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5.0 out of 5 starsGreat book to develop an owner's mindset throughout the company
Reviewed in the United States on October 27, 2020
I just got finished my first pass through Profit Works. What a great resource for creating simple, win-win incentive plans to transform an entitlement mindset to an owner's mindset for the entire company. Some great structures to choose from to keep everyone on board focused on the outcomes that matter most to any company.
In addition, this book provides structure to develop the collective business acumen of the company and to support the rollout of the incentive plans. Thanks to Alex and Tom!
5.0 out of 5 starsWonderful guidance for business owners considering an incentive approach.
Reviewed in the United States on December 2, 2020
Alex and Tom give wonderful, practical, real-world advice on how to and how not to set up a lasting incentive plan. They address all of the common and not so common questions you will have as an owner. If you have a program in place that you are not happy with or you feel is clunky, this book will help you get it right. I have already handed out a dozen copies to clients who were stuck and they thanked me deeply. Walt
5.0 out of 5 starsMust-have resource for designing employee incentive plans!
Reviewed in the United States on November 13, 2020
Alex and Tom have compiled years of research, hands-on experience and field study on incentive plan design. They've managed to condense a entire library of motivational psychology, behavioral science, accounting and management theory into a practical field guide to incentive plans. I can't recommend this highly enough.
5.0 out of 5 starsA concise guide to incentive programs offering simple practical concepts
Reviewed in the United States on November 17, 2020
I enjoyed this short book that pulls together a wide variety of sources on the topic spiced with real-life stories from the authors' experiences. I was inpatient reading through the first couple of chapters about the failings of most incentive schemes and how entrepreneurs tend to miss the mark. However the second third of the book picked up the pace and offered great information. I particularity liked the following concepts: - The three types of incentive plans with their pros and cons. Never heard of the Profit Pail plan, but it makes perfect sense and seems safe to implement. - The idea of "gatekeepers" to prevent the backfiring of your incentive scheme, when cash flow lags profits or when extraordinary events generate windfalls. - Linking payout to the perspectives of different groups of employees. E.g. Hand-to-mouth hourly wage earners will be scarcely motivated by stock options. - The trade off between easy-to-explain and thus transparent equally distributed schemes with the pay-proportionate fairer approach. - How uninformed employees often over-estimate profit, so its better to share financial information with them. - How show-me-the-money exercises help engage people in increasing profits. I welcomed the important, albeit short discussion on sales incentives and how salespeople should be handled differently. This topic could benefit from a deeper dive, maybe in the next volume. The authors generously share their own reading list at the end which provides a wealth of resources for further exploration of the topic.
5.0 out of 5 starsThe Book I'll Be Recommending to All of My Clients...
Reviewed in the United States on February 18, 2021
As a business coach for EOS (the Entrepreneurial Operating System), I have seen a wide variety of incentive programs, many of which are ineffective, create division, and waste money. Profitworks offer a simple, yet thoughtful, approach to setting up employee incentive programs for entrepreneurial companies. I recommend Profitworks to anyone running an entrepreneurial business who wants to implement—or reform—an incentive program which improves teamwork & culture, educates employees, drives action, and motivates the right behaviors.