This document outlines an enterprise mentoring program presented by Richard Parkes Cordock. It discusses using mentoring to engage employees and increase profit through factors like customer retention and referrals. The program would use both digital and face-to-face mentoring that leverages existing managers and a structured approach. The goal is to make mentoring scalable and available to a majority of the organization beyond just senior leaders. Specific mentoring modules are outlined to develop key skills and mindsets among employees.
The Carrot Principle — How the Best Managers Use Recognition to Engage Their ...Human Capital Media
Join Halogen Software for an inspiring webcast from renowned author and engagement expert Chester Elton and learn how fostering a recognition culture can motivate your employees and drive business results for your organization. Based on his runaway New York Times best-seller The Carrot Principle, Elton will reveal the groundbreaking results of one of the most in-depth management studies ever undertaken.
This breakthrough 10-year study of 200,000 people found dramatically greater business results when managers offered constructive praise and meaningful rewards in ways that powerfully motivated employees to excel.
Drawing on case studies from leading companies, Elton will share how the transformative power of purpose-based recognition produces astonishing increases in operating results, such as higher productivity, engagement, retention, and customer satisfaction.
This presentation introduces the simple steps to become a Carrot Principle manager and to build a recognition culture in your organization. You’ll also hear about how this culture can be enabled by a best practices-based talent management system that supports better business results.
Handouts for The Carrot Principle: How the Best Managers Use Recognition to Engage Their People, Retain Talent, and Accelerate Performance.
Presented by The Meyvn Group
August 18, 2009
The document is Jamie Jimkoski's career portfolio, which includes an introduction, goals, resume, letter of recommendation, scholastic achievements, and sample work. It provides an overview of Jamie's education, work experience, skills, and achievements to showcase her qualifications and abilities for potential employers. The portfolio demonstrates Jamie's strong academic performance, including earning a bachelor's degree in business administration with a 3.82 GPA, as well as relevant work experience in retail, fitness center operations, and administrative roles. It includes a recommendation letter from a professor further validating her academic abilities and potential for success.
How does a growing company maintain its innovation and competitive edge? By hiring great employees?
NOPE. It's by keeping them.
By employing open book management and offering a stake in profits you can retain great talent to help your company thrive. Learn the key concepts, metrics and incentives needed to curate your culture for growth.
The compensation plan provides 11 ways for Ambassadors to earn income including business building bonuses, Plexus points, and achievement bonuses. Ambassadors earn Plexus points for each qualified member in their downline, with the number of levels increasing as the Ambassador achieves higher ranks. 50% of the company's monthly revenue is paid out to Ambassadors through 4 bonus pools based on rank, with the value of Plexus points determined by dividing the total points among Ambassadors. The plan aims to make income predictable, profitable, and rewarding for those who build their business.
Building Value In Proferssional Service FrimsPerformLaw
The document discusses building value in professional service firms. It addresses several key points:
1. Ownership requires a high level of commitment to excellence and hard work. Owners work harder than non-owners and must prioritize long-term value creation.
2. Leverage, through training and recruiting professionals, is important for profitability. It allows firms to bill junior staff at rates higher than their salaries, increasing profits.
3. Marketing is essential to hedge against losing existing business, secure better rates, and increase self-determination with clients. Without new business, firms risk losing existing accounts.
This document outlines an enterprise mentoring program presented by Richard Parkes Cordock. It discusses using mentoring to engage employees and increase profit through factors like customer retention and referrals. The program would use both digital and face-to-face mentoring that leverages existing managers and a structured approach. The goal is to make mentoring scalable and available to a majority of the organization beyond just senior leaders. Specific mentoring modules are outlined to develop key skills and mindsets among employees.
The Carrot Principle — How the Best Managers Use Recognition to Engage Their ...Human Capital Media
Join Halogen Software for an inspiring webcast from renowned author and engagement expert Chester Elton and learn how fostering a recognition culture can motivate your employees and drive business results for your organization. Based on his runaway New York Times best-seller The Carrot Principle, Elton will reveal the groundbreaking results of one of the most in-depth management studies ever undertaken.
This breakthrough 10-year study of 200,000 people found dramatically greater business results when managers offered constructive praise and meaningful rewards in ways that powerfully motivated employees to excel.
Drawing on case studies from leading companies, Elton will share how the transformative power of purpose-based recognition produces astonishing increases in operating results, such as higher productivity, engagement, retention, and customer satisfaction.
