Implement Employee Pay-For-Performance Program

Overview

• Metal & structural steel fabricator.
• CEO plans to exit in 5-7 years.
• Family owned and operated.

Challenges

• Owners needed to establish an enduring pay-for-performance initiative after a prior attempt had failed.
• Lack of internal processes to motivate employees and establish accountability.
• Unclear job responsibilities in several key positions.
• Needed process to purchase and transition firm from current majority owner who is a family member.
• Poor experience with past consulting firms.

Recommendations

• Create individual business plans for management staff to clarify job responsibilities and identify priority activities, key motivators and related incentives.
• Identify legal, financial and strategic coaching resources to initiate structured purchase negotiations and process.

Process

• Implemented One Page Business plans with key staff.
• Aligned each employee with a business coach to ensure quality planning and timely completion.
• Coordinated personal financial planning for all program participants.
• Identified, refined and communicated company objectives between CEO and staff.

Results

• Completed all staff and business planning.
• Established individual performance incentive programs with key employees.
• Establish online accountability and performance tracking processes.
• Identified an internal accountability champion to facilitate seamless initial and ongoing implementation.
• Developed a detailed company transition plan, and are currently coaching owners through the process.