But donÂ’t call it profit there. The correct term for this financial incentive is Â“gainsharing,tramadol online. and on February 24 the Connecticut Business & Industry Association (CBIA) will present a seminar for manufacturers looking to learn more about the concept.
Photo: "A reward opportunity on a monthly basis will change an employee's behavior," says Bovino, who cheap tramadol lead the February 24 CBIA workshop on gainsharing.
Â“Most generic xanax currently are struggling with motivating employees,tramadol online. says Philip Montgomery, CBIAÂ’s director of compensation services, who notes that during a recession worker morale often takes a downturn. Â“The biggest advantage with a successful gainsharing program is that it hopefully engages each and every employee.tramadol online.
The idea behind gainsharing is that workers are steered to alter their workplace performance and habits in a way that positively impacts operations and productivity. The resulting improvements then translate into measurable improvement in financial performance. The worker is rewarded by sharing in those gains.
“The need to reward employees without drastically increasing a company’s overhead has been of great concern for employers for the past five to ten years,” explains Montgomery. With gainsharing, “individuals are engaged in a company’s success, and they’re able to maintain that motivation.”
Gainsharing is different than profit sharing in that gainsharing is driven by productivity while profit sharing is a function of revenues and overhead and the spread between the two, notes Vince Bovino, principal consultant and founder of Bovino Consulting Group.
In addition, “Profit-sharing doesn’t change employee behavior,” says Bovino, the presenter for the CBIA event. His firm has designed and implemented gainsharing plans at 250 companies in the U.S., Canada, South America and Asia.
“A reward opportunity on a monthly basis will change an employee’s behavior,” says Bovino, who adds that gainsharing helps a company benefit from the “full value” of its workforce, even during a poor economy. “The process works in good [economic] times and in bad times,” he says.
The seminar, entitled “Productivity & Quality Gainsharing,” will take place from 8:30 a.m. to 12:30 p.m. (registration begins 8 a.m.) at CBIA, 350 Church St., Hartford. Cost is $149 for CBIA members, $179 for nonmembers. To learn more phone 860-244-1900.
— Felicia Hunter
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