This presentation introduces the simple steps to become a Carrot Principle manager and to build a recognition culture in your organization. You’ll also hear about how this culture can be enabled by a best practices-based talent management system that supports better business results.
Handouts for The Carrot Principle: How the Best Managers Use Recognition to Engage Their People, Retain Talent, and Accelerate Performance.
Presented by The Meyvn Group
August 18, 2009
The document is Jamie Jimkoski's career portfolio, which includes an introduction, goals, resume, letter of recommendation, scholastic achievements, and sample work. It provides an overview of Jamie's education, work experience, skills, and achievements to showcase her qualifications and abilities for potential employers. The portfolio demonstrates Jamie's strong academic performance, including earning a bachelor's degree in business administration with a 3.82 GPA, as well as relevant work experience in retail, fitness center operations, and administrative roles. It includes a recommendation letter from a professor further validating her academic abilities and potential for success.
How does a growing company maintain its innovation and competitive edge? By hiring great employees?
NOPE. It's by keeping them.
By employing open book management and offering a stake in profits you can retain great talent to help your company thrive. Learn the key concepts, metrics and incentives needed to curate your culture for growth.
The compensation plan provides 11 ways for Ambassadors to earn income including business building bonuses, Plexus points, and achievement bonuses. Ambassadors earn Plexus points for each qualified member in their downline, with the number of levels increasing as the Ambassador achieves higher ranks. 50% of the company's monthly revenue is paid out to Ambassadors through 4 bonus pools based on rank, with the value of Plexus points determined by dividing the total points among Ambassadors. The plan aims to make income predictable, profitable, and rewarding for those who build their business.
Building Value In Proferssional Service FrimsPerformLaw
The document discusses building value in professional service firms. It addresses several key points:
1. Ownership requires a high level of commitment to excellence and hard work. Owners work harder than non-owners and must prioritize long-term value creation.
2. Leverage, through training and recruiting professionals, is important for profitability. It allows firms to bill junior staff at rates higher than their salaries, increasing profits.
3. Marketing is essential to hedge against losing existing business, secure better rates, and increase self-determination with clients. Without new business, firms risk losing existing accounts.
The document discusses customer retention and lifetime value. It begins by explaining why customer retention is important as retained customers buy more, are less price sensitive, and have higher lifetime value. It then discusses how to retain customers by recruiting the right customers, segmenting them by lifetime value, and communicating with them to build loyalty. The document provides an example of a lighting manufacturer that saw 82% increase in orders and 86% increase in order size by building relationships with select customers. It stresses the importance of calculating customer lifetime value to determine which customers to target retention efforts towards. The document outlines how to calculate lifetime value and provides examples of how strategies like loyalty programs and event-driven communications can increase lifetime value. It discusses how lifetime value analysis can
Due first to necessary staffing cuts, extreme safety protocols, and now the need to rehire against outsized government stimulus, unemployment benefits and wage requirements, managing and staffing have become the most urgent conversation in restaurants today. This, adding on to the lynch-pin management style restaurants often have, has made restaurant cultures more vulnerable and volatile than ever. If your restaurant is suffering from cut staff, low morale, or ineffective training, you've come to the right place. Join Harlan Scott of Harlan Scott Hospitality, and learn how to get back in control of your restaurant and your operation back on autopilot.
Digital customer service for the digital age 24th march indigo blue peer 1 ...Dominic Monkhouse
Power to Your People – The Death and Rebirth of CRM
Presentation title: Digital Customer Service for the Digital Age
Dominic Monkhouse describes how audiences are operating online and how to deliver outstanding service through online channels
As a self-service evangelist, Dominic will be speaking about the ways in which digital customer service can improve the satisfaction of members rather than reduce it. Using experiences from his own business background as well as those of some of the world’s most customer focused organisations, Dominic will bring into sharp focus what members really want, and how we should be helping them to help themselves.
Additional talking points / details:
· Applications of social media channels, such as Twitter and Facebook, to deliver a service message
· Engaging with consumer audiences to understand satisfaction through techniques such as Net Promoter Score
· Benefits of adopting channels for two-way, open and transparent communications; building communities and engagement through social media
The document provides tips for managing a virtual insurance agency, including setting clear expectations for producers, tracking key metrics like closing ratios and cross-selling, and setting goals around obtaining referrals and suggestive selling of add-on products to increase income per sale. Implementing these strategies such as asking for one referral per day and suggestive selling one add-on product per policy could result in over $20,000 more income per producer annually.
