Most companies say that their staff is their most important asset. This is an old cliché that is also the absolute truth. An HVAC company cannot function without competent and well-trained staff. That’s why, in this season of Thanksgiving, you should show them how much you appreciate them.
I can’t tell you the number of times I hear every week… “If I only had two more guys, I could do so much more business.” There is much more work out there for almost every business, if they can find the staff to do it.
Every HVAC owner’s most important job is to hire, train, and retain talent. And for good reason. Most hiring experts will tell you that replacing and training an employee will cost you 1.4 – 1.5 times their annual salary. If you’re paying your techs $40,000 a year, replacing one could cost as much as $60,000. That’s not counting the time or business lost or delayed while they’re getting up to speed on how you want things done.
Think about that the next time you tell yourself you can’t afford to give raises.
But appreciation isn’t just about money. It’s about helping the people who work hard for you build a life for themselves. I used to rant about employees that weren’t working as hard as I was. It took me years to come to the conclusion that no employee is going to work like an owner. They’re not a business owner for a reason, probably a good one. Appreciate them for what they are – people coming to work to earn a paycheck to support their family. There’s nothing – not a darn thing – wrong with that.
In fact, if you, as an owner, can figure out what’s important to them and then help them achieve it, you’ll build loyalty for years to come. Instead of urging them to achieve your goals, coach them in terms of achieving their own goals. “I know you and your wife are saving up to buy your own home. If you close on five more maintenance agreements a week, you’ll earn X extra above your base pay.”
I know an owner whose staff members are avid hunters. He gives them extra time off during hunting season, something they appreciate very much. He probably gets some great venison steaks as a thank-you, as well.
Well-trained and well-supported staff stay with a company longer, and that makes your company healthier. And because I’m in the business of selling companies, I can also tell you that it makes your company more valuable to a buyer. They’re buying your labor force as well as your fleet of vans and equipment. Smart buyers will know how much it will cost to keep the best staff and fire the ones who are causing problems. Taking care of your people is one way to ensure your company retains its reputation, and its value in the marketplace when you’re ready to sell.
If you’re grateful for the hard work and extra effort your staff has contributed this year, now is the perfect time to let them know. My family, friends, and neighbors have lost much this year, which makes us doubly grateful for the people in our lives.
Wishing you and yours a Thanksgiving full of blessings.
