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Then be aware that on Q4 2017 changes are comming to our bonus structure to make it more competitive and fair to both employees and the company.
The changes are as follows:
New Bonus Structure based on net profit; will be based on Office size, employee work volume and assignments, and client gain.
The new bonus will be calculated with the following formula:
Office Revenue - office Goal = Base Qualifier
Base Qualifier X Volume % = Employee Qualifier
Employee Qualifier * 20% = Employee Bonus
E.G.: Your office Goal is $5,000.00 your office made $ 7,000.00
As an individual employee you took 80% of the assingments then 7,000.00 - 5,000.00= 2,000.00 (this is the amount that qualifies as a bonus)
$2,000.00 x 80% (voiume) = $1,600
$1,600.00 x 20% (this is the bonus percentage) = $320.00
This is only an example using rounded numbers. This way every employee will know how to calculate their monthly bonuses.
In order to bring our commission schedule up to date and bring fairnes to both our newly commissioned senior comissioned employees, there are some changes on the making for the commission schedule and the way we treat your reporting.
The following are the propossed changes:
- The “honey moon year” will be eliminated. Now instead of having a different percentage for the first year, all commission employees will be subject to the same rate.
- Multi rate unification. To encourage our employees to diversify and work evenly in all and every type of clients (media, translation, interpreting) we will have only one rate for the franchise fee.
- Office and phone fee elimination. Per accounting recommendation, since we are unifying the percentage rate, you will no longer be charged an office and/or phone fee.
- Issuance of pay stubs; because you are part of our team, we will beging the issuance of pay stubs, in order for you to have peace of mind, every 15th and 30th you will receive a paystub you could use as proof of employnment.
- Optional emergency fund (opt in/out once a year); we will offer an emergency fund option to all commission employees, what this means is if your client didn’t pay on time, for x or y reason, you will have access to an emergency fund of up to 50% of your net pay in a pay period until your client gets current. This E-Fund is completely optional and if you sign in a 6% deduction for the fund will be taken from every check.
- Optional Paid Vacation period: even tho you get paid what you earn and work, we all understand that sometimes we have good and bad months. For peace of mind, we will offer optional Paid vacation time (0.41 days accrual every month for employees with less than 4 years of service and 0.80 days accrual for employees 5+ years) The options for the vacation pay are:
$750; $550 & $480 once you take an option you won’t be able to forfeit the option until the following contract renewal date. Deductions are $63, $46 & $40 per month according to your plan choice.
New percentages (former royalty fees):
DL Clients: 30%
Own Client: 30%
Note this rate is lower than the current 33.5% for senior employees but it’s an increase of 5% for “Honey Moon” employees.