How comes every company has the best compensation plan?
Would you like to know the truth?
Society is ruled by perceptions.
Very few of the claims are substantiated.
Ideally if you can eliminate any doubt and make people believe with certainty that what you have is the best thing ever. They’ll think they can’t miss this chance they have.
On the contrary, people who doubt, hesitate and don’t take any action.
But what’s the truth about the best compensation plan?
Compensation plans are tricky. They are hard to understand.
Most often, a company will create a compensation plan that creates the perception of being better but what it really does is keep more money for the company.
Unfortunately, by the time you find the loopholes used in certain compensation plans, you’ve already hit the top ranks.
Would you like to understand the thinking that goes on in the mind of the person creating a compensation plan? Where do they put the money and why?
I invited Dr. Cooper on this webinar.
He is the pre-eminent expert in compensation plans.
When companies get tricked by their leaders for manipulating their comp plan to pay them more than the company can. When those companies hired every expert they could to fix it and they still can’t figure it out, they contact Dr. Cooper.
He comes in, identifies the problem and shows them how to fix it.
He knows every twist of compensation plans and will show you the behind-the-scene so that you can finally understand how compensation plans work… or don’t work.
3 years ago he created a compensation plan and I asked him to also compare it to the industry standards.
I would love to read you comments below.
Stephane Page
P.S. If I were you, I would get a pad and pen and take notes.
There are lots of great compensation plans in our industry. There are also some that suck. You need to find a compensation plan that is fair and matches your goals. Some focus on retailing. Others only pay on a few levels. Some pay unlimited depth. At the end of the day it comes down to finding one that matches your desires and goals. I’m in the industry (and with my company) for the long haul, so I looked for a compensation plan that would pay me many, many levels deep.
Great blog post, Stephane!
Chuck
It all comes down to “know the good and bad” of your comp plan so that you know you have one that works well for you and your goals and know how to present it to people.
Thanks Chuck.