Designing Comp Plans to Keep Your Team Hyper-Productive and Around for the Long-Term

If you own a business, you know that one of the hardest parts is the people part. Whether it’s leading people, developing people, or retaining people, it can be a major challenge, and having a solid team in place becomes more important as you grow—and even more important as you look to sell. Byron McFarland is a Succession and Equity Compensation Strategist with The McFarland Group who has helped countless firms design compensation plans to incentivize and retain key people, and in this episode, we’re diving into the nuts and bolts of building a team that will help take your business to the next level.

Listen in as we discuss the critical topic of how to structure retention plans for your business, the key to keeping valuable team members, and plans that reward future performance to drive results. We also share insights on how to approach retention planning when recruiting new talent so you can attract and retain top performers and ensure the success of your business for the long term.

You’ll learn:

• The keys to a good retention plan. (3:50)
• How to align your owner’s mindset with your team’s mindset. (8:00)
• Incentive plans that really drive results. (17:55)
• Why forecasting is important when you’re designing a performance-based plan. (23:35)
• Who The McFarland Group works with and what they do. (31:15)
• Lightning round with Byron. (32:45)

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(With your host Andrew Youderian of eCommerceFuel.com and Byron McFarland of The McFarland Group)

What Was Mentioned

• Byron McFarland: Website | LinkedIn
• The Great Game of Business
• eCommerceFuel Forum
• Fulfil.io
• One Click Upsell – Increase Sales 15%+ with Pre-and Post-purchase Upsells. (On average, Shopify users increase sales 15% immediately after installing the app!)

Image by Gerd Altmann from Pixabay.

Post by Andrew Youderian

Andrew is the founder of eCommerceFuel and has been building eCommerce businesses ever since gleefully leaving the corporate world in 2008.  Join him and 1,000+ vetted 7- and 8-figure store owners inside the eCommerceFuel Community.