Home Pro Heroes 7/8/2024

Welcome To Home Pro Heros

Trivia Question❓

Which type of insurance protects home service providers in case of property damage or injuries while on a job site?

Answer at the bottom of the newsletter

As we navigate current shifts in the market you've probably noticed that the skilled labor gap is not as big as it was when there were too many calls and not enough technicians. Perhaps you've wondered how this started to level out. From what I have seen and heard within our industry, our talent pool is starting to explore other opportunities, plain and simple.

Almost everyone is affected by this. Maybe you've lost a few of your best techs, or haven't been able to hire additional ones at the top of the skill ladder. Either way, it makes it tough to set and achieve your business goals when your team is missing key roles. That's why I wanted to share a series of emails that take a deep dive into the 4 Keys to Recruiting and Retaining Top Talent™.

Over the next few weeks, we'll hone in on:

1. Compensation and Benefits
Competitive compensation, including comprehensive benefits, is fundamental to attracting and retaining skilled techs and your sales and office teams. But keep in mind, that compensation isn't always about money. We'll delve into several ways to create an attractive compensation and benefits package without breaking the bank.

2. Company Culture
A positive and inclusive company culture is essential. Employees need to feel valued and part of a supportive team. The key here is to have everyone on the same page. I will lay out several strategies for an attractive and healthy company culture that everyone will support.

3. Career Advancement Opportunities
No one takes a job not caring if it will evolve into something more. Providing opportunities for growth within the organization is vital. This includes not only maintaining engagement but also offering pathways for career advancement. I plan to show you a few different routes to creating career paths that won't leave anyone stranded alongside the road.

4. Skills Development
We know that investing in team development enhances their abilities and increases their value to the organization. However, it also increases the value of your organization to them. Continued training and increased skills lead to future opportunities, which is an essential component to attracting and keeping talent. I will provide specific steps that can help keep your team leveled up.

Stay tuned! I'll be zeroing in on each of these four areas to help give you an advantage in your market.

Key #1 – Compensation and Benefits by Chris Crew

In a previous article, I highlighted the importance of implementing the 4 Keys to Recruiting and Retaining Top Talent™: Compensation and Benefits, Company Culture, Career Advancement Opportunities, and Skills Development.

As promised, I will dive deep into each of these keys, starting with the one that represents the most frequently asked question in our industry: "How do we pay?" Let's explore your compensation and benefits options to answer that question.

Depending on your location, offering performance-based pay can be crucial for attracting top talent. However, in markets where hourly pay is common, relying solely on performance-based pay might make it challenging to recruit the best candidates. That's why the foundation of a successful compensation plan is to know what pay structures are trending in your specific market. Avoid adopting a compensation plan just because it works for a colleague in a different market. Tailor your plan to fit your company's unique needs and market conditions. Once your research is done, here are a few other considerations for your compensation plan:

Market Rate: Understand what the top pay in your market looks like. We're talking numbers, and this is essential for setting competitive annual salaries.

Clarity: Ensure your compensation plan is easy to explain and understand. This is true not only for your team but also when interviewing potential candidates. If the interviewees don't understand how they are going to be paid, they will look elsewhere.

Rewards: Determine whether your pay system rewards behavior or results. Both are equally important when structuring your compensation plan.

Remember, benefits can also play a significant role in your compensation package. While some benefits might not have a direct dollar value, they can still be quantified. For instance, when discussing health insurance, uniforms, company vehicles, and other perks, clearly explain their value to potential hires.

In today's world, people seek work-life balance. Although it must be created rather than found, your organization can support this balance. Consider innovative benefits like unlimited PTO, which, when executed well, can boost productivity rather than hinder it. Analyze your benefits to identify cutting-edge options that could give you a competitive edge. For example, if many of your team have young children, consider offsetting childcare costs or even offering on-site childcare.

Lastly, when structuring your plan it's critical to ensure that it's straightforward and attainable. Your team should be able to fully understand how it works and not feel that achieving bonuses or moving up the ladder is an impossible task. The key is to design a plan that rewards behavior, not just results, to create a fair and motivating system.

I hope you find that this provides you with valuable insights into structuring your compensation and benefits plan. Stay tuned! The series continues next week with Company Culture and Career Advancement Opportunities.

Key #2 – Company Culture by Chris Crew

During my series, 4 Keys to Recruiting and Retaining Top Talent™: Compensation and Benefits, Company Culture, Career Advancement Opportunities, and Skills Development, I discussed the first key, Compensation and Benefits. In this email, let's discuss the importance of Culture and how it relates to businesses in the home services trades.

Culture is a term that sparks a lot of different meanings to different people within an organization. What it really boils down to, however, is how leaders and team members interact, communicate, and behave (including what they choose not to do or say).

For instance, at The Blue Collar Success Group®, we ensure that our team never speaks negatively about our clients. Though the famous phrase "the customer is always right," is not always accurate, it is mandatory practice that we never speak negatively when referring to our members. However, to reinforce this to our team, we as leaders set the example for the culture we want within our organization.

You may be thinking, "Okay Chris, that's good business practice, but how does that relate to hiring?" Let me explain.

A thriving company culture is critical for not only recruiting but also retaining talent. In some cases, a positive culture can even outweigh compensation and benefits to some candidates. In contrast, a toxic or negative culture can significantly harm your ability to attract and keep talented team members, even if you offer competitive salaries.

To help make and keep your culture supportive and inclusive, here are a few strategies to consider:

•Give Your Team a Voice: Ensure that your team members feel heard and valued. When they feel that their contributions make a difference, they are more engaged and committed to the organization.

•Encourage Team Involvement: Enlist your team to solve challenges within the business. This not only fosters a sense of ownership but also enhances buy-in from the entire organization.

•Face Challenges Together: Address challenges head-on by involving your team. This collaborative approach brings diverse perspectives and can lead to better solutions. Recognize and value the input from your team members to reinforce their importance in the organization.

•Motivate Through Incentives: Compensation and benefits are important, but consider additional incentives like contests to motivate your team. These should be designed to inspire and engage employees, not just offer rewards.

By focusing on creating a positive and thriving culture, you can significantly enhance your ability to recruit and retain top talent. It is not only about providing competitive compensation but also about ensuring that your team feels valued, heard, and motivated.

Stay Tuned for Part 2.