The document discusses strategies for improving contact center performance. It emphasizes the importance of culture, engagement, and empowerment of frontline agents. Key recommendations include ensuring all staff understand call center principles, providing positive coaching and feedback, investing in agent and manager development, and getting senior leadership involved in discussing culture.
- The document discusses different incentive systems for motivating workers, focusing on comparing salary and piece rate systems. It argues that a hybrid incentive system that adds benefits of piece rate to a salary system can motivate both workers and the company.
- Such a system includes bonuses for attendance, individual performance, group performance, and jump starting performance. It shows how workers' earnings can increase substantially with higher efficiency levels while keeping costs lower for the company. The system aims to create a win-win situation for both parties.
- Important considerations for implementing such an incentive system include establishing fair rates and standards, including all workers, having a trial period, and clearly outlining the rules and benefits. The document argues such a system
Indirect expense management improvement overview 7 12 no movementDave Page
The document discusses challenges with managing indirect expenses and opportunities for improvement. It defines indirect expenses as those required for business operations but not directly related to core services. Examples are provided. Common challenges include lack of focus on indirect costs, multiple suppliers without proper analysis, and sole reliance on price. The benefits of effective indirect cost management are outlined as increased cash flow and profits through savings of up to 20% of indirect expenses. Key strategies discussed include ongoing management, benchmarking, understanding purchases, and monitoring. Outsourcing expertise is presented as a way to dedicate more resources to cost reduction.
FHTM is a direct selling company that provides representatives with tools to increase their income and improve their quality of life. Representatives sell reputable company's products and services in areas like health, beauty, services, entertainment and communication. Representatives can earn money through commissions from their own sales and by building a team of other representatives under them. The compensation plan provides bonuses and rewards representatives for acquiring new customers and building multiple levels of representatives under them.
Lisa Starr presented on key performance measures owners should track to evaluate the financial health and profitability of their spa business. She discussed tracking departmental breakdowns of revenue and costs, average ticket size, client retention rates, payroll as a percentage of revenue, and utilization/productivity rates. Analyzing these metrics helps owners identify underperforming areas and develop action plans to improve profitability.
How Many People Do You Know Who Wear Weave or Wigs? The Answer to this question can get you Paid!.
Luxury Hair Direct Is Changing The Hair Game. If You Want To Start A Hair Business Then We Want You!
Everything Is In Place For You, All You Have To Do Is Make Money. http://weave2wealth.com
Indirect expense management improvement overview 7 12 no movementDave Page
This document discusses the challenges of managing indirect expenses and the benefits of improving indirect expense management. It defines indirect expenses as those required for business operations but not directly related to core services. Examples are provided across various categories. Common challenges include lack of focus on indirect costs and suppliers not always providing the best pricing. Effective strategies include benchmarking, understanding purchasing needs, and partnering with suppliers. Outsourcing to expense management experts can help free up time and resources to focus on cost reductions through proper analysis, best practices, and advocacy in supplier negotiations. The overall goal is to improve profits and cash flow through better alignment of indirect spending.
Getting from $400k to $4m - the Four Biggest Operational Challenges - Gordan TanMAXfocus
Everyone knows it takes a lot of blood, sweat and tears to grow a managed service business and some are more successful than others. Gordon Tan, owner of R & G Technologies and founder of Client Heartbeat knows this more than most having grown his business from a one man operator, to a four million dollar IT services business. In this not to be missed session, he shares real world insights and practical examples into his four biggest operational challenges over the course of this growth and how he overcame them.
The document describes a business opportunity with SendOutCards, an online greeting card and gift service. It summarizes how the service works and the untapped potential of the greeting card market. It then outlines the compensation plan, which pays commissions and bonuses for recruiting new distributors and as distributors rise through different managerial levels. Finally, it describes the startup packages needed to become a distributor and build an independent SendOutCards business.
The document discusses lifecycle marketing, which takes a systematic approach to marketing by dividing customers into phases from visitors to lifetime customers. It identifies common problems like businesses operating through "survival marketing" with disjointed systems and no long-term strategy. The key to lifecycle marketing is viewing prospects as people and using integrated systems to scale relationships. It outlines the 7 phases of attracting traffic, capturing leads, nurturing prospects, converting sales, delivering satisfaction, upselling customers, and getting referrals. Examples are given of how businesses have successfully implemented aspects of this approach. The presentation concludes by discussing how the Infusionsoft software can help automate and scale the sales and marketing functions through its all-in-one platform.
