Unlocking the Truths Behind Employee Compensation | Tom Bouwer

RSS

Compensation doesn’t have to be that necessary evil you throw over to HR. When done right, tt can actually be a tool that you can use to align and win together as an organization. Today, we broke down the conversation on compensation with my good buddy who also happens to be ProfitWorks’ co-founder, Tom Bouwer. In this episode, he talks about how crucial it is to have a philosophy around compensation, setting incentive pools, cost of living adjustments, and striking the balance between protecting the company from paying too much and making it meaningful for employees.

1:13 What entrepreneurs get wrong about compensation

7:54 How a cost of living adjustment is different from a raise

12:14 A better way to give bonuses

25:05 Tom talks about how to effectively get employees to bring issues out on the table

29:01 Incentive and commission plans are not there to manage your people, they are there to change behavior

36:12 Tom gives his take on paying for objectives

42:15 The importance of teaching your employees the business of business

46:44 A profit-based incentive plan is a great way for people to earn more and to make it more impactful

48:21 Tom’s passionate plea to entrepreneurs

“Do not overcomplicate compensation. Have a philosophy and use it as a tool for accountability, engagement in your culture, and your overall purpose for the organization.”

GET IN TOUCH:

MARK LEARY: 
www.linkedin.com/in/markhleary
www.leary.cc

TOM BOUWER
https://www.profitworksllc.com/
https://www.linkedin.com/in/tombouwer/

Production credit:

Engineering / Post-Production: Jim McCarthy
Art / Design: Immanuel Ahiable

  • mark@leary.cc (Mark Henderson Leary)
Comments 0
Leave a comment
Your Name:*
Email Address:*
Message: *

Please note: comments must be approved before they are published.

* Required Fields