First, I used $100 an hour to get your attention.
In many areas of the country technicians are already earning $60 an hour or more. And yes, these higher wages are reflected in the company hourly service rates.
Your initial thought to paying $100 an hour was probably “no way.” Why not?
Ok, what if you raised your field wages by $10 or $20 an hour?
You would get everyone’s attention – and may have potential employees beating down your door wanting to work with your company.
· What would their behavior have to look like?
· What communications skills would they need?
· What knowledge would they have to demonstrate?
Imagine the career path you could give a person coming out of trade school or just graduating from high school.
And, even more important:
What does the culture of your company need to be to attract someone who earns $100 an hour?
· Continuous billable work for them because it is expensive to have a $100 an hour employee with non-billable time.
· Clear communications and expectations.
· Managers reward and discipline by KPI’s (more about KPI’s later in this series).
This one might sound crazy – flexible working hours:
· Many people don’t want to work overtime.
· Many want to work only specific hours a day.
· Many want to work only specific days of the week.
Do they earn the right to have flexible working hours after a period of time with your company?
You can pay more. More pay comes with expectations about knowledge, training, communications, and other performance requirements.
Decide what you want and implement it.
Next week I’ll give you the formula to determine how much revenue a field employee has to generate at specific pay levels.
Did you check your bank accounts online today? This is the first step in protecting your hard-earned cash.
Get the tools you need to grow profitably, build wealth, and live the life of your dreams.
Ruth King is well known as “The Profitability Master.” She is passionate about helping small business owners become profitable and stay profitable. For over 40 years she has coached, trained, and helped contractors and others achieve the business growth and goals they wanted to achieve.
Contact Ruth by emailing ruthking@hvacchannel.tv.
Visit www.financiallyfit.business to get your business financially fit in less than 10 minutes a month!
