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5 Expectations CEOs Should Have of Their 2021 Pay Strategy

Sales and Marketing Director at The Visionlink Advisory Group à The VisionLink Advisory Group
13 Nov 2020
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5 Expectations CEOs Should Have of Their 2021 Pay Strategy

  1. 5 Expectations CEOs Should Have of Their 2021 Pay Strategy
  2. 22 Today’s Presenter: Ken Gibson SeniorVice President (949) 265-5703 kgibson@vladvisors.com 23201 Lake Center Drive, Suite 207 ⬧ Lake Forest, CA 92630 ⬧ 949-852-2288 www.VLadvisors.com ⬧ www.PhantomStock.com
  3. 5 Expectations CEOs Should Have of Their 2021 Pay Strategy
  4. 44 We’re happy to provide a copy of today’s slides. To open or close the control panel: Click the red arrow For questions during today’s presentation: Use the question area on your control panel Webinar Q: Are the slides available? A: Yes, more info will be provided at the end
  5. 55 Take advantage of a one-half hour consulting call with a VisionLink principal at no charge. Indicate interest on final survey. Consultation Offer & Survey Request a copy of our slides and complimentary consultation. We value your input.
  6. 66 We Need Your Help Research Question Your feedback is important and appreciated
  7. 77 Post Webinar Intro 5 Minutes:  Who We Are  What We Do  How We Do It
  8. 88 23201 Lake Center Drive, Suite 207 Lake Forest, CA 92630 (888) 703 0080 www.vladvisors.com www.phantomstock.com www.bonusright.com  Headquartered in Lake Forest, CA  Founded in 1996  Over 600 clients throughout North America
  9. 99
  10. 1010 Business Leader Consensus We’re not going back to 2019. Our future business must be different.
  11. 1111 What About Compensation? If your business is going to be different, how should your pay strategy be different? In hindsight, how would have changed your compensation offering had you known the COVID economy was coming?
  12. 1212 What Most Business Leaders Think  More flexibility  Less guarantees
  13. 1313 What Was Impacted? Key Insight: Compensation is expensive and can wreck cash flow in a hurry
  14. 1414 Business Leader Questions  “How can I reward performance but also protect my cash flow?  “What kind of pay approach encourages value creation so I can fairly share our (compensation) risk with my people?”  “Should I be rewarding short or long-term performance—and what form should those rewards take?”  “How do I create a pay approach that gives me options in case the economy tanks again?”  “How do I manage my compensation expense in this business environment but still provide a compensation offering that helps me attract and retain top talent?”
  15. 1515 Key Employee Questions  “How does leadership view the company’s prospects for the future— confident or pessimistic?”  “What is the company’s commitment to me going forward?”  “What are the company’s expectations of me right now?”  “Will the company compensate me for the value I create—if so, how?”  “What is my earnings potential here versus other options I could consider?”  “How is company leadership adjusting to the ‘new reality’ businesses are facing?”  “What is my future here at this point?”
  16. 1616 Overriding Objective Move from Survive to Thrive
  17. 1717 2021 Pay Strategy Ideals  Encourage Value Creation  Attract & Retain Great Talent  Protect Cash Flow  Safeguard the P&L (interests of shareholders)  Be “Self-Financing”  Be Flexible but Stable  Create Growth Partners
  18. 1818 The 5Expectations 1. It Should Reward Value Creation 2. It Should Be Governed by a Clear Philosophy 3. It Should Help You Attract & Retain Top Talent 4. It Should Be Agile but Enduring 5. It Should Create Growth Partners
  19. 1919 1. IT SHOULD REWARD VALUE CREATION
  20. 2020 Case Study
  21. 2121 Keith Williams  Assumed leadership of UL in 2005  Company carrying considerable debt  Losing market share  Low employee morale  UL had become bureaucratic and “siloed”
  22. 2222 Core Changes Shift from “Incentives” to “Value Sharing”  Took away local measurements driving management incentive plans—all paid on same metrics ▪ “We live together and we die together”  Aligned everyone behind company success ▪ “I call it ‘pay the company first.’ ”
  23. 2323 Pay the Company First “Basically, up to the company’s operating profit target, all of the profits go to the company; and only after that target is met, do we start funding the incentive pool.” Example: If UL’s target is $80 million--  100% of first $80 million in profit goes to company  The next $20 million goes to the incentive pool  From there on, 50/50 between company & incentive pool
  24. 2424 Pay the Company First Once value creation is defined, compensation can follow a formula for sharing value in a way that aligns key producers with the company’s business plan and priorities.
