How to Create the Best Incentive Plan for Your Company
Tom Bouwer is the Co-founder and Partner of ProfitWorks LLC, a company that helps organizations apply the Entrepreneurial Operating System (EOS). Tom is a Certified EOS Implementer and esteemed international and Vistage speaker. He is the Co-author of the books What the Heck is EOS? and Profit Works, among many others.
Tom has over 25 years of international and nationwide experience helping companies simplify, clarify, and achieve their vision. He has worked with leaders and teams to achieve optimal success at a range of companies, from start-ups to Fortune 50 companies. Tom has nearly three decades of global management and coaching experience in multiple industries that help him identify chronic issues in a company and work to build a healthy, cohesive team.
Here’s a glimpse of what you’ll learn:
- Tom Bouwer discusses the importance of operating systems for your company
- The five areas of compensation: base, raises, cost of living adjustments (COLA), benefits, and incentive plans
- What should you consider before putting an incentive plan together?
- The six common mistakes that Tom sees among incentive plans
- The necessary components of every incentive plan: what’s the trigger, what’s the share, and who participates?
- How to create positive tension and increase efficiency in the workplace
- The different caveats of incentive planning
- Chad and Tom talk about employee education and how to communicate as a leader
In this episode…
Your company’s incentive plan is a fundamental part of being efficient, centering your team, and reaching your desired goals. But is your incentive plan working towards development or is it holding your team back? How can you develop the best plan tailored to your business?
Tom Bouwer has over 25 years of experience helping companies advance as a team and achieve their vision. According to Tom, your operating system determines how you set priorities, solve issues, and grow as a team. Specifically for leaders, financial communication is a key element to building trust with your employees as well as motivating and educating them.
In this episode of This is Concrete, Chad Gill sits down with Tom Bouwer, Certified EOS Implementer, and Co-Founder and Partner of ProfitWorks LLC, to talk about creating incentive plans. Tom discusses the different types of incentive plans, common mistakes leaders make when implementing these strategies, and how you can educate team members to create positive tension and a growth-centered environment. Stay tuned!
Resources Mentioned in this episode
- Concreate
- Chad Gill on LinkedIn
- Tom Bouwer on LinkedIn
- Tom Bouwer’s phone number: 616-635-9900
- Tom Bouwer’s email: tom@profitworksllc.com
- ProfitWorks LLC
- Profit Works: Unravel the Complexity of Incentive Plans to Increase Employee Productivity, Cultivate an Engaged Workforce, and Maximize Your Company’s Potential by Alex Freytag and Tom Bouwer
- What the Heck is EOS?: A Complete Guide for Employees in Companies Running on EOS by Gino Wickman and Tom Bouwer
- Danger in the Comfort Zone: From Boardroom to Mailroom — How to Break the Entitlement Habit That’s Killing American Business by Judith M. Bardwick
- Ownership Thinking: How to End Entitlement and Create a Culture of Accountability, Purpose, and Profit by Brad Hams
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