Compensation Plans - Commission or Flat Rate?

In this episode, Shannon delves into the complexities of compensation planning, particularly exploring the dilemma of choosing between commission-based or flat-rate compensation plans. Unraveling the intricacies of cash flow forecasts, she provides practical insights and strategic considerations for structuring compensation packages that align with business goals and attract top talent. Drawing from her own experiences and industry knowledge, Shannon presents a compelling case for customizing compensation plans to suit individual roles and organizational needs. Tune in to gain valuable tips for making informed decisions and optimizing your business's financial health.

What you'll hear in this episode:

04:49 Structure compensation based on direct revenue impact.

07:51 Hybrid base plus commission model for sales.

13:34 Commission-based work can simplify implementation. Flat rate or unit-based payment may be easier. Triple your time estimate for others.

17:04 Move away from hourly billing to a flat rate.

If you like this episode, check out:

Is Hiring Your Family the Right Thing to Do?

Mastering Recruitment: Marketing Strategies with Shannon
How My Dad's Advice Shaped My Career and Business Success

Want to learn more so you can earn more?

Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide

Visit keepwhatyouearn.com to dive deeper on our episodes

Visit keepwhatyouearncfo.com to work with Shannon and her team

Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

Connect with Shannon on IG: https://www.instagram.com/shannonkweinstein/

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.