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Are you ready to give yourself, your leaders, and every employee the opportunity to live the ideal life? In this conversation, you will hear how Entrepreneurs and their leadership teams are creating the possibility for everyone in the organization to thrive. Attract great people to your organization, retain your best people, and increase the motivation of everyone by committing to living and advocating everyone take the journey to a thriving EOS life where everyone is doing what they love with people they love, making a great contribution, being compensated appropriately, and having plenty of time for their families and other passions. If these conversations resonate with you and you want to participate in the discussion, you can catch me on LinkedIn or on my Website willcrist.com
Episodes
Friday Aug 26, 2022
Friday Aug 26, 2022
Summary:
On this episode of Where There’s a Will, There’s a Way, host Will Crist talked with Alex Freytag, an expert EOS Implementor. Alex is also the author of Profit Works, a book that unravels the complexity of incentive plans in order to increase employee productivity, cultivate an engaged workforce, and maximize company potential. Throughout the episode, Will and Alex discuss his EOS journey and the importance of properly compensating employees.
Shownotes:
(1:13) Introduction to Alex
(1:43) Alex’s EOS Journey
(7:40) The Benefit of Employee Compensation
(10:48) How Pressure Impacts Performance
(13:19) Human Reactions to Being Rewarded
(18:19) We First vs. Me First
(21:18) Identifying Effective Incentives
(25:48) Incentive Plans with Company-wide Input
(30:53) About Profit Works
(32:49) Utilizing People as Assets
(34:09) Purpose of Profit Works
(38:27) Quality Relationships in the Workplace
(42:52) Closing Thoughts
Links:
Quotes:
“Well and that really is what we as EOS implementers aim at isn’t it, it’s to really help businesses thrive.” - Will Crist, (5:54)
“So if we talk about employee retention and you talk about attraction and best places to work, the companies that are able to balance those rewards, their workforce is the one that tends to be the most successful from a profitability standpoint and from a growth standpoint.” - Alex Freytag, (8:32)
“The amount of pressure in an organization is directly correlated to performance, and so companies that don’t apply any pressure in the organization, no standards of performance, no expectation, no core values, no measurables, no scorecards, no 10-year target, and so forth, tend to have lower levels of performance than the companies that turn that dial up on those expectations…” - Alex Freytag, (11:47)
“...pick a minimum threshold of profit that the company has to reach before the incentive plan kicks in and then arm your workforce with tools and training and resources to actively find the money to incremental profit dollars over that threshold.” - Alex Freytag, (24:26)
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