Earlier this spring, MaRS Entrepreneur’s Toolkit published a variety of articles on designing successful compensation plans at your startup. We have now launched additional related articles, exploring topics such as sales compensation plans, incentive programs and more.
For example, learn more about:
Job evaluation: Tailoring compensable factors for your startup: A job evaluation is a way to compare jobs to help your startup to decide what it wants to “pay for”—i.e., what is of value to your company. Find out how to get started on a job evaluation plan.
Salary surveys: Compensation for employees: Not sure how much those skills are worth? Credible salary surveys provide statistical insights into the markets in which you compete for employee skills. They can help you maximize the ROI of your compensation programs.
Successful sales compensation plans: Setting the foundation: Sales incentives are one of the most complex areas of compensation and they can significantly affect your company results. We discuss three critical areas of focus as you start to build your sales compensation plan.
Implementing and evaluating sales compensation plans: Designing successful sales compensation plans for your startup requires a fine balance of business strategy, competitive pay levels, and (you guessed it) affordability. You’ll need to make key decisions, so know what you should consider.
Sales compensation plan: Sample template of sales contract: This downloadable template can help your salespeople to understand your startup’s sales plan and track their own compensation based on their performance.
Designing the right employee incentive programs and bonus plans: Bonus and incentive programs can effectively drive employee behaviour and yield positive business results. But if not properly run, they can actually impede business success. Simply implementing a program you’ve seen elsewhere could prove a big mistake. Find out more.
Are there more topics you’d like to see? Reach me at firstname.lastname@example.org.