Profit Sharing Plan?


#1

Has anyone designed a profit sharing plan for their employees? If so I would love to hear how you designed it, and whether you felt it was effective in gaining and retaining good employees.

I’m thinking this could be a great way to develop loyalty and enthusiasm among my team. Any thoughts?


#2

Edit: It takes a lot of profit to offer profit sharing. Props for even considering it. :slightly_smiling_face:


#3

Personally I pay a good hourly wage, 2 paid weeks off a year, Xmas bonus equivalent to 1 week pay and the mandatory paid holidays.

I dont feel any need to add any type of profit sharing or 401 k.


#4

ive been solo for a while contemplated growing and getting help but dont think i really want too go that route though.

i think that may entice some ive also heard of cost effective ways for small operations too offer 401k type products


#5

Nah. They won’t stick around long enough for it to matter.

Incentive based pay structure may be more attractive to a window cleaning employee.


#6

I’m selfish all the profit goes to me


#7

You might want to look into a defined benefit plan. If you have further questions, possibly private message me.