Local Electrical Contractor needs help with Employee retention
After assisting a large, local Electrical Contractor in hiring a new President, it was determined that the company needed to do something to stimulate and retain key employees. After consulting with Brown Edwards, we set up a new, incentive based compensation plan for all eligible employees and create “Success Factors” for each employee level for which the incentives would be based. The success Factors were special financial goals or achievements that, when met, triggered a special incentive. All Success Factors were created with input from the employees and meeting the factors were in the employee’s control. By building the program into the company’s financial statement, the new president could easily see not only the incentives but the effect the incentives had on the company’s success and growth.
The company reports that they have seen not only a significant improvement in employee retention and engagement but also increased profits due to employees efficiency and effectiveness related to their reaching incentives. Our last report indicated the company has improved bottom line efficiencies by over $500,000.