The Big Picture Consulting (BPC) can help improve payroll by making sure your compensation plan is simple, compliant, and encourages employees to do their best work. Overtime compliance is the number 1 vulnerability for residential contractors; in fact, 90-95% of compensation plans using incentive pay (i.e., spiffs, commissions, task pay, etc.) are NOT compliant with overtime laws. And if your business falls into this category, it will cost you—BIG time. But don’t worry. We’re here to help!
Every pay plan has its pros and cons:
Whether your current compensation plan needs a little tweaking or you're interested in implementing a whole new system, The Big Picture Consulting is here to help. Our pay plan experts will make sure your compensation plan is easy to manage, incentivizes employees to do the right thing, and is fully compliant, even for overtime.
During the payroll review process, we will:
As a Foundation Retainer client you'll get insights on whether you're compliant and suggestions for potential fixes. Strategic and Executive Retainer clients get a payroll deep-dive plus custom tools to ensure your compensation plan is not just compliant, but optimized.
If you want to take your compensation plan to the next level, consider one of The Big Picture Consulting's proprietary pay plans.
We can help you adjust your existing payroll process to be compliant. But if you’re searching for an easier, more efficient compensation plan for your company, consider one of our proprietary pay plans, developed in-house to solve all the challenges of traditional pay plans.
After an analysis of your company's needs (included standard with a Strategic or Executive Retainer account) we may suggest you consider one of our BPC plans: Diff-Comm or Flex-Rate. These both give performance pay opportunities at the individual and team levels, help you manage your labor budgets in real-time, and keep your company 100%-compliant, no matter what state regulations you need to follow.
The difference between the Diff-Comm and Flex-Rate plans is based on how your company is structured, and what will best incentivize your employees. We'll make a recommendation between the two plans after a deep-dive into your company's specific needs.
The BPC pay plans blend the best features of each type of compensation plan (hourly, commission, combination) into one that motivates your workers, optimizes your budget, and minimizes compliance risks. These plans also provide you with a wealth of budgeting and management tools to make more qualified business decisions.
This payroll management concept is designed to make paying your employees simple and smooth and to:
Imagine paying your best technician more than $100 per hour for the pay period... and still coming in under budget. And think about how this might incentivize your other employees to work harder and more efficiently to get the same results!
A successful, sustainable pay plan requires compliance, employee motivation, performance management, and protection of your company’s budget. So, how do The Big Picture Consulting's plans, Diff-Comm and Flex-Rate, do it? Just a few of the ways...
And best of all, with these pay plans, The Big Picture Consulting does all the hard work! You simply review the inputs—making sure jobs are closed out correctly and the right technicians are assigned—and when it's done you validate the final numbers. It's that easy.
Then each and every pay period, you can see in real-time both individual performance and collective team performance, allowing you to set independent budget goals for each. And give bonuses across the board when goals are met.
Our compensation plans are truly the key to peace of mind. Here are a few more reasons to consider making the switch:
Once the plan has been developed and employees understand the new pay structure, payroll is simple. Each pay period, The Big Picture Consulting will process your revenue and timesheets, taken directly from your tracking software. You'll receive an update once all is complete and you can move forward with payroll... or with our Executive Retainer account, we'll even process payroll for you!
Payroll compliance is complicated, but BPC pay plans make it easy.
Schedule a Demo today for more information.