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Old 07-25-2020, 05:01 PM   #1
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Default Profit sharing/bonuses

Just curious, anybody else try bonuses or profit-sharing with their employees? If so, how has your experience been with this? In theory at least, it seems like a win-win. It would make for happier employees that get work done faster, which saves me money I can then pay them a chunk out for as a bonus.

Also sounds like it could be a pain in the ass that's not worth it.
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Old 07-26-2020, 12:54 AM   #2
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Originally Posted by fromthenorthwest View Post
Just curious, anybody else try bonuses or profit-sharing with their employees? If so, how has your experience been with this? In theory at least, it seems like a win-win. It would make for happier employees that get work done faster, which saves me money I can then pay them a chunk out for as a bonus.



Also sounds like it could be a pain in the ass that's not worth it.
As someone who spent the majority of their career as the employee, and someone who got to work under these circumstances; the employer can shove the bonuses. Pay a good wage, keep your good guys busy, try to change your bad guys.
All I ever wanted was a fair days pay. I didn't want to end up holding the bag because the estimator screwed up, etc

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Old 07-26-2020, 08:12 AM   #3
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Also as an employee, I just wanted things to be legit and competitive with other companies that offered incentives and benefits like medical, vacation, holidays, sick time, maybe an education tuition, trade training, a decent work vehicle, opportunities to be a foreman or estimator, and a professional culture that didn't attract dead beats, drug users, and general bad behavior.

I know it takes a lot of extra resources to offer many of those things, but it's an investment in the company. And the returns are employee retention and commitment.
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Old 07-26-2020, 01:56 PM   #4
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Thanks for the feedback. I was also an employee for about 10 years, and I'm now five years into my business. I never had bonuses, but I can see how it would be annoying to feel pushed by a bonus.
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Old 07-26-2020, 01:59 PM   #5
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CA painter thanks for the input. I'm currently just a three-man operation, so definitely a ways away from a lot of those benefits. I like what you're saying though, maybe I should start putting money towards some if these things instead of job bonuses.
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Old 07-30-2020, 11:04 PM   #6
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When I was a younger guy, I loved the performance bonuses and profit sharing. Now, being the business owner and looking at things from a different perspective, health insurance and 401k would be much more important.

I think you'll be able to attract more mature, experienced employees by offering that. In return, they'll be more dedicated and be more invested in the job.

I have one 18yo guy working for me now who I attempt to impress upon the importance of saving for retirement. At that age, it's in one ear and out the other.

If I were a smarter man at that age, I wouldn't be playing catch-up with IRA contributions and retirement planning.

If you can start early, you can really sock away a nice nest egg. Unfortunately, that lesson is mostly lost on the younger folks, my younger self included.
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Old 07-31-2020, 03:44 PM   #7
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Making a buck is awesome, but earning a living is crucial. Earning a living requires sustainability and sustainability requires a purpose. A purpose requires priorities and priorities require a goal. A goal requires a plan and a plan requires an outlook, either short or long. So is an employee interested in the short term, or are they interested in the long term? What inspires them to work? Is it to access pleasures, or is it to support responsibility?
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Old 08-01-2020, 08:11 AM   #8
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Quote:
Originally Posted by ParamountPaint View Post
When I was a younger guy, I loved the performance bonuses and profit sharing. Now, being the business owner and looking at things from a different perspective, health insurance and 401k would be much more important.

I think you'll be able to attract more mature, experienced employees by offering that. In return, they'll be more dedicated and be more invested in the job.

I have one 18yo guy working for me now who I attempt to impress upon the importance of saving for retirement. At that age, it's in one ear and out the other.

If I were a smarter man at that age, I wouldn't be playing catch-up with IRA contributions and retirement planning.

If you can start early, you can really sock away a nice nest egg. Unfortunately, that lesson is mostly lost on the younger folks, my younger self included.
Loved it!
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