Mass affluent lead gen and web based marketing for financial professionalsLoic Jeanjean
- The document discusses mass affluent lead generation and web-based marketing strategies presented by Frank Troise and Loic Jeanjean.
- It outlines opportunities to increase client lifetime value by over 600%, lower marketing costs by over 90%, and improve client communications through an online lead generation process.
- The key steps of the proposed process are: 1) providing valuable online content as outreach, 2) including a clear call to action, 3) ensuring prospects can easily find your information, and 4) contacting leads quickly through phone and autoresponders.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
The document discusses customer retention and lifetime value. It begins by explaining why customer retention is important as retained customers buy more, are less price sensitive, and have higher lifetime value. It then discusses how to retain customers by recruiting the right customers, segmenting them by lifetime value, and communicating with them to build loyalty. The document provides an example of a lighting manufacturer that saw 82% increase in orders and 86% increase in order size by building relationships with select customers. It stresses the importance of calculating customer lifetime value to determine which customers to target retention efforts towards. The document outlines how to calculate lifetime value and provides examples of how strategies like loyalty programs and event-driven communications can increase lifetime value. It discusses how lifetime value analysis can
Due first to necessary staffing cuts, extreme safety protocols, and now the need to rehire against outsized government stimulus, unemployment benefits and wage requirements, managing and staffing have become the most urgent conversation in restaurants today. This, adding on to the lynch-pin management style restaurants often have, has made restaurant cultures more vulnerable and volatile than ever. If your restaurant is suffering from cut staff, low morale, or ineffective training, you've come to the right place. Join Harlan Scott of Harlan Scott Hospitality, and learn how to get back in control of your restaurant and your operation back on autopilot.
Digital customer service for the digital age 24th march indigo blue peer 1 ...Dominic Monkhouse
Power to Your People – The Death and Rebirth of CRM
Presentation title: Digital Customer Service for the Digital Age
Dominic Monkhouse describes how audiences are operating online and how to deliver outstanding service through online channels
As a self-service evangelist, Dominic will be speaking about the ways in which digital customer service can improve the satisfaction of members rather than reduce it. Using experiences from his own business background as well as those of some of the world’s most customer focused organisations, Dominic will bring into sharp focus what members really want, and how we should be helping them to help themselves.
Additional talking points / details:
· Applications of social media channels, such as Twitter and Facebook, to deliver a service message
· Engaging with consumer audiences to understand satisfaction through techniques such as Net Promoter Score
· Benefits of adopting channels for two-way, open and transparent communications; building communities and engagement through social media
The document provides tips for managing a virtual insurance agency, including setting clear expectations for producers, tracking key metrics like closing ratios and cross-selling, and setting goals around obtaining referrals and suggestive selling of add-on products to increase income per sale. Implementing these strategies such as asking for one referral per day and suggestive selling one add-on product per policy could result in over $20,000 more income per producer annually.
The document discusses strategies for improving contact center performance. It emphasizes the importance of culture, engagement, and empowerment of frontline agents. Key recommendations include ensuring all staff understand call center principles, providing positive coaching and feedback, investing in agent and manager development, and getting senior leadership involved in discussing culture.
- The document discusses different incentive systems for motivating workers, focusing on comparing salary and piece rate systems. It argues that a hybrid incentive system that adds benefits of piece rate to a salary system can motivate both workers and the company.
- Such a system includes bonuses for attendance, individual performance, group performance, and jump starting performance. It shows how workers' earnings can increase substantially with higher efficiency levels while keeping costs lower for the company. The system aims to create a win-win situation for both parties.
- Important considerations for implementing such an incentive system include establishing fair rates and standards, including all workers, having a trial period, and clearly outlining the rules and benefits. The document argues such a system
Indirect expense management improvement overview 7 12 no movementDave Page
The document discusses challenges with managing indirect expenses and opportunities for improvement. It defines indirect expenses as those required for business operations but not directly related to core services. Examples are provided. Common challenges include lack of focus on indirect costs, multiple suppliers without proper analysis, and sole reliance on price. The benefits of effective indirect cost management are outlined as increased cash flow and profits through savings of up to 20% of indirect expenses. Key strategies discussed include ongoing management, benchmarking, understanding purchases, and monitoring. Outsourcing expertise is presented as a way to dedicate more resources to cost reduction.
