12 min listen
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
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)
Hiring: Interview Questions to Help You Find the Right Team Members: You only get a short time to decide if someone is a good fit for your team or not during the interview, and asking the right questions can help you find the right culture fit on the first try. In this episode, Vince Torchia, VP of The Grow Group, shares the questions he recommends you ask potential employees. Vince Torchia is vice president of The Grow Group, where he drives strategy, oversees day-to-day operations, and provides executive coaching to clients. A graduate of the University of Dayton’s School of Business, Vince travels the country, ensuring programs consistently deliver results and demonstrating how business owners can leverage the strengths of both their right-hand men and women and the millennial workforce to succeed. Discussion Points: What do you know about our company? Why do you want to work here? Short and long-term goals? Your last job and details about your experience Tell me about a conflict by The GROW! Show