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Team: What to Consider When Creating Compensation Plans

Team: What to Consider When Creating Compensation Plans

FromThe GROW! Show


Team: What to Consider When Creating Compensation Plans

FromThe GROW! Show

ratings:
Length:
17 minutes
Released:
Sep 20, 2023
Format:
Podcast episode

Description

In this episode, Grunder Landscaping VP Vince Torchia shares some of the salary and bonus structures that ensure happy, productive teams and a growth mindset. 
The answer we usually have to give when asked about compensation plans is that "it depends" It depends on your business structure, your financial performance, your area, and what your current compensation plans look like. To set up a plan that works for both you and your team, Vince Torchia has tips for what to consider.
Discussion Points:

Compensation - you get what you pay for in talent
Beat what your competitors or your regional market pays - look at Chick-fil-A
Hiring should be done ahead of need
Sales commissions - how bonuses and pay should be structured at different stages
Who is responsible for your sales team hitting their goals?
Designing a salesperson’s compensation - base vs. bonus
Profit-sharing - different structure levels
Getting paid as an owner - what is fair?
Recap 

The Grow Show podcast is sponsored by STIHL and brought to you by The Grow Group - a leading coaching and education firm for landscape professionals. Your host is Marty Grunder, president and CEO of The Grow Group and Grunder Landscaping Co., one of the most successful design-build operations of its kind in the Midwest. The Grow Show shares ideas, tips, tactics, and insights that will help you grow your landscaping business.
Resources:
 
GROW! Conference Feb 2024
 
The Grow Group
 
Grunder Landscaping
 
Vincent Torchia LinkedIn
 
Marty Grunder LinkedIn
 
Stihl
Released:
Sep 20, 2023
Format:
Podcast episode

Titles in the series (52)

The GROW! Show is a show that highlights Marty Grunder's annual conference, GROW!. The GROW! show will showcase how anyone in the green industry can grow themselves, their team, and their business.