Heidi Hoium’s Post

The dreaded compensation review. Am I paying enough? Am I getting the right return from my investment in this person? Retention matters to me - how do I ensure my team is motivated and feels valued financially? Can I afford to pay that? How do I bonus them in a way I feel great about? As with most things, we believe that an imperfect plan executed with consistency is far superior to the perfect plan executed inconsistently. Now is the time to create your plan for compensation conversations if you have not already. We believe the following are keys to creating a clear plan that will yield the clarity and confidence you and your team crave: • Pre-schedule your cornerstone touch points for the whole year • Determine when and how you will approach compensation reviews (breaking news - you do not have to do it at year end or at the same time as performance reviews if you don’t want!) • A good compensation philosophy guides the rest - it should be written and read before making any decisions. • Determine a bonus structure that incentivizes the right behaviors and results based on your philosophy and vision • Understand how to use benchmarking • Clearly define benchmark ranges for each role on the team - be transparent about current and future role potential (this makes development plans SO much easier!) We have a small panel of successful COO’s joining us this week to help our clients create this plan with confidence. We are inviting a limited number of others to join our conversation for only $100. Comment COMP PLAN if you want help and we will send you the info.