STRUCTURE + PLAN DESIGN
We create alignment and improve retention by defining COMPENSATION STRUCTURE and philosophy, creating short- and long-term INCENTIVE PLANS, and developing PERFORMANCE MANAGEMENT SYSTEMS.
Compensation Structure
Lack of a defined compensation philosophy and structure often contributes to inconsistencies in compensation decisions and can be a missed opportunity to drive performance.
ALIGNMENT AND SUCCESS
When a framework or structure is implemented, it results in better alignment between performance and compensation, and can greatly reduce anxiety of both the family and staff around the process.
Incentive Plan Design
Botoff Consulting specializes in creating both short and long-term incentive plans to help your company retain key executives and non-executives.
ANNUAL INCENTIVE PLAN DEVELOPMENT
We can design an annual incentive plan to incent and reward for achieving short-term (typically annual) performance goals. The plan design incorporates metrics that reflect the goals of the firm and of the family, the multiple roles performed, and appropriate opportunity levels for the participant(s).
LONG-TERM INCENTIVE PLAN DEVELOPMENT
We can design a long-term incentive plan which would provide longer-term (typically three–five years) performance-based rewards to create a retention mechanism for key staff, align performance goals with the family/stakeholders, and enable participants to better plan for their long-range financial futures. Analysis of the selected design includes multi-year plan modeling with projected costs to the firm and potential value to participants.
Performance
Management Systems
Lack of a process for job definition and objective feedback generally leads to employees being unclear regarding expectations and key areas of focus. This missing piece can cause frustration when employees and key executives have goals that may be misaligned with company goals.
PROCESS ESTABLISHMENT
Botoff Consulting can help you establish a formal process that includes job descriptions, goal setting, and annual review processes that are linked to company strategy and goals.
POSITIVE RESULTS + SATISFACTION
This provides greater employee satisfaction as well as a cohesive work group leading to improved company productivity.