Sep 14, 2021
Incentive programs are powerful tools for motivating employees to deliver amazing results. But they also have the potential to encourage bad behaviors that are harmful to your company.
What’s key is knowing how to create a well-structured program that aligns what your employee wants with what’s best for your company.
Today’s episode is packed full with insights from my guest, Mark Brooks, the Managing Director at Permanent Equity. Mark covers many areas including how an incentive program can be a good starting point for crafting the job description and the benefits it has in reducing silos naturally present between the field and the office staff.
Listen and learn how you can give your employees what they want so that they’ll get you the results you desire.
Discussion Points:
0:00 Introduction
3:24 The Importance of a Clear Incentive Program
6:04 The Connection Between Human Nature and Incentives
8:38 Tailoring Incentives to Different Parts in the Organization
11:34 Controlling Negative Behavior
17:18 Using Incentives to Minimize Silos Between Field and Office
20:21 The Need for Clarity in your Compensation Plan
22:15 Injecting Objectivity in the Incentive Program
27:03 Frequency of Communication and Giving Rewards
32:07 Making Incentivized Goals Achievable
34:48 Steps In Building a Good Incentive Program
38:57 Good Leaders Admit and Fix Mistakes
41:14 Getting to Know Permanent Equity
43:16 BONUS: The Must-Visit Restaurant in Missouri
About the Guest:
Mark Brooks is the Managing Director at Permanent Equity. The firm invests in North American companies that have owner earnings of $2.5M-25M per year. They have a $300M fund that is used to make long-term investments in family-owned businesses including those in construction. As Managing Director, Mark supports their portfolio companies with their operational processes, tech stack efficiency, and demand generation.
An Excel nerd who also runs Ragnar races, Mark is on the board of directors for educational material provider Learning Without Tears.
Resources:
- Connect with Mark
- Email (mark@permanentequity.com)
- LinkedIn (https://www.linkedin.com/in/markbrooks1)
- Work with Permanent Equity (https://www.permanentequity.com/)
- How to Optimize Your Compensation Plan (https://www.permanentequity.com/writings/how-to-optimize-your-compensation-plan)
- Barred Owl Butcher & Table (https://www.barredowlbutcher.com/)
Do Your Project Executives Need to Become Better Leaders?
- Book a 10-minute call with Eric Anderton to see if/how he can help (https://10minutes.youcanbook.me/)
Connect with me on LinkedIn. For more podcast episodes, you may also visit my website. Tune in and subscribe to the Construction Genius: A Leadership Master-Class Podcast on Apple Podcasts, Spotify, and Stitcher.
Thank you for tuning in!