  25. 2525 Transition from Incentives to Value-Sharing The Premise: Value Creation Drives Value-Sharing ▪ Wealth Multiplier Pay Philosophy—”When you drive new value, you participate in the wealth multiple you have helped the business create” ▪ The Value Creation definition should protect and promote shareholder interests ▪ Value-sharing encourages a stewardship mindset towards employee roles: “I own the outcomes my role exists to produce.”
  26. 2626 Reward Outcomes, not Methods "You cannot hold people responsible for results if you supervise their methods.“ (Stephen R. Covey) 26 "You cannot hold people responsible for results if you pay them for their methods.“ (VisionLink)
  27. 2727 Shareholder Priority Sustainable and growing profitability 27
  28. 2828 Key Metric Focus on One of These:  Profit  Increase in Profits (% or $)  (Sometimes: Revenue Growth) 28
  29. 2929 Not Just Profit but Productivity Profit Productivity profit is profit surplus that you can attribute to the contributions of your people, rather than gains attributable to the ROI shareholder capital is driving
  30. 3030 Calculate Productivity Profit The formula for value-sharing and the key to self-financing
  31. 3131 Productivity Profit Calculation Item Amount Capital Account $20,000,000 Cost of Capital 12% Capital Charge $2,400,000 Operating Income $10,000,000 Productivity Profit $7,600,000 Total Rewards Investment $25,000,000 ROTRI™ Return on Total Rewards Investment 30.4% (ROTRI™ = Productivity Profit/Total Rewards Investment) 31
  32. 3232 Example: Item Figure Capital Account $20,000,000 Cost of Capital 12% Capital Charge $2,400,000 Operating Income $10,000,000 *Productivity Profit $7,600,000 Total Rewards Investment $25,000,000 ROTRI™ 30.4% (ROTRI™ = Productivity Profit/Total Rewards Investment) *Variable Pay Plans (Value Sharing) are financed from Productivity Profit 32
  33. 3333 Result: Unlimited Earnings Potential Item Figure Capital Account $20,000,000 Cost of Capital 12% Capital Charge $2,400,000 Operating Income $10,000,000 *Productivity Profit $7,600,000 Total Rewards Investment $25,000,000 ROTRI™ 30.4% (ROTRI™ = Productivity Profit/Total Rewards Investment) *Variable Pay Plans (Value Sharing) are financed from Productivity Profit 33
  34. 3434 Which is Most Important—Rewarding Short-Term or Sustained Performance?
  35. 3535 Answer
  36. 3636 Dual Focus Peter Drucker once wrote that the manager’s job is to keep his nose to the grindstone while lifting his eyes to the hills. He meant that every business has to operate in two modes at the same time: producing results today and preparing for tomorrow. (Ken Favaro, Strategy+Business)
  37. 3737 Key One Value Sharing Philosophy with Plans that Reward Two Distinct Performance Periods: 1. 12 months and under 2. Longer than 12 months
  38. 3838 Wealth Multiplier Philosophy We want all stakeholders to participate in the wealth multiple they help create.  Fair  Prudent
  39. 3939 Rules of Thumb  Short-term value sharing should be tied to profit (ideally productivity profit)  Long-term value sharing should be tied to business growth (increase in company value)
  40. 4040 9 Long-Term Value Sharing Alternatives Stock Option Performance Shares Restricted Stock Phantom Stock Option Performance Phantom Stock Phantom Stock Profit Pool Performance Unit Strategic Deferred Compensation
  41. 4141 Grant Equity or Not Equity? Full Value or Appreciation Only? Yes Appreciation Stock Option Full Value Performance Based? Yes Performance Shares No Restricted Stock No Reward for Value Increase or Financial Performance? Value Increase Full Value or Appreciation? Appreciation Phantom Stock Option Full Value Performance Based? Yes Performance Phantom Stock No Phantom Stock Financial Performance Appreciation- Performance Based or Employee Directed? Performance Based Reward for Profit/Cash Flow or Other Metrics? Profits Allocation or Objectives Based? Allocation Profit Pool ObjectivesOther Metrics Performance Unit Employee Directed Strategic Deferred Compensation
  42. 4242 2. IT SHOULD BE GOVERNED BY A CLEAR PHILOSOPHY
  43. 4343 Pay Philosophy A written statement of what the company is willing to “pay for.” Should be tied to value creation.
