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Especially now, agency owners should lead with a combination of empathy and strategy to incentivize growth. Two ways to do this include establishing a long-term incentive plan (LTIP) and a contract equity program. These must be tailored for the marketing communications sector and the firm’s goals.
A study of over 130 PR firms showed that more than two-thirds of the top performing firms had either or both of these programs in place to key employees. Another study shows these programs are essential to operating firms with long term resilience – whether the firm remains independent or engages in a third-party sale.
– Michael Lasky, Davis & Gilbert LLP