When I ask business owners about the possibility of installing an employee incentive plan, I often hear one of two responses:
- “I would like to do something to reward my key employees for their performance. ” OR
- “You know, one of my best employees left last week for a company for more money. I think I’d better do something to stay competitive in the marketplace.”
May I suggest that these two motives are not nearly self-serving enough? The purpose of installing a bonus plan for your employees is to motivate them to help you reach your exit goals.