  44. 4444 Compensation Philosophy Statement  How value creation is defined.  How value is shared—and with whom.  How market pay standards apply.  How guaranteed pay and value- sharing will be balanced.  How short and long-term value- sharing will be balanced.  How merit pay is defined.
  45. 4545 Key Areas to Focus On  Explore and refine “emergency” principles.  Determine priorities for cash and non-cash compensation, as well as benefits.
  46. 4646 Then What?  Put it in writing  Refer to it frequently  Communicate it  Emphasize what will be rewarded
  47. 4747 3. IT SHOULD HELP YOU ATTRACT & RETAIN TOP TALENT
  48. 4848 Key Questions  How would you describe the kind of experience you want employees to have at your company?  How would your employees describe the kind of experience they are actually having at your company?
  49. 4949 Why it Matters  Your employees control the kind of experience your customers will have with your company  Your employees are your best source for attracting new talent  Your employees will determine whether your business will thrive or stall as you head into the post-COVID future. Your employees will choose whether to become growth partners or growth inhibitors.
  50. 5050 But… Shouldn’t employees be happy just to have a job? It’s not 2008. This is different.
  51. 5151 Prior to COVID-19 “Nearly 70% of business leaders participating in a new global survey said the current talent pool is shrinking. As a result, the competition for talent has increased, forcing employers to change their recruiting strategies.” (“Study: Shrinking Talent Pool Has Recruiters shifting Strategies,” HR Dive, October 5, 2018, Valerie Bolden-Barrett)
  52. 5252 Did the Pandemic Change This?
  53. 5353 Evidence How many of your key performers—people who are true catalysts and strategic leaders—have you laid off since COVID-19?
  54. 5454 Why You Must Pay Attention to Talent Issues In a talent market that has a shrinking pool of skilled labor, where will employers look for new talent? No one can afford to passively wait until the right talent appears. They have to proactively pursue the people they need—and create an environment that will draw them in.
  55. 5555 Conclusion There is much riding on your ability to understand and respond to the talent market— and to know what it will take to compete for great people.
  56. 5656 Understand the Employees’ View of Pay How do employees look at compensation and why does your pay offering matter to them?
  57. 5757 6 Reasons Employees Care About Pay Personal 1. Lifestyle & Wealth Accumulation 2. Career Measurement 3. Contribution Ambitions Business 4. Roles, Expectations & Priorities 5. Partnership 6. Continuity & Fairness
  58. 5858 Financial “Hierarchy of Needs” Cash Flow & Living Standard Risk Protection Retirement Planning Value-Sharing Wealth Accumulation Qualified & Executive Retirement Plans Comprehensive, Flexible Benefits Plan Short & Long-Term Incentive Plans Salary & Bonus Wealth Multiplier Practices Clear Pay Philosophy 1 2 3 4 5
  59. 5959 4. IT SHOULD BE AGILE BUT ENDURING
  60. 6060 You Will Need Both Agility & Stability Create a rewards strategy that is flexible and combine it with an operational structure that is enduring.
  61. 6161 How Do Combine Flexibility & Structure?  Look at compensation strategy as you would an investment portfolio.  Individual pay components are your “asset classes.”  As things change, adjust weighting of each asset class.
  62. 6262 Create a Balanced Pay Portfolio 1. Each compensation “asset class” complements the others within the “portfolio” and its role is clear. 2. The combination of pay components reflects the company’s rewards philosophy and respects the value creation expectation.
  63. 6363 Eight Components of Pay Benefits  Core benefits  Executive benefits  Qualified retirement plans  Supplemental retirement plans Compensation  Salary  Short-Term Value-Sharing  Long-Term Value-Sharing  Equity Sharing All incentives should be in the form of value sharing.