FHTM is a direct selling company that provides representatives with tools to increase their income and improve their quality of life. Representatives sell reputable company's products and services in areas like health, beauty, services, entertainment and communication. Representatives can earn money through commissions from their own sales and by building a team of other representatives under them. The compensation plan provides bonuses and rewards representatives for acquiring new customers and building multiple levels of representatives under them.
Lisa Starr presented on key performance measures owners should track to evaluate the financial health and profitability of their spa business. She discussed tracking departmental breakdowns of revenue and costs, average ticket size, client retention rates, payroll as a percentage of revenue, and utilization/productivity rates. Analyzing these metrics helps owners identify underperforming areas and develop action plans to improve profitability.
How Many People Do You Know Who Wear Weave or Wigs? The Answer to this question can get you Paid!.
Luxury Hair Direct Is Changing The Hair Game. If You Want To Start A Hair Business Then We Want You!
Everything Is In Place For You, All You Have To Do Is Make Money. http://weave2wealth.com
Indirect expense management improvement overview 7 12 no movementDave Page
This document discusses the challenges of managing indirect expenses and the benefits of improving indirect expense management. It defines indirect expenses as those required for business operations but not directly related to core services. Examples are provided across various categories. Common challenges include lack of focus on indirect costs and suppliers not always providing the best pricing. Effective strategies include benchmarking, understanding purchasing needs, and partnering with suppliers. Outsourcing to expense management experts can help free up time and resources to focus on cost reductions through proper analysis, best practices, and advocacy in supplier negotiations. The overall goal is to improve profits and cash flow through better alignment of indirect spending.
Getting from $400k to $4m - the Four Biggest Operational Challenges - Gordan TanMAXfocus
Everyone knows it takes a lot of blood, sweat and tears to grow a managed service business and some are more successful than others. Gordon Tan, owner of R & G Technologies and founder of Client Heartbeat knows this more than most having grown his business from a one man operator, to a four million dollar IT services business. In this not to be missed session, he shares real world insights and practical examples into his four biggest operational challenges over the course of this growth and how he overcame them.
The document describes a business opportunity with SendOutCards, an online greeting card and gift service. It summarizes how the service works and the untapped potential of the greeting card market. It then outlines the compensation plan, which pays commissions and bonuses for recruiting new distributors and as distributors rise through different managerial levels. Finally, it describes the startup packages needed to become a distributor and build an independent SendOutCards business.
The document discusses lifecycle marketing, which takes a systematic approach to marketing by dividing customers into phases from visitors to lifetime customers. It identifies common problems like businesses operating through "survival marketing" with disjointed systems and no long-term strategy. The key to lifecycle marketing is viewing prospects as people and using integrated systems to scale relationships. It outlines the 7 phases of attracting traffic, capturing leads, nurturing prospects, converting sales, delivering satisfaction, upselling customers, and getting referrals. Examples are given of how businesses have successfully implemented aspects of this approach. The presentation concludes by discussing how the Infusionsoft software can help automate and scale the sales and marketing functions through its all-in-one platform.
Mass affluent lead gen and web based marketing for financial professionalsLoic Jeanjean
- The document discusses mass affluent lead generation and web-based marketing strategies presented by Frank Troise and Loic Jeanjean.
- It outlines opportunities to increase client lifetime value by over 600%, lower marketing costs by over 90%, and improve client communications through an online lead generation process.
- The key steps of the proposed process are: 1) providing valuable online content as outreach, 2) including a clear call to action, 3) ensuring prospects can easily find your information, and 4) contacting leads quickly through phone and autoresponders.
At Techbox Square, in Singapore, we're not just creative web designers and developers, we're the driving force behind your brand identity. Contact us today.
