Incentive Compensation for Contractors - Audience Question: When?

While an incentive program won’t turn around a completely bad culture, there is also no such thing as a perfect culture.

Courtney Stearns Profile Picture
Share
Contributors Sue Weiler-Doke David Brown

Here are the important prerequisites to have in place before getting started with an incentive program:

  • Does the team have trust in management’s integrity, using Brené Brown’s definition? 
  • Do the team members have a reasonable degree of trust between each other by the same criteria?
  • Would the team be able to withstand a reasonable mistake and still stick together?

If you have these basics in place, then your culture is good enough to start an incentive program. Start modestly and improve each year. Remember that education and communication have more to do with program success than the nuts and bolts of the program itself.

"The best time to plant a tree was 20 years ago. The second best time is now."

Chinese Proverb

Very applicable to incentive programs.


In this video series, Courtney Stearns, Sue Weiler-Doke, and David Brown discuss the most common questions we get from contractors about incentive programs, including a bunch of great questions from the audience.

This is Part 16 of a 20-Part Series


Topics Covered in the Series Include:

  • Alignment
  • Calculations
  • Prerequisites
  • Mitigating the Talent Shortage
  • Succession

All relationships start with a simple conversation. Let’s schedule some time to talk about your specific challenges and opportunities.


Incentive Programs for Contractors
Every successful and profitably growing contractor we work with has a comprehensive and integrated set of incentive programs in place at all levels of the organization. These programs reinforce the daily actions and behaviors that make them successful. ...

Incentive Programs for Contractors
Every successful and profitably growing contractor we work with has a comprehensive and integrated set of incentive programs in place at all levels of the organization. These programs reinforce the daily actions and behaviors that make them successful. ...

Sustainable Growth Through Balanced Execution
Building a business is different than building a project. You can’t “punch list” your business like you can a project. If you take that approach identifying everything that is wrong or that could be improved you will over-stress the organization.
Creating Value
The difference between creating real value versus creating transactional value. Creating wealth and not just re-allocating it is the only path to sustainable growth. Understand the differences and how to incorporate them into your strategy and planning.
Budgeting the Right Time for New Tools
Have you ever created a tool or process for your company only to find that people aren’t using it effectively and some don’t even know about it?