Compensation, Referral, and Partner Program Planning Resources
What is a Compensation Plan? FOR: EMPLOYEES
A compensation plan refers to all the components of a compensation package (wages, salaries, and benefits), how it will be paid, and under what circumstances employees receive bonuses, salary increases, and incentives.
What is a Referral Program? FOR: FRIENDS, CLIENTS, FAMILY
A referral program is a formalized process for rewarding and providing incentives to customers, vendors, and other sphere of influence contacts for recommending your company’s goods and services.
What is a Partner Program? FOR: BUSINESS ASSOCIATES
A partner program is a formalized process for identified business associates to sign up, resell, or otherwise promote your company’s goods and services in exchange for something of value. Something of value is typically a percentage of revenue- between 5% and 25%.
2021 Compensation Planning Presentation
Learn how to create an effective compensation plan to motivate today's workforce. An attractive compensation package that attracts talent is more than just base pay. In this presentation learn tips and tricks for creating a structure that is not only competitive for your industry but directly aligns with what is most important to your staff.
How to Align Compensation Plans, Referral Programs, and Partner Program Article- Updated September 2019
A successful and cohesive compensation plan, referral & commission structure, and partner program can dramatically increase profit for a company in a relatively short amount of time. If done right, it can align external channels and increase workforce moral. If done wrong, it can set up employee conflict, legal woes, and competing goals between possible partner referral sources and decrease employee and contractor morale.
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Salary Survey Links
•Federal salary data Bureau of Labor Statistics: https://www.bls.gov/oes/current/oessrci.htm
•Foreign Labor Certification Data Center:
This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice.
Please consult legal or tax professionals for specific information regarding your individual and/or company situation. The opinions expressed and material provided are for general information.
We highly suggest that all plans developed based on information learned today be reviewed by your CPA and Legal Counsel.