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2. Your Presenter
Wynne Business provides consulting and education, including
live seminars and on-site team trainings for the spa and salon
industry
• Lisa M. Starr
– 20+ years experience in
salon & spa industry
– Senior Consultant, Wynne
Business
– Community Ambassador,
Gramercy One
– Consultant, educator,
writer, presenter
3. What IS “Compensation”?
• Money
• Benefits
• Perks
• Education
• Opportunity
• …anything that
creates value for your
employee
4. Good Comp Plans…
• Reward employees fairly for their
personal contribution
• Use objective measurements for
advancement
• Incent behaviors that benefit the
company
• Help retain good employees
• Contribute to company
profitability
5. Dysfunctional Comp Plans…
• Don’t reward the right
behaviors
– “every man for himself”
• Are not objective
– play favorites
• Are not consistent
• Cause the company to lose
money
• Are not communicated clearly
• Create too much turnover…or
none at all
6. Traditional Beauty Compensation
• We have a 40+ year
old compensation
Owner
model
Overhead
• Forget your peers;
listen to your P & L
• What worked in the
‘70s doesn’t work
now! Support
Service Labor
Labor, Taxes, Benefi
ts
7. Current Common
Compensation Plans
• Straight or Graduated
Commission
• Hourly + Commission
• Hourly + Incentive or Bonus
• Fee for service
• Independent contractors
• Booth rental (not really a comp
plan)
8. Straight Hourly Rate
• Creates complacency
• Does not reward or
motivate sales
• Raises are expected
but not co-created by
increased
productivity
• Not sales-oriented!
9. Hourly + Commission
PROS CONS
• Provides stability for staff • Very difficult to budget
in spas with heavy • Easy to set base or
volume fluctuations commission too high
• Managers can use team • Can encourage
members for other complacency
functions during slow • Creates cash flow
periods pressures, especially for
startups and small
businesses
10. Commission: The Most Common
Form of Compensation
PROS: CONS:
• Easy to manage, simple • Forces clients to pay higher
to understand prices
• Only source of pay increases is
• You don’t have to pay
higher volume or bigger cut
people unless there’s a
• Prices increases are
sale
automatically shared
• Encourages higher sales • Does not reward teamwork
by techs
• Connects what client pays to
• Typical range: 40-60% of what tech earns
service, 10% retail
11. Reality Check: How to lose
money on your comp plan
SERVICE SALE: “BEFORE”
$100 Spa LaLa Signature Facial
($50) Commission Cost of Sale
($5) Payroll burden (10% of payroll minimum)
($7) Product Cost (varies with type of service)
$38 GROSS PROFIT (Cost of Sales: 62%, GPM 38%)
$40 Spa Overhead Expense* (40%)
($2) PROFIT/LOSS
* typical overhead ratio for upscale spas & salons
12. Controlling COGS
• Labor is your single
biggest cost of doing
business
• The wrong
compensation plan
will enrich your staff
and leave you little
room for error
13. The Only Way Out:
Reduce Cost of Sales
Increase service gross profit to 50%+
SERVICE SALE: “AFTER”
$100 Spa LaLa Signature Facial
($35) Labor Cost of Sale
($3.50) Payroll burden (10% of payroll minimum)
($7) Product Cost (varies with type of service)
$54.50 GROSS PROFIT (Cost of Sales: 45.5%, GPM 54.5%)
$40 Spa Overhead Expense (40%)
$14.50 PROFIT/LOSS
14.
15. The Prescription
• A comp plan that
rewards the right
behaviors
• Carefully controlled
COGS
• Advancement with
accountability
• Clear career path
16. Start With the Big Picture…
• New or established
location
• Owner or
technician, or both
• Overhead costs
• Same pay rate for
everyone, or levels
• Expected profit
17. …and Work Backwards
100% Minus:
38% - Average day spa
overhead expense
12% - Support staff
5% - Profit
45% left to pay technicians
(including taxes & benefits)
18. How to Apportion?
• 45% total compensation for techs
– Example; tech grosses 40k
• Payroll taxes 3-4%
• Paid vacation 2%
• Contribution to health
insurance 4-5%
• Education/401k 1-2%
• 33% left for direct pay
19. Win-Win Compensation:
The Treatment Rate Plan
• A treatment rate is a flat rate $
that is considered appropriate
and fair pay, based on the time,
skill, knowledge and effort
required to deliver a
given service
• Treatment rates are not directly
tied to the service price
21. Advancement:
Who Moves Ahead, and Why?
• Seniority: “Doing time” or building
the company
• Senior staff members must be held
to a higher standard
• Knowing what you know, would you
enthusiastically rehire this person?
• “She has 10 years of experience”: Is
it the same year repeated 10 times?
