Bonus Schemes
Whilst I doubt that your team are exclusively motivated by money – it also doesn’t hurt! But setting a hurdle for a bonus scheme is fraught with danger – too high and you risk disincentivising your people as its too unachievable. Set too low and it can cost the firm a lot of money.
It can be quite easy to simply give your fee earners a cut, but how do you know you aren’t creating an unstable future liability and onerous cost for the firm?
Useful for all firms but particularly those that want traction on their plans and want to incentivise their team to achieve the plan.
A series of calculations to establish where to pitch the “offer” for your firm. More than this though, an actual human being to help you imbed that culture.
To drive performance without making your team think they are “only a number”.
Timelines vary depending on your existing systems and culture. The creation of the bonus thresholds themselves is usually approximately 6 weeks.
Costs vary depending on the size of the practice and the level of revisions, or alternate scenarios required.
As a guide, a very simple scenario with no meeting or follow-up would be approximately £2,000 and a very complex one with hours of discussion afterwards would be £10,000. Most clients budget £4-8,000.
Discounts are available for prompt payment and for those already enrolled in the outsourced FD service.
