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August 1, 2017

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My 7 Principles for Employee Compensation

September 2, 2017

What a complicated subject. I’ve made 1000 mistakes until I developed a few principles that I follow when counselling others.

 

  1. No one pay solution fits every company.

  2. No one company has only one pay plan for everyone.

  3. The pay plan must be understood by all to be effective.

  4. To be understood, the pay plan must be simple.

  5. An incentive based pay plan needs a little reward but can’t cause the paycheck to fluctuate too much.

  6. All incentive plans, including hourly pay plan, go stale and need refreshing.

  7. Pay plans must conform to government regulation.

 

And a bonus principle. Don’t change pay plans flippantly. Changing someone’s paycheck is a serious matter and must be well planned. A poorly designed compensation plan will cause an employee to quit or WORSE stay and pollute your company culture.

 

We have tools for testing balance in compensation plans. How much will it fluctuate? How do I tie it to my hourly rate and goals? How will it impact my profit and loss statement? Will it be easy to administer?

 

In addition to the testing tools, we have designed a price guide that responds automatically to your changes in your compensation plan if you want. Pay a commission, add a spiff to one product or a whole department. It only takes a second. Do it for a day or a month. Start a competition. Balance it with each customer type. Pay hourly and spiff or commission. It’s all become very easy. Let me show you how. Schedule a demo.

 

 

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