Retooling pay incentives

Description

Abstract: All pay plans should be effective — they need to attract, retain and motivate a talented team. But many fail to meet these objectives, so dealers need to ask whether their pay plans have kept step with recent changes in the labor market. No universal formula works for every dealer, but this article offers six ideas for evaluating a pay plan, such as keeping the plan simple, aligning it with business strategy, and thinking beyond new and used vehicle sales.