Skip to content
POWER100
Join Free
Content

Build a Bonus Program That Makes Your Team Want to Stay

📅 June 9, 2026 ⏱️ 27:03 🎤 Adam Sylvester, Corey Byron

Chapters

Click to jump to section

  • 0:00
    Introduction to Bonus Plans
    Adam introduces the concept of bonus plans as a compelling way to retain top talent and discusses the common apprehension surrounding them.
  • 0:00
    Corey's Bonus Plan Explained
    Corey Byron outlines his simple bonus plan: a $1000 quarterly bonus based on gross project margin, with negative adjustments for missed hours or late appointments.
  • 0:01
    Impact of Gross Margin
    Corey explains how technicians directly influence gross margin through efficiency, material purchasing, and avoiding unapproved extras, making the bonus directly tied to their performance.
  • 0:02
    Tracking Penalties
    The discussion covers tracking 'negative' actions like unapproved extras or late arrivals, emphasizing the need for automated systems like Jobber and AirTable to simplify the process.
  • 0:06
    GSR Meetings and Communication
    Corey details the importance of monthly Goal Setting and Review (GSR) meetings to discuss bonus performance, coach employees, and address their needs and concerns.
  • 0:09
    Budgeting for Bonuses
    The episode stresses the importance of budgeting for bonuses in advance, ensuring they are a planned expense rather than cutting into profits.
  • 0:12
    Seasonality and Apprentices
    Corey discusses how seasonality impacts gross margin and why apprentices are not on the quarterly bonus plan, but still receive year-end recognition.
  • 0:14
    Tips for Starting a Plan
    Advice is given on starting a bonus plan, focusing on consistency, automated tracking, and using the plan as a coaching tool rather than just a financial incentive.
  • 0:20
    Bonus Payout and Annual Plan
    Corey explains timely bonus payouts and mentions an additional, harder-to-hit annual team bonus based on company-wide gross margin, differentiating it from Christmas gifts.

Speakers

A
Adam Sylvester
Host
C
Corey Byron
VanCity Electric

Key Takeaways

✦

Design your bonus plan to be simple and directly tied to factors your technicians can control, such as gross project margin, efficiency, and material costs.

✦

Clearly define penalties for undesirable behaviors (e.g., late arrivals, unlogged hours, unapproved extras) in the employment agreement so employees understand how to 'win' and 'lose'.

✦

Implement a robust, automated tracking system (like Jobber or AirTable with Jotforms) for both positive performance metrics and penalties to ensure consistency and reduce administrative burden.

✦

Conduct regular (e.g., monthly) Goal Setting and Review (GSR) meetings with each employee to discuss performance, provide coaching, address concerns, and foster connection beyond just financial incentives.

✦

Budget for bonuses as a planned expense, integrating them into your annual financial planning to ensure they don't unexpectedly cut into profits.

✦

Communicate the bonus plan from day one during hiring, including it in employment agreements to make it a transparent part of the compensation package and an incentive for retention.

Want the full experience?

Join Power100 for full access to every episode, AI-powered insights, personalized coaching, and a network of industry leaders.

Join Power100 →