EMPLOYEE COMPENSATION
Like any entrepreneur, lawyers and accountants need to think about how to achieve their goals and involve employees in the process.
There are two major aspects to consider: (1) basic workplace standards, including functioning equipment, pleasant envoronment, vibrant water cooler/coffee culture, recognition of the work well done and (2) employee pay which becomes an issue only if it is too low. An appropriate salary or even an above market rate of pay is generally perceived as due remuneration for work performed.
This article is about compensation.
Target bonuses can be a powerful factor for motivating employees. They are predicated on clearly and succesfully defining objectives.
At Klaus + Partner we have opted for a two-stage bonus system by basing our target figure on general turnover as the first stage. If the turnover target is reached, all employees receive an additional amount equal to their monthly salary.
Also, personal targets are agreed upon with the employees which consist of revenue targets. This applies to the employees who have specific revenue generating responsibilities. As this second stage of the bonus, we have used a multi-level standard system of payments as a basis, but for special achievements (e.g. exceeding the personal revenue targets) the individual specific bonus can significantly exceed the standard one.
If you work with bonus systems in your practice, please share the relevant information. IGAL-INSIDER would welcome it.
FRANK KLAUS
Klaus and Partners
Neu-Isenburg, 63263 Hessen
Germany
PO Box 15 52 Neu-Isenburg 63235
Germany
Telephone : +49 6102 71170
Fax :+49 6102 7117120
Email : fklaus@kp-taxandlaw.com
Website : http://www.kp-taxandlaw.com/index.php