Beyond 401 by Jean D. Sifleet

By Jean D. Sifleet

The final word reference on repayment for small company owners

Beyond 401(k)s for Small enterprise vendors provides suggestions for decreasing taxes, making plans in your retirement, and profitable high-performing staff. specialist suggestion from legal professional and CPA Jean Sifleet can help small company proprietors maximize their very own rewards and create an atmosphere within which staff comprehend that their exertions will suggest a greater destiny for themselves.

In transparent, uncomplicated language this publication is helping you determine what sort of plan you could have the funds for, what your staff wish, and what to do. very important tax and assurance concerns are lined intimately and step by step counsel enables you to layout a reimbursement method that works for either you and your staff. Case stories, pattern plans, and worthy references make this publication your one-stop resource for entire insurance of choices, from money bonus courses to worker inventory alternative plans (ESOPs) and every little thing in among. With past 401(k)s for Small company proprietors you will have all of the instruments you wish to:
* Maximize proprietor merits, decrease taxes, and increase your retirement income
* Use inventive repayment to inspire your employees
* comprehend certified and nonqualified plans
* deal with the original problems with kin businesses
* Get the simplest deal on assurance and merits in your company
* stay away from pricey pitfalls
* degree your growth and maintain your plan on the right track

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Sample text

USE COMPENSATION TO MOTIVATE EMPLOYEES Most employees respond positively to incentives. Incentive compensation is additional money for achieving specific preestablished objectives or milestones. In most businesses, paying salespeople a commission for sales made is standard practice. Commissions are usually highly effective in motivating salespeople. One approach is to extend the sales commission model of rewarding specific accomplishments to other positions in your company. For example, employees might receive a commission or bonus for achieving specific milestones such as completing a project on time, meeting budget objectives, or attaining a quality level.

With this information, you can look for the answers to some critical questions: • Do family members have clear roles and responsibilities? • How can I objectively evaluate the performance of family members? 1 Employee Data Table— Compensation and Performance Information Performance Assessment? Date Employee of Name Birth Date of Hire Position and Family Role Hours Base Pay Benefits Developmental Needs? 42 Family Business? • Do nonfamily members respect family members for their contribution to the business?

Increase the types of coverage provided in the plan c. Allow me to visit any doctor d. Reduce the amount of money I contribute toward the cost of the plan CONCLUSIONS • Employee input must be taken into account when designing or improving employee benefit and compensation plans. • Trying to make everyone in the organization happy with the benefit and compensation plan is an unrealistic goal. • The most important issues to employees today are pay, pay-performance linkage, adequate staffing, enjoyment of their work, and work/family balance.

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