  64. 6464 Salary Performance Incentives Sales Incentives Growth Incentives Core Health & Welfare Plans Executive Benefit Plans Qualified Retirement Plans Nonqualified Retirement Plans Salaries Competitive with market standards? Tied to strong performance management process (merit)? Managed within a flexible but effective structure? Performance Incentives Tied to productivity gains? Clear, achievable and meaningful? Self-financing? Sales Incentives Challenging yet achievable? Reinforcing the right behaviors? Differentiating your offering? Growth Incentives Linked to a compelling future? Supporting an ownership mentality? Securing premier talent? Core Benefits Responsive to today’s employee marketplace? Allocating resources where most needed? Evaluated to eliminate unnecessary expense? Executive Benefits Flexible enough to address varying circumstances? Communicating a unique relationship? Reducing employee tax expense? Qualified Retirement Plans Giving employees an opportunity to optimize retirement values? Operated with comprehensive fiduciary accountability? Avoiding conflicts and minimizing expenses? Nonqualified Retirement Plans Optimizing tax-deferral opportunities? Aligning long-term interests of employees with shareholders? Structured to receive best possible P&L impact? A Balanced Compensation Strategy
  65. 6565 Identify Ideal Allocation High Variability, Too Long-term? Just Right? Low Variability, Too Short-term? High Low Variable Compensation LongShort Timing
  66. 6666 Payout Timing PaymentVariability Short-Term Long-Term Most private Companies Start-up MCM Harvest MCM Growth MCM 0% MCM=Model Company Mix Total Compensation Positioning
  67. 6767 Build a Total Compensation Structure A total compensation structure gives you a comprehensive view of all compensation and benefit plans and ensures operational integrity
  68. 6868 The Total Compensation Structure Min Mid Max 1 203,531 271,375 339,219 50.0% 100% 50% 50% 5% Yes 5% $11,141 Unlimited Unlimited 15,000 20,000 2 150,078 200,103 250,129 35.0% 75% 50% 50% 5% Yes 5% $11,141 Unlimited Unlimited 10,000 12,500 3 119,497 159,329 199,161 25.0% 50% 100% 0% 5% Yes 5% $11,141 25 5 5,000 8,000 4 102,632 136,843 171,054 20.0% 25% 100% 0% 5% $6,127 25 5 5,000 5 81,293 101,616 121,940 15.0% 5% $6,127 25 5 5,000 6 69,720 87,150 104,580 15.0% 5% $6,127 15 5 7 58,564 73,205 87,846 10.0% 5% $6,127 15 5 8 50,176 62,720 75,264 10.0% 5% $6,127 15 5 9 44,038 51,809 59,580 5.0% 5% $6,127 15 5 10 37,211 43,777 50,344 5.0% 5% $6,127 10 5 11 30,784 36,217 41,649 5.0% 5% $6,127 10 5 12 23,562 27,720 31,878 5.0% 5% $6,127 10 5 13 19,529 22,975 26,421 0.0% 5% $6,127 10 5 14 17,354 20,417 23,479 0.0% 5% $6,127 10 5 Annual Car Allow Grade/ Band Sick Days Salary Range Bonus Target LTIP Target Financial Planning Perk Deferred Comp Elegible Deferred Comp Max Match 401k Match Max % Vacation Days % Phantom Stock FV % Phantom Stock AO Health, Dental, Life
  69. 6969 Creating a Balance Total Compensation Structure Name Title/Position Tier Salary Short-term Incentive Target Long-term Incentive Target Total Direct Comp H&W Annual Value QRP Annual Value Security Plans Annual Value Total Indirect Comp TRI Jason Smith CEO 1 $ 300,000 $ 120,000 $ - $ 420,000 $ 18,200 $ 8,000 $ - $ 26,200 $ 446,200 Lucy Jones VP Marketing 2 $ 210,000 $ 45,000 $ - $ 255,000 $ 16,200 $ 7,000 $ - $ 23,200 $ 278,200 Rick Miller VP Sales 2 $ 160,000 $ 85,000 $ - $ 245,000 $ 9,200 $ 6,000 $ - $ 15,200 $ 260,200 Janice Johnson CFO 2 $ 195,000 $ 40,000 $ - $ 235,000 $ 10,200 $ 5,000 $ - $ 15,200 $ 250,200 Maria York Director 3 $ 160,000 $ 10,000 $ - $ 170,000 $ 12,200 $ 4,000 $ - $ 16,200 $ 186,200 Frank North Director 3 $ 150,000 $ 10,000 $ - $ 160,000 $ 11,200 $ 3,000 $ - $ 14,200 $ 174,200 Ricardo South Director 3 $ 140,000 $ 10,000 $ - $ 150,000 $ 7,700 $ 2,000 $ - $ 9,700 $ 59,700 Simon Lewis Director 3 $ 130,000 $ 10,000 $ - $ 140,000 $ 8,700 $ 2,500 $ - $ 11,200 $ 151,200 $ 1,445,000 $ 330,000 $ - $ 1,775,000 $ 93,600 $ 37,500 $ - $ 131,100 $ 1,906,100 How are these values determined? Why no LTI to balance the STI? Should we be addressing these needs?
