Solutions for consultants
Witted is growing and now offers more opportunities for our consultants. The foundation of our models is based on our transparent approach where we provide consultants with insight, autonomy, and participation. Today, we have two models; Mavericks Consulting and our new Ownership Model.
Mavericks is a proven model that has been in existence in Norway and Finland for over 5 years, with over 90 employed consultants. This model provides consultants with commission-based pay and a minimum salary. Press the black button below to read more about Mavericks.
Witted's Ownership Model is designed to mirror the freelance lifestyle. The solution is stripped of overheads and offers a higher economic upside when you're on a project, albeit with a lower minimum salary than with Mavericks. Keep reading for an introduction to the Ownership Model.
WELCOME TO WITTEDS CONSULTANCY COMMUNITY
- Together with consultants, we establish small jointly owned companies with 3-20 employees, who also become owners in their business.
- These companies are based on our Ownership Model and together will constitute Witted's consultant community.
- Projects are routed through Witted, and we take a margin on the projects as usual, but ensure good access to exciting projects in return.
- Witted manages everything in the company centrally. This way, we reduce all overheads in the companies and maximize your compensation. As a result, you can focus entirely on your own project.
WITTED contributes with
Administration of the company
Billing and finance support
Sales support
Legal support
HR support
No additional invoicing of costs, unless extraordinary expenses occur.
We aim to create success for the consultants in our network. Therefore, we facilitate for consultants to fully focus on solutions for the client.
Witted want the model to provide a solid framework for project delivery, as well as predictability in project flow from one project to another.
Salary model
Dividends
We calculate that on average, 10% of the revenue goes into the dividend pool, which the consultant receives as a payout on their shares
Business expenses
Business expenses are related to the efficiency of the company. Approximately 10% goes towards savings for sick leave and costs between projects, as well as insurance and accounting. If business expenses are lower, the money will be moved to the dividend pool.
Salary in project
80% of the revenue goes towards the consultant's salary. Approximately 60% of this amount goes directly into the consultant's pocket as gross salary. The remaining approximately 20% of the revenue is allocated to cover vacation pay, pension, and employer contributions.
Minimum salary
Salary between projects is set at approx. 14,000 NOK per month for legal reasons. A minimum wage is established as zero-contract hours are not leagal.
One size fits all
We know that not all consultants are in the same situation. Therefore, 'one size fits all' doesn't work. We let you decide your desired risk profile. With us, higher risk yields higher commission. Check out the comparison below and see what suits you.
min. 40.000,- NOK per mnd
min. 14.000,- NOK per mnd
FAQ - NEW OWNERSHIP MODEL
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Witted has always been a company that sets talents at the forefront, and based on the new hiring regulations, we have developed a solution that allows us to continue offering our services to consultants.
Witted owns 20% of the dividend rights and will be entitled to dividends upon payout. 20% of the dividends here corresponds to approx. 2% of the company's revenue. Additionally, Witted ensures to procure projects as usual and takes margin as customary.
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For every 1000 NOK billed to the company per hour, the breakdown looks like this:
- 600,- NOK goes directly into your pocket as brutto salary
- 200,- NOK covers mandatory expenses including vacation pay, pension, and employer's tax
- 100,- NOK is allocated for business expenses for consultants (savings for sick leave, bench salary, insurance, accounting). If there is enough money in the company, more goes to the dividend pool
- 80,- NOK goes towards dividends to consultants before tax
- 20,- NOK goes towards dividends to Witted before tax
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Yes, there will be a bonus model introduced to incentivize individual consultant gains.
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The company is managed by a leader at Witted. They ensure that the business operates in accordance with Norwegian law and follows good accounting practices. Furthermore, the leader ensures that all consultants are heard and leverages Witted's resources to help them succeed in their projects.
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On the board, there will be two representatives from Witted and three consultants.
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Only employees of the company and Witted are allowed to hold shares in the company, therefore, the shares will be sold in the event of termination from the company. This will be regulated by the shareholder agreement.
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As your project nears its end, the Sales and Customer Success team will be activated to offer you a new project. Should you have a period between projects, you will receive the minimum salary of approx 14,000,- NOK per month."
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As long as you are employed, you cannot engage in projects to function as a competing business. However, we are flexible with short notice periods and swift hiring processes should you wish to return after a period away.
Nevertheless, Witted encourages innovation and product development and can even provide support to consultants who wish to build something. -
The company intends to pay dividends. We plan annual or semi-annual dividend payments. However, it is essential to maintain the company's liquidity, and this is governed by the articles of association and the company's board of directors.
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First and foremost, Witted wants the owners of the company to influence how they want their workplace to be.
However, to maintain a predictable company, Witted will hold 67% of the voting rights in the companies. The remaining 33% will be distributed among the consultants in the company."
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The board of directors in the company decides who comes in as new employees/co-owners. It will be up to the board of the respective company to anchor the requirements that constitute the evaluation basis in the shareholder agreement.
Furthermore, the shareholder agreement will regulate all matters concerning what a shareholder can and cannot do, including but not limited to new members/purchases/sales/forced sales upon termination of employment, etc.
