Employee compensation - Articles

For HVAC Companies, a Phantom Stock Plan Can Revolutionize Retention Packages

October 24, 2024

Learn how HVAC companies can increase retention by giving their employees a stake in the company’s success through phantom stock plans.

The True Cost of Hiring Just 1 Employee

Scott Tackett

October 12, 2024

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Hiring with hidden costs? Beyond just salary and benefits, hidden expenses like recruiting, training, and lost productivity can significantly impact an HVAC contractor’s bottom line—making retention more valuable than they may realize.

Setting Young HVAC Techs On The Right Track

The importance of knowing what to do with that first big paycheck

Dylan Kurt

June 17, 2024

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To ensure employee happiness and a long tenure at their new company, it may be worthwhile to provide new technicians with a basic financial plan for their personal wealth.

How Contractors Can Combat Workforce Issues

While there is an abundance of work, there are not enough people willing to do the job. Here’s what contractors can do to address this issue in 2024.

Stacey Winconek

December 21, 2023

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Dr. Anirban Basu, Chief Economist for SMACNA, anticipates a busy 2024 for the construction industry.

HVAC Technician Benefits: the Good, the Bad, and the Why

Benefits may not solve some hiring problems, but they’ll help immensely with retention problems

Scott Merritt

May 12, 2023

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It’s undeniable that HVAC has been hit with a harder-than-normal period for hiring and retention since the pandemic.

Growth and Praise May Outweigh a Raise

Retaining workers involves more than just money

Joanna R. Turpin

April 30, 2023

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Competition for skilled HVACR technicians is becoming more intense, so contractors will need to put in significant efforts to retain their workforce.

Seven Ways to Attract and Retain Field Service Technicians

Those who feel respected by their leaders are 10% more likely to stay with their organizations

Laura Sukorokoff

April 4, 2023

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The estimated cost of replacing an employee ranges from 50% to 200% of salary, depending on position.

The ESOP Retirement Plan

ESOPs provide many benefits to both owner and employee retirement plans

Hannah Belloli

February 23, 2023

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As a retirement plan, an ESOP won’t maximize the sale price of an HVAC company. But for owners looking to carry on their legacy, it will keep the company intact and reward loyal employees who helped them build it.

HVAC Business: Christmas Bonus Do’s and Don’ts

Chris Hunter

December 18, 2022

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It’s that time of year again where you may be considering giving out a Christmas bonus. But can your Christmas bonus actually have a negative impact on your culture?

Worker Shortages May Be Permanent

Richard D. Alaniz

November 20, 2022

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U.S. employers’ most common complaint across almost all business sectors is an inability to find workers. The lack of workers presents a problem to more than just employers.