22. Reward the Keys to Profit
• Average ticket
• Retailing ratios
• Customer retention
– Studies show: customer’s willingness
to refer is greatest indicator of a
company’s profitability
• “Good citizenship”
– Good communications skills = lower
tech turnover, less refereeing by
manager
23. An example of advancement scoring in
action
ESTHETICIAN Retail to Repeat Productivity Average Ticket Report Dates
Sara Smith Service % Retention 2/1/10-2/1/11
Weighted score 3.5 3.5 1.5 1.5 OBJECTIVE: SCORE
10 POINTS OR
MORE TO ADVANCE
Goal at Level 2 52% 20% 60% $105
Actual 46.62% 25% 62% $106.98
3.14 4.38 1.55 1.53 10.59 points
90% of goal 125% of goal 103% of goal 93% of goal
90% of 3.5 pts. 125% of 3.5 pts. 103% of 1.5 pts. 93% of 1.5 pts
Sara needs 10 points to move up a level. She has attended 80% of staff
meetings and has a positive Time Away bank.
Sara moves up to Level 3
24. Example: Profit Increase
of 39% After Conversion
BEFORE
$92 Facial 50% svc 35% retail 10% ret Product Esty comp Spa Gross GPM
comm ratio comm COGS Profit
$46 $49 sale $141 tkt $4.90 $24.50 $50.90 $65.60 46%
AFTER
$92 Facial Tx Rate 40% retail 20% ret
ratio comm
$27.60 $61 sale $153 tkt $12.20 $22.00 $39.80 $91.20 60%
25. Service Charges
• Where did they
come from?
• Two types
– Deduction from
revenues
• Back bar charge,
amenity charge
– Added to clients bill
• Automatic
gratuity
• Often shared with
support
26. Comprehensive Compensation
Plans Include:
• Employee perks
• Variety of earning
opportunities
• Top quality training and
education
• Employee discount programs
• Benefits (just like a “real”
employer!)
27. Creative Rewards
• 1% of retail sales per quarter allocated for
continuing education
• Resource partners asked to participate in
rewarding top performers
• Paid days off or wellness days for no call-
outs in 3 months
• Gift cards or spa swap with other spas
• Pay for licensing
• Motivational speakers
• Friends and family service vouchers
28. Recruiting
• Focus on
annual earnings
• Highlight benefits
• Establish career
path
• Biggest source is
happy staff
members
29. Testing the Waters
• Job Fair
• Craigslist
• Local community
paper
• Local beauty
schools
• Coffee shops,
bookstores
30. Your Company Culture:
Valued or Worthless?
• If your culture stinks,
no one will pay you
for it
• Mutual respect
between functional
teams is key
• Excellent leadership
skills required
31. Take the First Step…
• Get an accurate evaluation of
your current financials. Can
you ever make money with
your pay plan?
• New spas; create detailed,
realistic projections
• Determine an acceptable level
of profit for you. Design a
compensation plan around a
profit goal.
32. Considerations
• Software
– Payroll should not be
complicated
– Review your options
• Service Menu
– Pricing strategies
– Updates
• Cost of upheaval
• Cost of doing nothing
33. Communication Plan
• No surprises
• Frank & honest
• Group meeting
• Individual meetings
• Time frame
• Clear behavioral
guidelines
34. Don’t Try This Alone!
• Expect turnover; grandfather
key technicians
• Technicians understand that
they get a pay cut if you go
out of business, too!
• Are your prices set correctly?
You may be able to increase
• You may have to treat
conversion as a “mini startup”
35. Industry Hourly Wages
Personal Care Beauty Salons & Hair, Nail and Skin
Barber Shops Care Services
Annual Annual Annual
Year Hourly Year Hourly Year Hourly
2007 $ 13.94 2007 $ 14.01 2007 $ 13.74
2008 $ 14.77 2008 $ 14.79 2008 $ 14.49
2009 $ 15.46 2009 $ 15.85 2009 $ 15.42
2010 $ 15.57 2010 $ 16.15 2010 $ 15.64
*Source, Bureau of Labor Statistics
36. Comparison of Professionally
Licensed Occupations
Occupation Average Years Educational $ % of revenue
Education Investment generated paid to
Required license holder
Cosmetologist 1 $6-8K 40-60%
Dental Hygienist 2 $20-30K 33%
CPA 4-5 $40-60K 33-40%
Attorney 7 $100-150K 25-30%
Medical Doctor 8+ $300K 40-45%