Armed with a passion for helping entrepreneurs and leadership teams simplify, clarify, and achieve their vision, Tom Bouwer has worked with a diverse range of companies from start-ups to Fortune 50 companies. In addition to running three of his own companies in Turkey, he has nearly three decades of global management and consulting experience in multiple industries. This has enabled him to be quick in identifying and solving chronic issues that hinder companies from achieving optimal success. These days, Tom spends most of his time as a Certified EOS Implementer®, helping leadership teams implement EOS in their own ventures.
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.”
Engineering / Post-Production: Jim McCarthy
Art / Design: Immanuel Ahiable
Remember when you felt tied down by the conflicting emotions of wanting to offer a helping hand but also having to meet your own needs?
You're about to discover why you're feeling overwhelmed juggling the roles of healthcare provider and business owner and how this could be the third peril of your private practice.
Are you tired of the constant hiring and firing cycle? Are you searching for the perfect fit for that crucial number two position in your healthcare organization?
What if the key to unlocking your organization's potential lies in tapping into the power of a visionary leader?