one powerful profit idea : management: electrical equipment manufacturer\'s earnings are soaring as employees strive to earn bonus checks by cutting operating costs.

by:HoldPeak     2020-04-15
Power-travel coordinator Rachel bennavidesOne Inc.
Last year, when the salesperson started asking her to buy the super bonus, I knew that the new bonus plan for the power supply company was in vogue
Discount for business travel tickets.
\"They want the deal you have to stay on Saturday night,\" she recalls . \".
\"So you can get the cheapest seats and hotel rooms.
\"Inconvenience to you, power-
One person\'s sales staff is cutting costs in their department and helping to achieve one of the main goals of the incentive plan.
Most of the 200 employees at the company\'s Camarillo headquarters plant now say they are inspired by additional income opportunities, but are also motivated by the goals themselves.
The bonus program launched by the company in January 1993 set the goal of improving product quality, reducing costs and accelerating the introduction of new products.
Finally, on March 17, Steve Goldman, the architect and CEO of the plan, announced the results of the plan. Power-
The initial incentive plan was a great success.
Last year, the company\'s sales increased by 8% to $51 million, and more importantly, employees effectively reduced costs and profits soared by nearly 50% to $2 million.
According to Goldman Sachs, 36, the incentive plan has increased by $750,000.
Profits last year.
Goldman Sachs then issued a check to each employee of the Camarillo factory totaling $342,000. -
An average of $1,700 per person, although some employees earn more than twice as much as they did.
This brings cash rewards for power companies this year.
One person has 1,000 employees around the world at $500,000.
\"A lot of people say money is not a driving force, but it is really a driving force,\" Goldman said . \"
\"We came up with a plan with a specific formula.
It shows how much the bonus pool will be if certain goals are achieved. . . .
People are fascinated by what it means to the company and their department to achieve these goals.
\"For example, Dirk Anderson, head of reliability engineering, found himself and others in his department working until midnight, and the first year of the project began.
\"The sooner we solve the problem, the sooner we deliver the equipment to our customers.
Anderson and his engineers are trying to reduce the failure rate of complex equipment.
A conversion communication, or alternating-
Current, DC or DC current.
By reducing the failure rate, engineers reduce the cost and roll out the product ahead of time, which is another additional planned goal.
So there\'s a whole Camarillo factory.
In terms of product marketing, Maggie nademi finds herself doing extra work --
It\'s hard as a customer
Service representative.
Kevin Groo, a sales engineer who worked in AT&T;
Compaq Computer, surprised to find himself and the rest of his department struggling for their budget.
He said it was unheard of among his former employers.
Of course, other companies have also tried bonus schemes.
But when Goldman Sachs and his assistant can\'t find another company, the company\'s plan applies to the power of relatively small private holdings --One, they ad-
One of their own.
A key factor is the commitment that every dollar the company saves will contribute 15 cents to the bonus pool.
Now, Goldman Sachs has developed a 1994 plan that links all of the company\'s activities to the incentive plan.
\"We have developed a software that allows anyone at the Camarillo factory to press a few buttons on the computer to understand each department\'s performance in achieving its goals on a daily basis,\" he said.
Goldman Sachs expects the new twist to boost enthusiasm for bonus plans, so he expects profits to grow at an annual rate of 50% over the next few years.
In addition to Camarillo, Power-
A state-owned factory in Mexico, Puerto Rico and the dominican Republic.
Although this is a small company, electricity
The average bonus for workers at the Camarillo factory was $1,700, surpassing the Ford Motor Company.
The average bonus this year is $1,350. Power-
A customer, mainly electronics, industrial and medical companies, may have quietly made considerable profits and gradually gained a larger share of the country\'s $6 revenue.
Billions of power markets.
However, people suddenly noticed ---
Not only is the result of the bonus plan, but also a consortium led by power --
Recently, one of the first groups chosen by the Clinton administration to develop projects aimed at creating new jobs by transforming defense knowledge
How commercial use. Power-
One of its partners-
It includes Rockwell International, Lawrence Livermore National Laboratory and GenCorp. --
Will seek new uses for aerocapacitor
Density Storage devices similar to batteries. The modest, $1. 9-
The federal government\'s million-grant program can help develop an economically viable electric vehicle.
This task is particularly appropriate for electricity.
Since its establishment in 1973, one has rejected all military work because of its notorious peaks and valleys.
Wall Street is again trying to attract the company to the market or accept an offer.
Goldman joined Power-
In 1982, he had one at the age of 24.
He is an engineering graduate from the University of Bridgeport, Connecticut, and has worked as an engineering and research-and-
Until the end of 1980, he received a master\'s degree in business.
He has since been promoted to chief financial officer and was appointed chief executive in 1990.
About 80% of electricity
One of the shares was held by two founders, who Goldman declined to identify.
The two owners are rarely involved in the operation, he said.
Industry watchers say electricity
One is the tenth largest manufacturer of power supply equipment in the country and the largest private company in the field.
Almost anywhere with electricity. -
From vending machines to automated industrial production lines-
You will find a device made of electricity.
One of its competitors or one. Power-
One has about 500 power supply models in production for customers such as AT&T;
Bell Industries, DuPont, GE Medical, Kodak and Texas Instruments.
The company has avoided expensive practices of creating new products for individual customers ---
But its engineers still Design 50 new configurations each year.
For some customers, however, electricity
At every stage of the design of electrical equipment, someone is involved. Power-
One is the ventilator department of the Qing Christian Bennett company.
Based in Carlsbad to develop a new life
Support System for heart surgery patients. At Power-
First, no customer currently earns more than 4% yuan.
In fact, to avoid relying only on one source, the absolute limit for a single customer is 10%.
However, for a conservative company,
Its prospects have become broad.
Sales rose slightly from $45.
It was $9 million in 1991 and $51 million in 1993.
But over the next three years, Goldman Sachs expects sales to jump to $90 million or $100 million by 1996.
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