Share The Wealth
Employee compensation plans that pay off.
As Pat Byrnes studied the financials for his company, ActuarialConsultants Inc., he could not escape one disheartening fact:Profitability for his Torrance, California-based pension consultingfirm was slipping. "Expenses were going up, and profitabilitywas going down," says Byrnes, the company's president andco-owner.
The root problem: Year in, year out, employee salaries keptrising due to annual cost-of-living increases, but toughcompetition forced Byrnes to keep a lid on the fees he chargedclient companies. "So I drew a line in the sand and said,`There has to be a better way to compensate employees,' "says Byrnes.
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