Purpose
The Discovery process is a method of identifying and solidifying the key compensation philosophies and priorities of an organization with the intent of developing an action plan for strategy development. It is conducted to prepare for the creation of a compensation structure that will achieve a unified financial vision for growing the business. Through this process, a company will achieve the following:
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Identify the relationship between company and employee wealth building goals
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Establish the framework of an employee and executive compensation philosophy
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Identify the key factors which will impact the desired performance
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Create a prioritized plan of action for strategy development
Process
The VisionLink Advisory Group devoted up to one full day of interviewing key executive and management individuals in the company (typically 6-10 individuals)
VisionLink gathers data during those interviews regarding the following key issues:
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Business owner's vision for the future and wealth building objectives of the business
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Growth expectations for the business
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Key factors and individuals that will impact growth expectations
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Present compensation and benefit structure
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Wealth building objectives of key people
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Key dangers, opportunities and strengths
VisionLink prepares and delivers a summary report for the company of findings from the interview and assessment process, including recommended strategies for addressing for priority compensation and benefit issues
Summary
The Discovery Process ensures that the company's compensation philosophy and design is built upon the proper foundation. In addition, it provides the framework within which company and employee wealth building objectives can be aligned and their visions unified. A proper investment in this process will yield large dividends in the evolution and implementation of a value proposition that will attract and retain key talent.
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