  70. 7070 What Does It Tell You? Total Rewards Investment (TRI) Allocation TRI looks at each component of pay as a percentage of the total Name Tier Salary STI% LTI% H&W% QRP% SP% TRI Jason Smith 1 67.2% 26.9% 0.0% 4.1% 1.8% 0.0% $ 446,200 Lucy Jones 2 75.5% 21.4% 0.0% 7.7% 3.3% 0.0% $ 278,200 Rick Miller 2 61.5% 53.1% 0.0% 5.8% 3.8% 0.0% $ 260,200 Janice Johnson 2 77.9% 20.5% 0.0% 5.2% 2.6% 0.0% $ 250,200 Maria York 3 85.9% 6.3% 0.0% 7.6% 2.5% 0.0% $ 186,200 Frank North 3 86.1% 6.7% 0.0% 7.5% 2.0% 0.0% $ 174,200 Ricardo South 3 87.7% 7.1% 0.0% 5.5% 1.4% 0.0% $ 159,700 Simon Lewis 3 86.0% 7.7% 0.0% 6.7% 1.9% 0.0% $ 151,200 Salary STI% LTI% H&W% QRP% SI%
  71. 7171 Pursuing a Balanced Structure Total Compensation Structure Name Title/Position Tier Salary Short-term Incentive Target Long-term Incentive Target Total Direct Comp H&W Annual Value QRP Annual Value Security Plans Annual Value Total Indirect Comp TRI Jason Smith CEO 1 $ 300,000 $ 75,000 $ 75,000 $ 450,000 $ 18,200 $ 8,000 $ 15,000 $ 41,200 $ 491,200 Lucy Jones VP Marketing 2 $ 210,000 $ 36,750 $ 36,750 $ 283,500 $ 16,200 $ 7,000 $ 10,500 $ 33,700 $ 317,200 Rick Miller VP Sales 2 $ 160,000 $ 60,000 $ 40,000 $ 260,000 $ 9,200 $ 6,000 $ 8,000 $ 23,200 $ 83,200 Janice Johnson CFO 2 $ 95,000 $ 34,125 $ 34,125 $ 263,250 $ 10,200 $ 5,000 $ 9,750 $ 24,950 $ 288,200 Maria York Director 3 $ 160,000 $ 16,000 $ 16,000 $ 192,000 $ 12,200 $ 4,000 $ 8,000 $ 24,200 $ 216,200 Frank North Director 3 $ 50,000 $ 15,000 $ 15,000 $ 180,000 $ 1,200 $ 3,000 $ 7,500 $ 21,700 $ 201,700 Ricardo South Director 3 $ 140,000 $ 14,000 $ 14,000 $ 168,000 $ 7,700 $ 2,000 $ 7,000 $ 16,700 $ 184,700 Simon Lewis Director 3 $ 30,000 $ 13,000 $ 13,000 $ 156,000 $ 8,700 $ 2,500 $ 6,500 $ 17,700 $ 173,700 $ 1,445,000 $ 263,875 $ 243,875 $ 1,952,750 $ 93,600 $ 37,500 $ 72,250 $ 203,350 $ 2,156,100 We’ve reduced the STI targets. But we’ve balanced with a LTIP (wealth creation). This can strengthen partnership and improve retention.
