Profit sharing

[matdand]

Looking for ways to keep key employees AND making them responsible. Anyone ever set-up a profit sharing program? In Canada?

My bros worked for 1-800-GOT-JUNK and I think he got profit sharing at the end of every day. Didn't make him stay, but I remember him working harder to get the job done well and profitably.

Anyone do this? Nick, Willie?

 

[MasterBlaster]

It's a great idea, but few do it.

 

[Raj]

Never worked for the business I've worked at, all of a sudden profits went down, bosses blamed employees for making wrong decisions which ate up the profit.

 

[matdand]

How do they do it, the ones that do? I'm all down for equality, I don't need a Benz and an estate to live, but I do want my risk and work to be worth it. But so do my employees! I've looke into the COOP thing, and it seems good until you hit a certain point, then it gets complicated...

 

[matdand]

Why would profit go down? I mean other than because you're sharing part of that profit with a few people?

 

[Chris E]

I think this set up has huge potential if you have the right employees. I also think a performance based bonus structure might be easier to implement and achieve similar results...

 

[sotc]

I've considered a little bit but never can figure out how to make it pencil. One place I worked needed so many years before you were "vested"and the more years the larger the percentage.
I just settled with Christmas bonuses. Some years will be better than others. Broken things may get mentioned if there are enough or big ones as a reminder that the bonus could be bigger. Takes some consideration to come up with amounts. Time starts at 730 but most of the crew comes before 7, that factors in.
I've come to the conclusion you can't make employees completely happy. They get raises, good equipment, steady work, paid holidays and vacations, extra curricular things offered, etc etc and they still get disgruntled from time to time. Almost everyone that leaves tells me I was a great boss but I guess that's life. They come and go, be fair and accept that that will happen. $0.01

 

[MasterBlaster]

At the least, I'm loving having a 401k plan.

Sure wish I'd have been able to that before... it's free money that adds up!

 

[Grendel]

Great post Willie. I agree 100%

 

[PCTREE]

If we hit over $2k in a day I kick Robby an extra $100. Lately we have been doing that 3 times a week or so so he gets an extra $300 in his check. Kinda ircks me he never even acknowledges it!

 

[MasterBlaster]

That's stupid of him.

I bet he'd have something to say if you stopped doing it!

 

[Mick!]

Therin lies the rub.

It's his wages, if he gets a hunnert extra on a day it's because you've done really well.

I can see how a thank you might be due on a yearly Christmas bonus but every week?

Pay him the money or don't, It's business.

It's a bit like early finishes, sometimes I think a thank you would be nice but it's not going to happen and never will. They're in the car and out the yard before you can change your mind.

 

[squisher]

Employing people is a major PITA. I bumped into one of my old competitors yesterday afternoon. The guys gotta have atleast ten years on me, he was/is in business way longer then I was and with a full crew of groundies scurrying around he's back to the sharp end of the rope because he can't get a climber.

 

[MasterBlaster]

Probably because he wants to pay them a minimum climber's wage, or even less.

 

[Mick!]

If I recall Justin couldn't get a climber either.

 

[MasterBlaster]

More and more of the starter treeco are relying on some type of mobile lift because doing that is easier than finding/keeping an experienced climber.

 

[stig]

Make then feel valued, and give them a few things to brag about to others is about the best one can do, in my opinion.

That is why we try to do a major trip together every year ( Going to the Czech Republic this year is kind of a let down, but simply what happens when people choose to drive Japanese motorcycles)
The 3 trips to Cali was bragging material for our guys, BIG TIME.

Stuff like that counts for a lot, i think.

We keep a box of , let us call it " Non registered money" for stuff like that.
That way you can splurge and it doesn't affect the company credit.

 

[Levi]

Good call, Stig.

A little goes a long way, especially with the simpletons that are attracted to tree work

A company party/bbq a few times a year, feats of strength, embroidered shirts with names etc etc.... and of course a ROLEX!

 

[stig]

Tell you what.
In the tree world, I think being able to say to your pals that you've climbed a Redwood or Sequoia goes over better than a Rolex.

But then I'm just a stupid commie vegetarian, what do I konw.

 

[Levi]

The Rolex part was a joke. The Redwood climb is indeed a claim to fame! Good on you, Stig, I don't think I've ever heard of such a kind bonus.

 

[stig]

I caught the joke part.
Personally I think something work related to brag about means a lot to employees.

Best part is when you can all do something together and have fun together.
Really strengthen the bonds between emplyer and emplyee.
Czech Repuclic this weekend was a big let down. But every body knows that, and that kind of makes it OK, I think.

Things didn't work out, bosses did their best to save the situation goes a long way , I think.

 

[squisher]

If I recall Justin couldn't get a climber either.

Decent working climbers are hard to come by around these parts. Everyone wants to be one..........on the ground.

I paid quite a bit more than my comp and that was how I had a guy for four years, but still. Coastal falling came a calling and off he went.

And the guy I bumped into yesterday I always remember hearing he payed low, so it wasn't surprising to me he couldn't hire someone.

 

[Limbrat]

Best part is when you can all do something together and have fun together. Really strengthen the bonds between emplyer and emplyee.

Sometimes yea, sometimes nay. I've seen some guys that seem to slack up on the work side when you become their buddy instead of just being their employer. I'm not saying that you shouldn't treat them well or be their friend, just an observation.

 

[Levi]

That's a good point, Ray.

I think if I had employees I would have a very hard time staying out of the friend zone, it may be the best approach though.

 

[FireFighterZero]

My hired man gets invited to all sorts of stuff. We go fishing together once in a while. He comes to family dinners, he gets along with the kids, they enjoy seeing him.

So far I have only been able to give a Christmas bonus, and a small one at that. Hurts when we are in the red, oh well.

One thing we are going to do is all sit down at our accountant and figure some stuff out. Make things better for both of us.

To be honest, I hit the hired man jackpot.