I own a small business (12 employees) & would similar to to draft a plan to reward top performer.?
I own an attractive 401K plan but would approaching to bestow a creative ownership solution for my best folks who consistently produce results within accumulation to increasing hand retention. Does anyone enjoy a plan that have successfully be implement lacking giving away the company?
Answers:
Are you sure you want to reward next to money? Assuming you are paying salary that are competitive surrounded by your industry, I would look for other methods.
If your salary are not competitive (you are not surrounded by the top 50% of your industry group), after I would first aim for that.
There are heaps appropriate books full of practical accepted wisdom on how to reward organization that do not involve money. I would start beside Brayton Bowen's book Recognizing and Rewarding Employees. It have uniformly positive reviews.
Below is a account to acquire you started.
Talk to your business accountant and attorney
If your not a S-Corp you may set up a two tierd ownership system. You retain adjectives of the voting rights but they share in profits.
Some companies that do this are:
NY Times
Berkshire Hathaway
Washington Post
Speak to a business attorney or your accountant
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Answers:
Are you sure you want to reward next to money? Assuming you are paying salary that are competitive surrounded by your industry, I would look for other methods.
If your salary are not competitive (you are not surrounded by the top 50% of your industry group), after I would first aim for that.
There are heaps appropriate books full of practical accepted wisdom on how to reward organization that do not involve money. I would start beside Brayton Bowen's book Recognizing and Rewarding Employees. It have uniformly positive reviews.
Below is a account to acquire you started.
Talk to your business accountant and attorney
If your not a S-Corp you may set up a two tierd ownership system. You retain adjectives of the voting rights but they share in profits.
Some companies that do this are:
NY Times
Berkshire Hathaway
Washington Post
Speak to a business attorney or your accountant