Wage Control Module 5: Performance Based Compensation
In Module 5 we'll introduce Performance Based Compensation and discuss how to use it in your business.
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Introduction to Module 5
Open to view video.
Open to view video.
In this video, Manny will discuss how to leverage wages to drive performance. He'll also discuss how florists short-change themselves in attracting top talent.
Starting Performance Based Compensation
Open to download resource.
Open to download resource.
Manny explains that Performance Based Compensation is nothing new. In fact, it's all around us everyday. He'll explain how it attracts the "right" people, creates a culture of success. Then he'll share how easy it is to start!
Great Truths of Performance Based Compensation
Open to download resource.
Open to download resource.
Manny shares the simple secret to starting Performance Based Compensation in your business. He also offers his Great Truths of Performance Based Compensation.
Intro to Incentive Plans
Open to view video.
Open to view video.
Now that you know the power of Performance Based Compensation, Manny introduces his most successful Incentive Plans. He explains that these are "real" plans, implemented on the fly and revised over years. He credits these incentive programs for turning his business around, and he shares the plans, forms and examples.
Starting with the SPIF Program
Open to download resource.
Open to download resource.
Manny shares a simple first step in starting Performance Based Compensation. This easy-to-start program created enthusiasm for incentives, and raised his average order by almost 20% in just a few weeks!
Wage and COGS Control Bonus
Open to download resource.
Open to download resource.
WAGE and COGS are huge expenses and should account for 60% of your revenue. Yet often they're over budget, resulting in tens of thousands of dollars in lost profit every year. Manny shares two incentive plans to ensure these margins are met, almost guaranteeing healthy profit along the way.
Daily Designer Production Bonus
Open to download resource.
Open to download resource.
This Incentive Program lit a fire under the Daily Designers, and separated the Performers from the Pretenders. Designers quickly improved their productivity, adding hundreds of dollars to each paycheck AND reducing wages.
Event Designer Incentive Program
Open to download resource.
Open to download resource.
Manny explains how Wedding and Event Designers are Salespeople FIRST. They must GET the business before they can design. He explains how he created event sales goals for each month of the year, how he structured their Salary+Commission compensation, and shares real examples of the pay-off. He credits this incentive program for creating a career path for his Event Designers.
Other Incentive Programs
Open to download resource.
Open to download resource.
Manny shares other plans he's either used or seen in the floral industry. They work!
