BUSINESS: Research + Stats Women In Optometry Poll Looks at Financial Incentives for Employee Engagement By Staff Thursday, August 3, 2023 1:52 PM Does employee engagement get a boost from profit-sharing plans? Sixty-three percent of the respondents (63 percent) to a recent Women In Optometry Pop-up Poll thought it would. The second most common reason was also related to staffing; 54 percent of respondents said that they implemented such a plan to help with employee recruitment and retention. Nearly 46 percent said that a profit-sharing plan can contribute to financial growth of the business. Others wrote in that they implemented such a plan to help with their own personal retirement planning or simply that it’s fun. A slim majority of respondents—54 percent—do not have a profit-sharing option in their practice or business. Most of the respondents (82 percent) were in private, unaffiliated practices, and a similar percentage were directly involved in profit-sharing and other financial decisions. There are requirements and criteria for approval profit-sharing plans and who must be allowed to participate. For example, according to the IRS website, a profit-sharing plan should include all full-time employees but can exclude employees who work less than 1,000 hours per year or employees who are under age 21. Preapproved plans are available at many financial institutions and through plan professionals.