The POE Group is a Tampa Bay-based independent compensation consulting firm with over 25 years of experience partnering with clients ranging from small businesses to Fortune 1000 companies across various industries. Their expertise includes all facets of compensation, from general employee to sales and executive compensation consulting.
Family businesses cover a wide range of industries and can be very small or among the world’s largest companies. Family businesses can face challenges in their compensation programs, including a lack of documentation and transparency or the absence of an overall compensation strategy. Many times, the compensation plans have not been updated to keep up with the business’s growth, which eventually creates issues as the business becomes more complex and hires more employees. Given the broad spectrum of types and sizes of family businesses, it’s difficult to describe a single compensation strategy that is effective for all of them. However, this article provides tips that can apply to nearly any family business.
