The Importance of Proper Employee Compensation

Summary:

 

On this episode of Where There’s a Will, There’s a Way, host Will Crist talked with Alex Freytag, an expert EOS Implementor. Alex is also the author of Profit Works, a book that unravels the complexity of incentive plans in order to increase employee productivity, cultivate an engaged workforce, and maximize company potential. Throughout the episode, Will and Alex discuss his EOS journey and the importance of properly compensating employees. 

 

Shownotes:

(1:13) Introduction to Alex

(1:43) Alex’s EOS Journey

(7:40) The Benefit of Employee Compensation

(10:48) How Pressure Impacts Performance

(13:19) Human Reactions to Being Rewarded

(18:19) We First vs. Me First

(21:18) Identifying Effective Incentives

(25:48) Incentive Plans with Company-wide Input

(30:53) About Profit Works

(32:49) Utilizing People as Assets

(34:09) Purpose of Profit Works

(38:27) Quality Relationships in the Workplace

(42:52) Closing Thoughts

 

Links:

Will Crist

EOS 

Alex Freytag

 

Quotes:

“Well and that really is what we as EOS implementers aim at isn’t it, it’s to really help businesses thrive.” - Will Crist, (5:54)

 

“So if we talk about employee retention and you talk about attraction and best places to work, the companies that are able to balance those rewards, their workforce is the one that tends to be the most successful from a profitability standpoint and from a growth standpoint.” - Alex Freytag, (8:32)

 

“The amount of pressure in an organization is directly correlated to performance, and so companies that don’t apply any pressure in the organization, no standards of performance, no expectation, no core values, no measurables, no scorecards, no 10-year target, and so forth, tend to have lower levels of performance than the companies that turn that dial up on those expectations…” - Alex Freytag, (11:47)

 

“...pick a minimum threshold of profit that the company has to reach before the incentive plan kicks in and then arm your workforce with tools and training and resources to actively find the money to incremental profit dollars over that threshold.” - Alex Freytag, (24:26)

Contact Will Crist