Incentive Programs

Ep.179: The Secret to Successful Bonuses and Incentives with Doug Panozzo

January 24, 2022 Hiring, Management, Production, The Tim Faller Show 00:38:50

Join guest Doug Panozzo as he helps us wrap up our 4-part series on Bonuses and Incentives.  Doug shares the many facets of incentives and ways he has been successful in motivating his team.

Doug is the production manager at Hogan Design and Construction and joined their team in 2017 after several years managing projects for a technology company.  He brings leadership, communication, organization, and attention to detail to his job and we hear all about it in this episode.

Tim, Steve and Doug talk more about:


4-Part Series on Bonuses and Incentives:

Ep.177: The Secret to Successful Bonuses and Incentives with Eddie Casanave

January 10, 2022 Finance, Management, Production 00:36:47

This is PART 2 of a 4-part series focused on Bonuses and Incentives. 

Eddie Casanave, Owner of Distinctive Remodeling in Raleigh, NC joins Tim and Steve to talk about the bonus and incentive program he and his team use.

In business 1987, Eddie has seen and tried many different bonus plans, and they seemed to all have limited life.

The current plan he uses seems to have the elements to make it long lasting.

Tim, Steve and Eddie talk more about:

  • Financial bonuses vs. incentives
  • The origin of the bonus program and how has it developed over time
  • Which part makes it appealing to their team
  • Customer Satisfaction issues
  • And More


4-Part Series on Bonuses and Incentives:

Ep.176: Bonuses and Incentives with Andrew Kerr

December 20, 2021 Finance, Management, Operations, The Tim Faller Show 00:31:59

This is PART 1 of a 4-part series focused on Bonuses and Incentives. 

Financial incentives and bonuses are often how many companies attract and retain great talent.  Guest Andrew Kerr of Landis Construction is here to share how bonus structures can potentially lead to increased motivation and involvement within a company.

Andrew has been with Landis since 2001, and as their COO he now oversees the company’s architecture, estimating, construction, and process management departments.  Prior to joining the company, Andrew held a position as a PM at Centex Homes, managing construction for new homes, and also worked at the White House for the National Security Council.

Tim, Steve and Andrew talk more about:

  • Unfulfilled bonus promises
  • Bonus structures and customer satisfaction
  • Financial bonuses vs. incentives
  • And more…


4-Part Series on Bonuses and Incentives:

Get Your Production Team Focused on Profit!

Keep your production team sharp and focused on profit throughout the new year with our weekly Production Team Training Masterclass, starting up on January 10th.

Instructor Tim Faller covers 6 hot topics that have proven to be game-changers for companies all over the country and will definitely raise the bar in your world.

This course is geared to your production staff and at the end of each session, Tim will assign homework that the team can use to reinforce the topic and implement the new ideas.

More Information + Registration
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Ep.89: Profit-Sharing Strategies with Shawn McCadden

January 27, 2020 Hiring, Management, Operations, Production, The Tim Faller Show 00:33:12

Money isn’t the only way to motivate your team, but profit sharing can boost morale, productivity, and help attract and keep good production employees.

Profit sharing can be engineered into the budget so there will be funds to distribute. As long as you hit the gross-profit margin, you can set up profit sharing, says Shawn McCadden. But you have to be careful and systematic in creating the system.

In this episode, Shawn discusses profit-sharing strategies with Tim and Steve, and how to create and maintain a profit-sharing program that will motivate your field team.

Shawn is president of Remodel My Business Inc. in Brookline, NH, and is a prominent figure in the remodeling industry. He obtained his builder’s license by age 18; founded, operated, and sold a successful employee-managed design/build firm; co-founded the Residential Design/Build Institute; and went on to become director of education for a national bath and kitchen remodeling franchise company. Today he speaks frequently at industry conferences and trade events. As an award-winning columnist, he contributes to industry publications, blogs, and writes a monthly column for Qualified Remodeler magazine. You can learn more at www.shawnmccadden.com.

You must have a sensible financial system already in place to make profit sharing work, says Shawn. There’s no room for guesswork. You also need a way to measure what’s happening on a job in the same way it was estimated for apples-to-apples comparisons. He discusses how to implement a profit sharing plan and the benefits, including: 

  • Starting with best practices
  • The difference between profit sharing and bonuses
  • Considering profit sharing as an overhead expense
  • Training your staff to understand your budget
  • Testing it before you roll it out
  • Setting the goals
  • When — and how often — to distribute the money
  • Documenting your process 
  • Determining who gets how much
  • Being a competitive employer in your market
  • And more …

The labor shortage is only going to get worse, says Shawn, and a profit-sharing program — along with competitive pay, benefits, and time off — will help your company attract and keep the best employees.

