Great employees are hard to come by and even harder to keep. If you have some great people you want to secure for the long-term success of your business, call us for a free employee compensation consultation.
Types of Employee Compensation
Business Ownership Transfer
Many business owners come to us look for help with creating incentives for their employees. They have some fantastic or key employees that they would like to compensate differently or with ownership. We are seeing a growing trend in the number of transfers to key employees. Fewer and fewer children of business owners are taking over for the parents. We help you examine what it looks like to explore selling your business to a key employee(s). Not sure where to start? Contact us to set up a free business ownership transfer consultation.
Many times an internal transfer is not ideal for the business owner because it carries many risks and idiosyncrasies. However, if you think this is an option for your company, let’s talk about it. Depending on the situation, we start with a small percentage or we structure a full buyout. If a buyout or buy-in is not a good fit for your company, there are many other ways we can reward your key employees with executive benefits and compensation.
Executive Compensation
There is not a one-size-fits-all solution to employee compensation. We help you look at your overall program and overall goals to establish the best way to motivate and incentivize employees. Sometimes this might include stock, cash, be activated at sale, or another option.
Some programs include:
Stay/Sale Bonus plans
Stay or Sale Bonus plans hold the key employees to the business in and through an ownership transition or sale. The plans can be designed in many ways to gracefully motivate key employees to align with the business owner’s goals.
Key Employee Bonus plans
Bonus plans for key employees can be structured as cash bonuses, stock bonus plans and can be tied to company profits, sales, equity (like a phantom equity stock plan) or other metrics. Many business owners know they need this but are not sure where to start or what to measure.
Non-Qualified Deferred Compensation (NQDC) plans
Through our partnerships, we offer several Non-Qualified Deferred Compensation plans that may be the perfect addition to your succession, exit, or sale strategy. They can include insurance components and/or executive benefits for the business owner, the emerging owner(s), or a key employee.
Accountability Programs
We can help develop a creative, individualized plan to accomplish your goals and motivate your employees to work in line with the company’s goals. Programs can be designed to fit into the employee compensation plan or stand-alone measure of performance and accountability.
At Workman White, we believe the old adage, “what gets measured, gets done.”