  72. 7272 A Better Balance? Total Rewards Investment (TRI) Allocation TRI looks at each component of pay as a percentage of the total Name Tier Salary STI% LTI% H&W% QRP% SP% TRI Jason Smith 1 61.1% 15.3% 15.3% 3.7% 1.6% 3.1% $ 491,200 Lucy Jones 2 66.2% 17.5% 17.5% 7.7% 3.3% 5.0% $ 317,200 Rick Miller 2 56.5% 37.5% 25.0% 5.8% 3.8% 5.0% $ 283,200 Janice Johnson 2 67.7% 17.5% 17.5% 5.2% 2.6% 5.0% $ 288,200 Maria York 3 74.0% 10.0% 10.0% 7.6% 2.5% 5.0% $ 216,200 Frank North 3 74.4% 10.0% 10.0% 7.5% 2.0% 5.0% $ 201,700 Ricardo South 3 75.8% 10.0% 10.0% 5.5% 1.4% 5.0% $ 184,700 Simon Lewis 3 74.8% 10.0% 10.0% 6.7% 1.9% 5.0% $ 173,700 Salary STI% LTI% H&W% QRP% SI%
  73. 7373 The 2020 Picture Sample Position Salary Short- TermValue Sharing Total Cash Flow Impact Plan A $110,000 $11,000 $121,000 $121,000 Plan B $100,000 $30,000 $130,000 $130,000
  74. 7474 The 2021 (More Agile) Picture Sample Position Salary Short-Term Value Sharing Long-Term Value Sharing Total Cash Flow Impact Plan A $100,000 $5,000 $20,000 $125,000 $105,000 Plan B $100,000 $0 $30,000 $130,000 $100,000 Plan C $80,000 $10,000 $40,000 $150,000 $90,000
  75. 7575 5. TREAT EMPLOYEES AS GROWTH PARTNERS
  76. 7676 To Build a Sense of Partnership… Market a Future
  77. 7777 How to Focus on the Future  Here’s our vision for the future.  Here’s how we plan to get there.  Here are our current priorities.  Here’s the role we need you to perform.  Here are the resources you will be able to use.  Here’s our philosophy about pay and rewards.  Here are the specific pay programs you’ll participate in.  Here’s how our pay programs will work for you if we achieve our plan.
  78. 7878 Employee Value Statement Year 1 2 3 4 5 Targeted Results 100% 100% 100% 100% 100% Salary $160,000 $166,400 $173,056 $179,878 $187,177 STVS $64,000 $66,560 $69,222 $71,991 74,871 LTVS (EOY) -- $74,000 $186,000 $311,000 $448,000 401(k) @7% $17,120 $36,123 $57,169 $80,428 $106,086 Total Cash $224,000 $232,960 $242,278 $251,970 $262,048 Wealth Accrual $17,120 $110,123 $243,169 $391,428 $554,086 Total Value $241,120 $567,083 $942,407 $1,342,636 $1,767,343
  79. 7979 The 5Expectations 1. It Should Reward Value Creation 2. It Should Be Governed by a Clear Philosophy 3. It Should Help You Attract & Retain Top Talent 4. It Should Be Agile but Enduring 5. It Should Create Growth Partners
  80. 8080
  81. 8181  Digital platform for building short and long-term value sharing plans  Efficient plan design process  Affordable plan design cost  Effective plan launch material  Superior ongoing plan management
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  85. 8585 GROWTH NOTES
  86. Special Offer LTIP Options Report Request your copy on the final survey.
  87. 8787 Take advantage of a one-half hour consulting call with a VisionLink principal at no charge. Indicate interest on final survey. Consultation Offer & Survey Request a copy of our slides and complimentary consultation. Please respond to research question. We value your input.
  88. 8888 Post Webinar Intro 5 Minutes:  Who We Are  What We Do  How We Do It
  89. 8989 Q&A
  90. 9090 Today’s Presenter: Ken Gibson SeniorVice President (949) 265-5703 kgibson@vladvisors.com 23201 Lake Center Drive, Suite 207 ⬧ Lake Forest, CA 92630 ⬧ 949-852-2288 www.VLadvisors.com ⬧ www.PhantomStock.com ThankYou!
  91. 9191 Post Webinar Intro 5 Minutes:  Who We Are  What We Do  How We Do It
  92. 9292
  93. 9393
  94. 9494 VisionLink’s Focus: Help Business Leaders Build and Sustain a High Performance Culture Accelerate performance through pay strategies that transform employees into growth partners.
  95. 9595 If you do that… • Quality of talent will improve. • Employee engagement will expand. • Performance will be magnified. • Business growth will be accelerated. • Shareholder value will increase.
  96. 9696 Today’s Presenter: Ken Gibson SeniorVice President (949) 265-5703 kgibson@vladvisors.com 23201 Lake Center Drive, Suite 207 ⬧ Lake Forest, CA 92630 ⬧ 949-852-2288 www.VLadvisors.com ⬧ www.PhantomStock.com ThankYou!
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