For many, determining the compensation for an employee is nothing more than doing a quick google search, or in our members case, maybe asking their peers what they pay a particular position. But Tom Miller doesn’t really agree with that methodology. Instead, his company helps businesses apply the best compensation strategies that help recruit great talent.
Tom is the founder and president of The VisionLink Advisory Group, a compensation design firm that services private businesses across North America. Tom and his firm have served over 600 companies across all industries.
In this episode, Tom discusses how to help small businesses apply the best practice compensation strategies that help recruit great talent, encourage execution of the business plan, and growing a company.
Victoria, Mark and Tom talk more about:
- The starting point for building a great compensation plan in small company.
- The most common mistakes employers make relative to compensation.
- How to build an effective incentive plan in a private business.
- The best way to handle employees who want stock in the company.
- Setting and managing salaries for different employees.
- And more…this