Karl's Mortgage and Related Info Site

A good assistant can make all the difference in business. It can be the difference between doing fine and doing great, between breaking even and being profitable.

So what's the best way to get (and keep) someone good? Make sure they're well compensated. Here are a few tips to make sure that the good ones stick around and stay properly motivated:

Pay good money for good people. According to Payscale.com, the median salary for an administrative assistant is in the mid $30,000s, and the median salary for an executive assistant is in the mid $40,000s to low $50,000s. That pay is for those who do a median job. Better performers could get paid five to ten thousand dollars more - even higher, depending on the cost of living in your area. Always err on the side of overpaying, assuming you can afford it.

Use a combination of salaries and bonuses. If you set all compensation in terms of salary, when the economy takes a downturn, you'll either have to cut back on salaries (not fun news to break) or lay people off (even worse). Providing good salaries supplemented with bonuses that reflect profit gives you more flexibility.

Get everyone focused on the same goal: profit. One way to do that is to calculate the profit left after all overhead and expenses are paid, then put a set percentage of that into a bonus pool. That way, when there's a good month for the office, it's a good month for the assistants, too.

It's called a bonus, so keep it a bonus. How you structure your bonuses can make all the difference. If assistants get a fixed commission based on a certain achievement (i.e., $75 for each loan filed in a broker's office), that quickly becomes just like salary. Better to keep some latitude for subjective value.

From that bonus pool mentioned above, you, the boss, should get to decide who gets what amount. If someone was key in facilitating an important transaction, or someone went the extra mile during a crunch, they should get the reward. It doesn't have to wait till the end of the month, either. A surprise $100 dropped on someone's desk can really make someone's day. Wouldn't it make yours?

With the right compensation, you'll keep your assistants motivated, content, and productive. And productive assistants make for profitable offices.

Look for more Business Boosters coming your way!