This document is a policy statement that defines the way an associate will be compensated for originating client business for the firm. It provides the percentage of fees paid to the associate, along with a "cap" amount in any given year. It also addresses carry-over amounts to the next calendar year and the issue of the associate leaving the firm.
Title: Oakland Michigan's Policy Statement on Compensating Associates Originating Client Business — A Comprehensive Overview Introduction: Oakland Michigan's Policy Statement on compensating associates originating client business aims to establish a fair and transparent system for acknowledging the efforts and contributions of associates in generating new clientele. This document outlines the primary guidelines, requirements, and different types of compensation structures followed by Oakland Michigan. 1. Policies on Compensation: Oakland Michigan recognizes the importance and value of associates who actively generate client business. The policy statement emphasizes rewarding such associates with appropriate compensation to promote excellence and motivation within the workforce. 2. Associates Eligible for Compensation: Under this policy, associates who directly contribute to originating new client business shall be eligible for compensation. Oakland Michigan defines these associates as individuals who actively engage in client acquisition, including but not limited to business development professionals, marketing associates, and sales representatives. 3. Types of Compensation Structures: Oakland Michigan offers various compensation structures to associates involved in originating client business. These structures ensure associates are incentivized adequately, which ultimately benefits both the associates and the organization. Two primary types of compensation structures include: a) Commission-Based Structure: Associates may receive compensation in the form of commission based on the value of business they directly bring to Oakland Michigan. This structure typically involves a percentage of the revenue generated from a successful client acquisition. b) Performance-Based Structure: In addition to commission, associates may be eligible for performance-based bonuses, which reward exceptional performance and surpassing predefined milestones. Performance may be evaluated through metrics such as the number of new clients, revenue growth, or client retention rates. 4. Fairness and Consistency: Oakland Michigan strives for fairness and consistency in compensating associates originating client business. The organization ensures that the criteria for compensating associates are objective, clearly defined, and uniformly applied to maintain transparency and prevent favoritism. 5. Reporting and Documentation: To facilitate the compensation process, associates must maintain accurate and timely records of their contributions to originating client business. This documentation includes client referrals, sales reports, or any other relevant evidence validating their involvement in generating new clients. Conclusion: Oakland Michigan's Policy Statement on compensating associates originating client business establishes a framework that encourages associates to actively contribute towards business development. By offering various compensation structures and maintaining transparency and fairness, Oakland Michigan aims to motivate and retain talented professionals while fostering a culture of high performance and client-centricity.Title: Oakland Michigan's Policy Statement on Compensating Associates Originating Client Business — A Comprehensive Overview Introduction: Oakland Michigan's Policy Statement on compensating associates originating client business aims to establish a fair and transparent system for acknowledging the efforts and contributions of associates in generating new clientele. This document outlines the primary guidelines, requirements, and different types of compensation structures followed by Oakland Michigan. 1. Policies on Compensation: Oakland Michigan recognizes the importance and value of associates who actively generate client business. The policy statement emphasizes rewarding such associates with appropriate compensation to promote excellence and motivation within the workforce. 2. Associates Eligible for Compensation: Under this policy, associates who directly contribute to originating new client business shall be eligible for compensation. Oakland Michigan defines these associates as individuals who actively engage in client acquisition, including but not limited to business development professionals, marketing associates, and sales representatives. 3. Types of Compensation Structures: Oakland Michigan offers various compensation structures to associates involved in originating client business. These structures ensure associates are incentivized adequately, which ultimately benefits both the associates and the organization. Two primary types of compensation structures include: a) Commission-Based Structure: Associates may receive compensation in the form of commission based on the value of business they directly bring to Oakland Michigan. This structure typically involves a percentage of the revenue generated from a successful client acquisition. b) Performance-Based Structure: In addition to commission, associates may be eligible for performance-based bonuses, which reward exceptional performance and surpassing predefined milestones. Performance may be evaluated through metrics such as the number of new clients, revenue growth, or client retention rates. 4. Fairness and Consistency: Oakland Michigan strives for fairness and consistency in compensating associates originating client business. The organization ensures that the criteria for compensating associates are objective, clearly defined, and uniformly applied to maintain transparency and prevent favoritism. 5. Reporting and Documentation: To facilitate the compensation process, associates must maintain accurate and timely records of their contributions to originating client business. This documentation includes client referrals, sales reports, or any other relevant evidence validating their involvement in generating new clients. Conclusion: Oakland Michigan's Policy Statement on compensating associates originating client business establishes a framework that encourages associates to actively contribute towards business development. By offering various compensation structures and maintaining transparency and fairness, Oakland Michigan aims to motivate and retain talented professionals while fostering a culture of high performance and client-centricity.
