Irvine, CA, August 20, 2011 --(PR.com
)-- Compensation development in growth-oriented companies must be rooted in five guiding principles, according to author Tom Miller, CEO of The VisionLink Advisory Group. In his new e-book, Breakthrough, Miller draws upon his 34-years of experience working with hundreds of organizations throughout the country to shed light on a commonly misunderstood topic: how compensation can be used as a strategic tool to fuel growth and sustain patterns of success in a business.
The 50-page electronic book introduces its five guiding principles in the framework of a fictional story. It does so via a dialogue between two business owners—Sid and Raul—who develop a friendship centered on their common roles in leading successful companies.
In the book, Raul seeks guidance from his new found friend as a result of comments made at a business roundtable where Sid made a presentation. Raul was considering making a transition out of ownership in his business until he had a chance to speak with the younger Sid. As the storyline emerges, Raul’s eyes are opened to greater possibilities by understanding the five principles his junior mentor teaches him. The new insight re-energizes him and breeds a fresh perspective about the future.
“The characters in the book are fictional,” Miller says, “but the issues they talk about are not. Any business leader will relate to the dialogue they have and the problems they wrestle with in the story.”
Miller uses the fictional account to frame how companies must approach compensation matters if they want to secure and sustain a competitive advantage, especially in the marketplace of talent. His story illustrates how a business can transition from being merely profitable and stable to becoming a “wealth multiplier,” one that increases the financial opportunity for all stake holders while simultaneously magnifying ownership’s value.
In the book, Sid teaches Raul that his success in securing a workforce that is growth-oriented will be determined, at least in part, by an ability to apply the following five core principles:
1. Partnership—a company owner must be able to address the desire key contributors have to participate in the value they help create.
2. Clarity—premier talent needs a clear vision from ownership of where the company is going and what its role in that future will be. That talent also wants clarity about each component of its pay and how those elements are linked to the outcomes for which it has stewardship.
3. Engagement—companies must nurture an ethic of contribution and culture of confidence that translate to increased employee focus and execution. This relies, in part, on the business having a unified financial vision for growing the company.
4. Practices—a business must have sound processes and systems for making decisions about rewards philosophy and programs. This must translate to employees gaining a clear understanding not only of how much they will be paid but how the compensation strategy relates to the business strategy and model of the company.
5. Productivity—the company must have a means of measuring whether its investment in compensation is providing an appropriate return, and that pay programs are making the contribution to growth that was intended and projected.
“I hope business leaders will take time to read the book,” Miller said. “It only takes about an hour to get through, but its impact on a company will be significant if leadership applies the principles the book teaches. This is something I’ve lived and breathed for over 30 years—I’ve seen the results that come to those that do this the right way.”
Miller’s firm, VisionLink, specializes in the development of compensation solutions for businesses which enable them to envision, create and sustain rewards strategies that will be key drivers of results. The company is headquartered in Irvine, California and serves clients in over 30 states across the Continental United States.
The e-book, Breakthrough, is free and can be accessed at: http://www.vladvisors.com/e-book/. Its primary audience is business owners, chief executive officers and other leaders of “middle-market” private companies.