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How are contractors filling out their rosters of talent? Some are increasing pay and benefits for their workers coupled with increased recruiting from competitors. Weaker contractors will find it harder to hold on to talented workers, which may cause a number of them to close their doors. You can’t build quality product without quality workers.
Still other companies are actively buying smaller contractors to get access to their skilled trades. As an owner, you have a responsibility to your customers, your employees, your vendors and your family to have a plan in place. What should you do if they come knocking on your door? ...
When it comes to attracting good employees, salary and benefits are at the top of the list. Knowing external equity, internal equity and individual equity is important, but it takes more than good pay to attract talent. Contractors that invest in developing and delivering strong “employee value propositions” or EVPs, have a significant advantage over those who don’t, not only for attracting employees, but also for retaining employees ...
Jim Collins in his book Good to Great writes, “The purpose of a compensation system should not be to get the right behavior from the wrong people, but to get the right people on the bus in the first place and then keep them there.”