Incentive Compensation for Contractors - Next Steps

When starting an incentive compensation program, the best thing you can do is start relatively simply and create a good plan for reviewing the results and then improving the program.

Courtney Stearns Profile Picture
Share
Contributors Sue Weiler-Doke Profile PictureSue Weiler-Doke Courtney Stearns Profile PictureCourtney Stearns
  • Remember that there isn't a "one" best way.
  • There is no program that will make everyone happy.
  • There is no program that will serve your needs forever because the market, your business, and your people are constantly changing.

The first questions you should ask yourself are:

  1. Is your culture already supporting an incentive program?
  2. What truly incentivizes your people? Higher base with modest incentive or lower base with higher incentive compensation? Or some other type of reward? Don’t just listen to what they say, observe how they act.
  3. What is the company really trying to accomplish with this incentive program?
  4. What behaviors will this program drive if things are going bad?

In most cases, change the program slowly and help it evolve over time. Typically, short-term incentives provide short-term results.

Ask yourself this one question before making any changes: Does the program need to change or does understanding need to be increased through education?

This is Part 13 of a 20-Part Series


Topics Covered in the Series Include:

  • Who Benefits?
  • Calculations
  • Prerequisites
  • Behaviors
  • Alignment

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


Incentive Compensation for Contractors - Next Steps
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 Compensation for Contractors - Next Steps
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. ...

Executive Toughness and Focusing on Process
When leading any team to victory, you can’t underestimate the value of strategy or that burning desire to win built deeply within yourself and everyone else on the team. They only represent a small part of what it takes to win consistently.
Retirement Onboarding - The Construction Retirement Masterpiece
Everyone should have a Retirement Masterpiece rather than a retirement plan. A Retirement Masterpiece is your life as a work of art and not a paint-by-the-numbers art kit.
Resource - Elevating Construction Superintendents (General Contractors)
Elevating Construction Superintendents by Jason Schroeder is our most recommended book for Superintendents, Project Managers, and Senior Leadership at all GCs along with top leadership at any specialty contractors with a field workforce of 50+ people.