HOW TO DESIGN AN EFFECTIVE ANNUAL INCENTIVE PLAN THAT SUPPORTS LONG-TERM VALUE CREATION
Entrepreneurial leaders are often frustrated that their annual incentive plans have become entitlements that don’t change employee behavior and don’t drive incremental long-term value to the business.
The challenge is how to engage in a process to design and implement a new Incentive Plan that can better help the organization further engage their employees to reach their full, untapped potential while building long-term company value. In our ProfitWorks presentation we will discuss our proven process teaching companies how to:
- Design incentive plans that are simple to explain, understand and administer.
- Ensure their new incentive plan is self-funded and that the employee-owners are active participants in finding incremental profit to fund their plan. With this, the payouts from the incentive plan are earned compensation and not an entitlement.
- Support the program across the organization with communication, scorecards, and business education.
- Use the incentive plan and education training to help improve employee engagement and retention.
Learning Objectives:
- Understand the philosophy and science behind using an incentive plan as an important tension tool to drive performance in your organization
- Learn how to design an incentive plan that is simple to explain, understand, and administer, and that is self-funded
- Learn tools to help link work activities more strongly to the incentive plan and overall business performance
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Event Details
Who Should Attend?
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Private Business Owners
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Business Owners
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CPAs/Accountants
Owners participating in the State of Owner Readiness research continue to indicate that you are the No. 1 "Most Trusted Advisor." You are a natural fit to lead the exit planning team and deepen your relationship (and retention) of next generation owners.
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Financial Advisors
One of the critical ‘legs of the stool’ is personal financing planning. An owner must have a strong financial plan & contingency plan post-transition to enable them to thrive in the next act of the lives personally and financially. Exit planning brings this future mindset into the present. Exit is now.
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Family Business Advisors
More than 50% of lower middle market business owners would prefer to transition to the next generation. Help them succeed with exit planning strategies.
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Professional Advisors
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Other Professional Advisors
Regardless of your unique specialty, there is seat at the exit planning table for you. Learn more at www.EarnCEPA.com.
EXIT PLANNING IS GOOD BUSINESS STRATEGY
The Exit Planning Institute, provides Financial Advisors, Accountants, Consultants, and other advisors of business owners with the critical education to differentiate themselves and add value to their existing client relationships through a credential, conference, courses, and content. Download the CEPA brochure for more information.
ABOUT THE PRESENTER
The product of an entrepreneurial household, Alex has spent much of his business experience focused on his passion for being a Hero to Entrepreneurs. Between selling handmade James Dean t-shirts out of his locker in high school, to becoming an Expert EOS Implementer®, he ran or helped run, four growing businesses.
One of the four businesses was ProfitWorks which he co-founded in 1996 to help companies create cultures of employees who think and act like owners. In 2020 during the pandemic, he took time to co-author the book "Profit Works: Unravel the Complexity of Incentive Plans to Increase Employee Productivity, Cultivate an Engaged Workforce, and Maximize Your Company's Potential" to help entrepreneurs simplify the topic of incentive plans.