Incentive Compensation Plans
Incentive compensation plans are an essential mechanism for properly compensating the principals and key employees in design firms. These plans analyze the key elements of a firm’s success and translate those elements into a means of compensating throughout the year and with year-end bonuses based on the overall financial performance. Incentive compensation plans are critical to attracting and retaining key employees and owners and are also an integral part of a firm’s strategic long-term plan for ownership transition.
As part of a firm’s strategic ownership transition plan or as a separate engagement, our principals can provide an objective evaluation of your firm’s compensation structure and provide for unique alternatives that offer incentive for the firm’s owners to continue to grow the firm and increase profitability. We can offer insight as to the current trends and techniques used throughout the design profession to compensate owners of professional practices.