Team: What to Consider When Creating Compensation Plans
Episode description
In this episode, Grunder Landscaping VP Vince Torchia shares some of the salary and bonus structures that ensure happy, productive teams and a growth mindset.
The answer we usually have to give when asked about compensation plans is that "it depends" It depends on your business structure, your financial performance, your area, and what your current compensation plans look like. To set up a plan that works for both you and your team, Vince Torchia has tips for what to consider.
Discussion Points:
- Compensation - you get what you pay for in talent
- Beat what your competitors or your regional market pays - look at Chick-fil-A
- Hiring should be done ahead of need
- Sales commissions - how bonuses and pay should be structured at different stages
- Who is responsible for your sales team hitting their goals?
- Designing a salesperson’s compensation - base vs. bonus
- Profit-sharing - different structure levels
- Getting paid as an owner - what is fair?
- Recap
The Grow Show podcast is sponsored by STIHL and brought to you by The Grow Group - a leading coaching and education firm for landscape professionals. Your host is Marty Grunder, president and CEO of The Grow Group and Grunder Landscaping Co., one of the most successful design-build operations of its kind in the Midwest. The Grow Show shares ideas, tips, tactics, and insights that will help you grow your landscaping business.
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