Amazing Employees

[rydods]

I've had this particular employee for about 3 years and I wish I had 2 more of him. He's almost perfect in every way possible.

The other day, He and I were both installing a billboard wrap for a concrete floor finishing company and the ad on the billboard was advertising NOW HIRING. They were offering Benefits, 401K, Competitive wages, and so on.

We're a small sign company (3 full time employees and me). I feel like I pay him well and I'm quite sure he loves his job here but even I know that something better is going to come along for this guy because I've been in his position before. I just can't offer Benefits and 401K at this point.

I'll likely talk to my accountant as well as my financial advisor in a few weeks about this too but, I thought I would see what everyone else is doing or would do to keep a great employee with SO MANY options out there for work right now.

 

[Texas_Signmaker]

you just pay him what it would cost you and he can start his own retirement 401k... its stupid easy. he can get insurance on the marketplace and just pay X amount for it.

 

[Stacey K]

Totally agree with Texas. Marketplace insurance is based on income so you could give him a monthly stipend for that and 401K or IRA. My kids worked like dogs for a landscaper. He paid well, took them out to lunch often, gave them some really cool work clothes (that I made, he's my customer) and was just a NICE guy. Little stuff goes a long way. You must be doing something right!

 

[JBurton]

concrete floor finishing company

That's some repetitive work compared to signage. Not necessarily harder, just day in and out the same thing. While I'm not saying that a sign company offering a benefit of a 'fun' work load vs a 401k at a boring job is comparable, more that people do not want to work jobs they hate. I'd almost wonder if the concrete company is offering matching contributions to a 401k, that they never end up paying out because folks quit before the whole vesting period passes. Kinda like terrible trucking companies offering a sign on bonus after 90 days, then they set ridiculous mileage goals that makes drivers underperform, losing that bonus.

 

[Gene@mpls]

Employee relation is not difficult- put yourself in their place. If you can't afford to do some kind of 401k or Simple IRA, maybe you can't afford help. You have to make it worth it for them to invest in you.

 

[signheremd]

Good people don't cost you money, they make you money. You have to pay him more to keep him, otherwise you perpetually start and train people for other companies.

 

[FireSprint.com]

I agree with what others have said, but don’t undervalue yourself here either. Working with you and being appreciated at that level isn’t something he’ll find at a company with full benefits (in most cases).

I have people working for me that I don't deserve either.

A growth mindset, and a focus on helping them achieve their goals can really buy a lot of clout while you grow into the employer you want to be.

 

[Moze]

I've had this particular employee for about 3 years and I wish I had 2 more of him. He's almost perfect in every way possible.

The other day, He and I were both installing a billboard wrap for a concrete floor finishing company and the ad on the billboard was advertising NOW HIRING. They were offering Benefits, 401K, Competitive wages, and so on.

We're a small sign company (3 full time employees and me). I feel like I pay him well and I'm quite sure he loves his job here but even I know that something better is going to come along for this guy because I've been in his position before. I just can't offer Benefits and 401K at this point.

I'll likely talk to my accountant as well as my financial advisor in a few weeks about this too but, I thought I would see what everyone else is doing or would do to keep a great employee with SO MANY options out there for work right now.

Agreed - there are tons of options for work but there are not tons of options for good workers. That unfortunately probable means that he's more valuable to you than you are to him.

Since you only have a few employees, I would imagine losing him would have a significant impact on your operation. If he were to leave, you now have to find a person, or possibly two, to replace him. Assuming they don't have the same skillset, you now have to train him/them which is now taking valuable time you likely don't have time to spare. You now also have a new employee (or two) that still likely won't be as good as the original, so you're not going to pay him what the other one was getting, which means they have no reason to not do the same thing and jump ship in a year to another company that might pay them better.

Employees like you're describing are few and far between. If he left, what would you pay him to come back? Whatever that number is, that's probably what you should be paying him now. Does he feel like he's part of a team with advancement and increasing pay available in the future? That may be enough to keep him stay even if he were to receive what may be an overall financially better offer elsewhere.

 

[chester215]

We have a simple IRA plan through our payroll service ADP.
It is a lot cheaper to run and maintain than a 401K plan.

 

[MNT_Printhead]

There are lesser and lesser of us in the trade each year. My last hiring round brought me a guy from a small format copy shop and by the grace of god someone with experience that I worked with 15 years ago, I am so f'n lucky how it worked out. I am done training people, I need talent ready to roll on day one.

 

[Gino]

My question would be in two parts.

How do the others feel if you give him more than them, but then what happens when you start growing and hafta treat all employees fairly ??

These things should be written down in an employees manual, so everyone has the same rules right off the bat..

 

[MNT_Printhead]

lol, employee Manuel, I think I worked with that guy once. There are no rules if you do it right.

 

[Boudica]

I don't have an employee manual. But, I'm basically the only employee. At least I'm amazing!

 

[rydods]

Agreed - there are tons of options for work but there are not tons of options for good workers. That unfortunately probable means that he's more valuable to you than you are to him.

Since you only have a few employees, I would imagine losing him would have a significant impact on your operation. If he were to leave, you now have to find a person, or possibly two, to replace him. Assuming they don't have the same skillset, you now have to train him/them which is now taking valuable time you likely don't have time to spare. You now also have a new employee (or two) that still likely won't be as good as the original, so you're not going to pay him what the other one was getting, which means they have no reason to not do the same thing and jump ship in a year to another company that might pay them better.

Employees like you're describing are few and far between. If he left, what would you pay him to come back? Whatever that number is, that's probably what you should be paying him now. Does he feel like he's part of a team with advancement and increasing pay available in the future? That may be enough to keep him stay even if he were to receive what may be an overall financially better offer elsewhere.

I feel like what I pay him is what he should be getting paid and because he continues to work hard, grows knowledge and is a great team member, he has been getting a $1 raise each time his yearly review has come up and there have be quite a few $1 raises in between. I would probably adjust my prices to account for what he may want to stay vs take another higher paying job but I would prefer to continue to give him a comfortable raise for now until I figure something else out. I think he feels like part of a team with the way things are now. That's what it sounds like when I talk to him.

A year and a half ago, I brought in another guy (with "experience") to help and he caused more issues than good and I almost lost my good worker so I took him (good guy) to lunch and we had a real good discussion about it. I let bad guy go immediately. Since then, he's been great!

My wife says, he's just doing his job and that's what he's supposed to do but I see him on a daily basis and I was him 15 years ago.

 

[rydods]

My question would be in two parts.

How do the others feel if you give him more than them, but then what happens when you start growing and hafta treat all employees fairly ??

These things should be written down in an employees manual, so everyone has the same rules right off the bat..

One worker I have has been here the longest and although she knows he is an incredible worker, I think she'd feel like she got the "shaft" if she found out what he is making just because she's been here longer. This is why I really don't want any additional employees. I'd rather just bring on some part time help during the busy seasons and turn down or push jobs out as far as possible. Quality is more important at this point. Being this small, I've actually pulled back a bit over the years and I feel like everyone is treated fairly overall. Honestly, the other 2 employees don't need me to justify the fact that this guy should be paid more.

I have an employee manual. They all have the same rules as full time employees. I don't go through it as thoroughly as I should.