Your top performers know when they’re valued, and they should have a good idea of their value to
your contractor business. Monetary rewards can skew this notion of value, linking it to cash when it should be linked to appreciation of extra effort and smarts. While money is appropriate much of the time, it’s not the only – or even most effective – motivator.
Consider, too, that it is critically important that you tie your reward to your employee’s perception of value. Treat top performers as valued team members, not as numbers. Most of the time that is the best way to really recognize a valued player.
We know that how to retain employees is a key business issue, so here are 4 effective ways for home repair contractors to do something for those top performers that won’t break the bank:
Nominate an Employee of the Month: this may seem a bit old school but it’s still around because it works. Post your top performer’s picture, give them a preferred parking space for the month, and/or give them a framed certificate they can hang wherever they like (samples are available, gratis, here). Everyone likes to see their name “in lights”!- Reward great performance with time. Let your top performer come to work 2 hours late but pay
them for the time. Alternatively, let them leave a couple of hours early but again, pay them for the
time. Inexpensive and effective as everyone appreciates the opportunity to sleep in, or leave a little early at times! - Issue spot bonuses for “above and beyond” effort: This is a great way to give your top performer a little extra compensation without signing on to a permanent increase in salary expense. Examples of a good time to use this approach are when a customer makes a point of recognizing the job your top performer did: Were they super polite? Did they do a great job of tidying up after completing the job? Or, perhaps, did they take time to explain to the customer exactly what was being done, and why? This method is a great one for reinforcinggood behaviors and tying them to your performance expectations.
- Take a hard look at the benefits you give your employees: Benefits are another type of reward, and can be a key way to retain your top performers. Contractors that don't match or exceed benefits their competitors are offering will have difficulty attracting and keeping top performers. Many contractor businesses are turning to professional employer organizations to get access to a broader array of company benefits.
Whatever method you choose for rewarding and recognizing your top performers will depend, partially, on what your employee demographics are. For example, excellent health care benefits will be valued much more by someone who is 30+ as opposed to 20+. A conversion around this topic will show them you’re thinking about ways to reward and recognize them in a way that is important to them and that, in and of itself, is a great start.
Has your contractor business used other ways to reward your top performers? If so, we would love to hear about them in the comments section!
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