Programs grounded in what you want to accomplish and can afford to pay.
70% of a dealer’s costs, on average, are in staff compensation. Whatever the number happens to be for your business, you want to know you’re getting the best return for those dollars.
Yet how do you define “best return” and how will you know when you’re actually getting it? How does your current compensation structure impact the company’s financial performance? What can you afford to pay people? What will it take to attract and retain peak performers? How will you effectively measure and reward performance?
Solomon Coyle helps dealers of all sizes come to grips with these questions. In the process, we bring welcomed realism to this vital aspect of making a people-intensive business competitive, profitable, and attractive to work for.
Our assistance extends from establishing a compensation philosophy to validating the effectiveness of new plans you select and managing the transition(s). In between, we apply Solomon Coyle’s industry-specific financial benchmark and compensation research to help assess various compensation scenarios for affordability and impact on financial performance.
Our process is scalable and adaptable for the full range of compensation planning from position types to departments to company-wide programs such as profit sharing plans.