You’ve Got Questions, We’ll Find Answers

This topic was suggested by one of our listeners who wanted to know how to begin a profit-sharing program. If you’ve got a question or idea for a topic or guest, send Tim an email at tim@remodelersadvantage.com.

New Dates for Extreme Business Makeover

Due to schedule conflicts we moved the Extreme Business Makeover to March 30 – 31, 2020. We’re still at the BWI Westin in Baltimore and we’ve added Bruce Case as a featured speaker… More content being added and we’ve got 4-5 great tools that you will be leaving with, so take a look at this event and we would love to see you there!
More information + Registration >>

Ep.41: Remodel My Business with Shawn McCadden

February 4, 2019 Hiring, Management, Production, The Tim Faller Show 0:39:24

We hear it all the time — you can’t find good help anywhere. But finding new employees is necessary for growth. You have to add staff, and keep them — not just in your company, but in the industry. We have to step up in a big way when it comes to offering employees reasons to stay.

The first thing you have to do is define what you mean by good help. “What are we talking about,” asks Shawn McCadden. “Is it good carpentry work? Running a job? Or just a good person in general?”

In this episode, Shawn hashes it all out with Tim and Steve. They talk about finding, and keeping, good employees and creating a path for them to become great.

Shawn’s the president of Remodel My Business in Brookline, NH, and is a prominent figure in the remodeling industry. He obtained his builder’s license by age 18; founded, operated, and sold a successful employee-managed design/build firm. Shawn co-founded the Residential Design/Build Institute, and then become director of education for a major national bath and kitchen remodeling franchise company.

Today, Shawn is a frequent industry conference and trade event speaker. As an award-winning columnist he contributes to many industry publications, blogs, and writes a monthly column for Qualified Remodeler magazine.

The future of the industry lies with Millennials. Shawn discusses how to stop disparaging them, and start figuring out what motivates them. Turns out, much of what Millennials are looking for will also help you attract and retain employees of every generation. He advocates instituting a profit-sharing plan and creating an actionable progress plan for carpenters to move up, including:

  • Avoiding fake job titles
  • Why you have to train Lead Carpenters, not clone them
  • Creating confidence in the team
  • Using thermometers to measure GP and volume
  • How to graph a workers career path
  • Building penalties into a bonus for leaving the company
  • The importance of sharing estimates with your Lead Carpenters
  • Why job responsibility is crucial to job performance
  • And more…

You have to make something happen, says Shawn. Stop making excuses and learn what motivates your workers, and create a plan that will help them achieve.

Give Us a Shout!

Do you have a great idea for a future topic or guests? Shoot Tim and email at tim@remodelersadvantage.com.

Ep. 22: Creating Bonus & Incentive Programs with Robert Criner

August 27, 2018 Management, Operations, Production, The Tim Faller Show 00:32:14

It’s a constant conundrum — how to motivate your people. Bonuses and incentives can work, but you have to structure them in a way that speaks to something more meaningful than just extra cash in pocket. Many business owners have tried, many have failed, and some have just given up.

If you fall into the camp of not knowing exactly how (or why) to create a bonus and incentive program, Robert Criner has answers for you.

In this episode, Robert, Tim, and Steve talk about finding the deeper motivation for offering bonuses and incentives. It all revolves around building a team you want to keep around.

Robert is the president of Criner Remodeling in Newport News, VA. Robert founded the company in 1977, and has led it to success and profitability. Robert began working for a remodeling contractor in the summer of 1972, when he started his own one-man operation, and today has a team of 15 professionals. He is deeply involved in the remodeling industry, his community, and takes the time to give back locally and nationally.

The root of a successful program is getting your team excited and involved. Tying rewards to job budgets encourages Production leads to pay attention to what’s being spent on a job, and how it all adds up. Robert tells you how to put a goal-oriented program in place, and the benefits he’s seen, with details such as:

  • How to change behaviors on the job
  • Why dumping a big pile of money on a table makes an impression
  • Structuring your company for employee growth
  • Bonuses vs. incentives and how they motivate differently
  • Including the office staff along with Production in rewards
  • Inspiring envy in your competitors’ employees
  • And so much more…

Above all, keep it simple. Setting clear goals is the first step. And there’s also a definite bonus in it for remodeling business owners — you’ll attract and retain great employees, while making work fun and profitable for everyone.

 

Who Should Attend the PURPLE Production Conference?

This action packed conference is designed to meet the needs of all management level production staff including:

  • Remodeling Business Owners Focused on Production
  • Production Managers
  • Project Managers
  • Lead Carpenters