Employee Incentives For Restoration Companies
Get every job documented, dried, and closed faster
Restoration company with up to $50 million in revenue? Here’s how to set up an incentive plan that speeds up job cycle times, keeps documentation tight, and protects margins on every claim.
Employee incentives make a huge difference in restoration
In restoration, slow documentation and dragging cycle times quietly drain the profit out of good jobs.
A great incentive plan rewards your restoration team for fast response, complete documentation, and closed files, so cash comes in as quickly as the crews go out.
Here’s what to consider when building your restoration plan
At ShareWillow, we’ve helped dozens of restoration and home service companies create incentive plans that speed up the whole job cycle. Here are some tips to help you get started.
1.
Eligibility
Who should be a part of your plan?
Most companies only offer incentive plans to management. Individual employees tend to rotate in and out, while management will usually stay the same across projects.
2.
Calculations and payouts
How big should the payout be?
It’s best practice to choose your desired margin (usually around 15%), and only award a payout if you hit that threshold. You’ll have to determine what that payout looks like per employee (we can help, if you want it).
3.
Criteria and deductions
How do we keep track of performance?
Don’t make profit the only goal. Consider creating a scorecard that lets you track extra criteria (like attendance, safety checks, billable hours, and more).
1.
Eligibility
Who should be a part of your plan?
Most companies only offer incentive plans to management. Individual employees tend to rotate in and out, while management will usually stay the same across projects.
2.
Calculations and payouts
How big should the payout be?
It’s best practice to choose your desired margin (usually around 15%), and only award a payout if you hit that threshold. You’ll have to determine what that payout looks like per employee (we can help, if you want it).
3.
Criteria and deductions
How do we keep track of performance?
Don’t make profit the only goal. Consider creating a scorecard that lets you track extra criteria (like attendance, safety checks, billable hours, and more).
Let your team see the impact on the business
Motivate your team to act like owners, and show them how their work affects the business. When you connect rewards to behaviors, they’ll start looking for new ways to work smarter, harder, and safer.
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Attract and retain employees
Stand out in a competitive market, and keep your current team motivated.
Create cultural change
Build goals that encourage your team to look out for the business, and the people they work with.
Build goodwill
Show your hard-working team that you care, and keep them motivated on every project
How to Split Profits in an LLC
Navigating profit sharing in a limited liability company (LLC) can be frustrating and somewhat tricky for business owners.
Get started with an incentive plan template for construction
We’ve taken years of experience and put together a template that’ll help you get started. Reach out today to get a personalized plan, and start using the template yourself.