Create unique a Compensation profile for each user
Compensation is different than a bonus. By definition, a bonus is optional; which means staff is given permission to choose whether or not they want, need or value the offer of more money. If the answer is “No” then they have permission to do business their way, not the agency’s way.
Symphony’s strategy is built on the principle of “psychological ownership”. Psychological ownership occurs when someone emotionally possess something before they physically or legally take possession.
A great example is when someone feels that another driver took “their” parking space. Emotions run high because the first driver believes, “That is my parking space!”
The Symphony strategy is to create this powerful relationship between each individual and their total compensation which includes three distinct sources of compensation. The “opportunity” for more money is replaced with the “responsibility” to do their job.
The increased income is “their” money, and people will passionately protect what they believe is theirs, even if they have not yet taken legal or physical possession.
How do I know what I can offer?
The amount of compensation an agency can offer is calculated by subtracting the total expenses from the total planned income. This method works because the total expenses include:
■ All operating, capital and marketing expenses.
■ Payroll expenses including owner/management salaries as well as total payroll taxes and benefits.
■ Planned net profit including expenses such as planned acquisition, perpatuation planning and desired net profit.
Clear career path to more money.
Traditional compensation not equipped and incentive pay rewards some and ignores others.
Compensation plans have the opportunity to assign compensation for:
■ Hourly/Salary income
■ Individual performance income
■ Individual Commission or agency Revenue Sharing income
■ Hourly/Salary income
Each user’s compensation
■ Performance income
Performance Income is based on achieving Key Performance Indicator goals.
■ Commission/Revenue Sharing income
■ Commission income is for Producers and dedicated sales team
■ Revenue Sharing income allows all staff, regardless of position or license, to receive a portion of the total agency income when the agency achieves its monthly total revenue goals.
Types of Compensation
Symphony creates unique compensation plans based on the roles and responsibilties of each individual.
■ Performance Income
Performance Income is earned by Team members achieving specific Key Performance Indicator goals.
■ Hourly/Salary Income
Hourly/Salary Income is earned by exempt and non-exempt Team members.
■ Commission/Revenue Sharing Income
Commission Income is earned by commission-based Team members.
Revenue Sharing is earned by support and non-commission based Team members based on the total agency revenue.
6255 Frisco Square Blvd
Frisco, TX 75034