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6 Components to a Great Compensation Plan – Bob Cooper [RR 730]

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How do you incent behavior and retain top talent? Is the tech shortage a blessing in disguise? Did you know money is not the best motivator for employees? Bob Cooper, President of Elite Worldwide, shares 6 key components you should have in your compensation and incentive package for your employees. 

Bob Cooper, Founder/President Elite Worldwide. Listen to Bob’s other episodes HERE

Key Talking Points

  • “No one works for me, they work with me”
  • Shortage of technicians is a blessing, scarcity creates opportunity. Attract superstars and keep them. 
  • Retention, recruiting (24/7), apprenticeship programs
  • Looking at other successful industries and how to you mimic it?
  • Money is not the best motivator- you’ll never give your employees enough, think beyond dollars and cents
  • Behavior that’s rewarded will continue, random rewards bring consistent behavior
  • Hiring the right people- hire for what they know (skill), fire for who they are as a person
  • #1 Competitive Base Pay (base income, uniforms, training, vacations, paid holidays, etc.)
  • #2 Opportunistic income (Productivity pay)
  • #3 Exemplary Performance Rewards (Going above and beyond their job responsibilities both at work and in their personal life)
  • #4 Security- when you hire Larry, you are also hiring Mary (Health Insurance,401K, business cards, etc.)
  • #5 Reward for Tenure (not loyalty, loyalty is your spirituality, nationality etc. Calling your employees and customers loyal is being assumptive)- (Anniversary rewards, Retirement programs, vacation packages, becoming involved with the integration decision making of business  etc.)
  • #6 Leadership (provided by the owner)- are you just default providing (I’m the boss)? Do you have a vision for the future and are focused on goals with growth opportunities? Growing on a lattice, not a ladder. Don’t be afraid of being friends with your employees

 

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  • Have you checked out Joe's Latest Blog?

    • Joe Marconi
      The Toolbox is Last to Leave, First is the Heart
      By Joe Marconi in Joe's Blog
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      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.

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