PROFIT SHARE

Everyone at Poeton has a stake in getting it right

In 2023, we launched our profit share scheme. It’s not just an arbitrary bonus that we tack on to pay packets in December – it’s become fundamental to the way we operate on a day-to-day basis, and nearly three years down the line, there’s strong evidence the scheme has contributed to significant quality improvements across the business.

We have always admired the John Lewis model and the way Timpson looks after its people. Both are known for a level of service that comes from employees who have a genuine stake in the business they work for – it’s something we’d been considering for a long time.

Then COVID happened. Schools closed and a lot of families were juggling shift patterns with childcare, doing whatever was required to keep going. Recognising the effort they were putting in, we decided the time was right to give something back, so in 2022 we started to think through our approach, and launched profit share in January of the following year.

How does profit share work at Poeton?

We wanted profit share to be something that brings everyone together as a team, so we’re completely transparent about how profit share is calculated, and everyone is treated equally.

At the end of each calendar year, we take a pre-set percentage of our profit and put it in a pot – any employee who’s been with us for a year or more is given an equal share (pro-rata for those who have joined more recently). So whether you’re an apprentice on the shop floor or our Managing Director, the payment is exactly the same with no exceptions. And what’s more, there’s no cap on the payout – if we exceed our targets, the rewards keep growing too.

We share progress at our monthly meetings across all our sites, alongside other agenda items including long service awards and Poeton People awards, which recognise people who are living our core values. Of course, we always save the profit share for the end of the meeting – it leaves colleagues with a clear sense of shared purpose.

It means, for example, that colleagues in Gloucester will be happy to help out colleagues in Cardiff when they’re stretched, because we all benefit from the result equally, wherever the work gets done.

 “Having a share in the business, and being a stakeholder to a degree, makes you think twice about decisions naturally – it has a direct impact on you.” Conor, Inspector

The impact on our business

The numbers we track internally support the idea that there’s been a tangible cultural shift, leading to:

• Fewer rejects and reworks, meaning greater efficiency and less waste
• Faster turnaround, because people take the initiative rather than waiting to be asked
• More ideas coming up from the shop floor, on everything from tooling to energy use
• Lower staff turnover, keeping decades of experience inside the business

People are more motivated to do right by our customers, because they want things done right first time. Nobody wants to rework something and effectively do the job twice. They want to impress the people we work for – which ultimately means even higher customer satisfaction.

“….we would rather get a job right first time than have to double the work because of a reject.” Dan, Flow Lead

The impact for our people

But some of the moments that mean most to us aren’t in the KPI reports at all. We’ve heard stories of people using their profit share to pay for a child’s driving lessons, or buy them their first car. It’s great to know the scheme is helping to enrich family life – these are small but significant moments that have come from us all succeeding together, and everyone sharing in it.

“It means a lot. All the hard work and dedication you’ve put in over the last year is worth it.” Matt, Operator Inspector.

Profit share doesn’t just help employees to buy nice things – it’s given the whole business a greater sense of purpose. People aren’t just coming to work. They’re invested in it. And for our customers, that’s really important – they’re partnering with a team that’s genuinely invested in getting it right, first time, every time.

Want to work with a partner whose people are invested in doing the job right first time? Talk to Poeton.