Wondering how a startup can build a competitive compensation plan? Not sure how to set up payroll? Entrepreneur’s Toolkit can help.
If you’re just getting started building your startup’s compensation plan, this overview article outlines the basics: Employee compensation: Salary, wages, incentives and commissions.
Keep in mind that stock options and milestone bonuses are a popular feature. Offering employees equity in your startup encourages your team to form a serious relationship with your startup and it creates a monetary incentive. And project bonuses help focus employees on critical deadlines and unify a team to work toward a specific goal. For more details, check out Offering employees equity in your startup: Stock options and plans and Employee bonuses: Milestone or project bonus plans.
As your startup develops, you may find you have employees with indispensable skills or expertise that are critical to your company’s success. You’ll want to retain these employees and not see them wooed away by the competition. Lean ways to retain and motivate your key players: Rewarding your critical resources: A compensation strategy for startups.
Did you know that in Ontario pay equity is the law? Find out more at The Pay Equity Act: Pay equity legislation and Ontario startups.
Lastly, it goes without saying that the best compensation strategy of all is to process your payroll! New at setting up payroll? See How to set up and process payroll in Ontario: A guide for startups.
We’ll be publishing more articles on compensation plans in the next few weeks. Stay tuned for details on defining your startup’s compensation strategy and handling various compensation issues that can arise.
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