incentive pay, industry studies find. But firms don’t seem to be satisfied with their pay packages and, at my consulting firm, the most highly requested engagement is for designing (or, more commonly, redesigning) incentive… Read more
