Compensation Design FAQs
Common Questions We Get Asked About SRG’s Compensation Design Service
Compensation design and compensation plans are about creating a reward structure for your key contributors. Our compensation design service is designed to provide you with a customized compensation plan/strategy/model to attract and retain industry talent. Our field-tested compensation models help to ensure your compensation strategies align with your team and roles, and will allow you to grow the business profitably.
Our compensation design service is for owners who have one or more employees that are client facing and that you want to incentivize certain behaviors. SRG’s models are designed to work with W-2 advisors in a service capacity and/or business development role, 1099 affiliates, as well as executives.
The business owner and /or key operations management staff should engage in the employment agreement service.
We discourage you from including staff members on these calls, at least initially. We want to be able to have open and honest conversations about your team members, incentives, and balancing their interests with those of the company.
We request you complete a questionnaire and provide any/all relevant documentation on your current compensation structure. As you progress, our team will also seek historical figures for your team so we can perform the back testing and further refine your model.
We are happy to discuss your current equity sharing strategy(s) as consideration for overall compensation, or many times, SRG will help create a profit-sharing bonus pool to incentivize employees to think and act more like owners. However, if you need to create an equity sharing plan from scratch for your employees, this would fall under our Equity Sharing Plan service.
This varies based on the resources you receive and is subjective as an employer. Best practice would be to review compensation for your team annually to ensure it continues to meet your desired outcome(s). We offer an annual compensation and staffing research service, which we would recommend building into your overall annual compensation review process. But, if the models are set up correctly with our team, the plan should require very little maintenance from one year to the next.
Julia Sexton, CVA, Director of Strategic Organizational Planning
Courtney Sobkow, Project Coordinator
