KickStart: Pay your star employees more while also banking more profits yourself with this ‘WEB Plan’ concept.
co·nun·drum /kəˈnəndrəm/ (noun) “a confusing and difficult problem.” Yep, our Residential Services Industry is full of… (wait for it) ‘conundrums’! For example…
Conundrum: You want (and need) to pay your employees more and yet… you still need to make a profit. YOUCH!
SOLUTION: Develop my concept of a Worker Efficiency Bonus (WEB) Plan that that A) holds your workers ACCOUNTABLE when they mess up but also B) REWARDS an employee when he or she creates extra profits for your company.👍👍
Ask yourself: What specific employee measurements (Gurus call them Key Performance Indicators or KPI’s!) should I track (and reward) for each worker in my company? Remember…
A) Your WEB Plan components need to be ‘measurable’ and ‘trackable’ and…
B) Workers must be able to affect these measurements personally plus…
C) The employee actions you reward should also add to company profits!
‘WEB Reward’ Ideas: Use ‘Goal Directed Behavior’ to ask, “What do I want my workers to focus on?” (The sample dollar amounts below are obviously up to you.)
#1- Customer Cheerleaders. A five star review? $25.00 to your employee’s WEB Plan! (If the client mentions your worker by name kick in another 25 bucks!)
HINT: Give ‘Public Recognition’ to your employees who create Cheerleaders by reading their reviews (with much applause from everyone!) in the next company staff meeting. 💲💲💲
#2- Reliability. 100% on-time attendance by your employee for the quarter? A $100.00 WEB Bonus!
#3- Productivity. Do you know what your ‘break-even’ amount per hour @ production employee is? You should! Then track each worker’s gross income per hour produced each month and reward their WEB Plan.
HINT: Over a 30 day period (or even worse with a quarterly goal) its tough to keep an employee excited and motivated on goals #2 and #3. So include each worker’s weekly WEB progress with their paycheck.
#4- ‘Additional Service Options’ (ASO’s) sold on-site. Track these VERY profitable ‘up-sells’ and bonus your workers 15% or more of the ASO amount they sell. CAUTION: Warn your employees to NEVER high pressure a client in the ‘inner sanctum’ of their home!
Remember that my WEB concept holds your staff ‘accountable’– when they do well (as profiled above) they SHARE in the profits. BUT when a worker makes a bone-headed blunder they SHARE in the loss to your company. Sounds fair to me! Let’s talk about this soon!
Steve