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End of Year Bonus?


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This has been a topic discussed before, but since we have so many new members, I would like to hear from shop owners to see how they handle bonuses for this time of the year.

 

I know that many businesses, not just repair shops have reduced the amount of bonus, and some have cut it out. Due to recent tough recession.

 

Do you give a bonus as a percentage of regular pay?

Do you give a flat bonus based on years at the job?

Do you give a bonus in gifts, or tool gift certificates?

Do you give a bonus as part of a retirement contribution?

Do you factor in performance, quality, comebacks, etc?

Do you give a bonus at all?

 

Any other thoughts with regard to bonus?

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The last shop I owned I would give a weeks average pay to each employee 2 weeks before Christmas as the bonus. This included overtime, actual weekly pay divided by 52 equaled their bonus. If we had a great year I explained through their hard work, attention to detail, looking out for the waste and not having any damage, they got a Bonus on the bonus and got 2 weeks average pay. It did not happen every year, but many. The years it didn't happen they all knew why, someone screwed up and it cost everyone. It helped me as they as a group wanted to keep eyes on anyone that might cause them to loose the added bonus. It came out of the net from the company profits, but I figured it kept turnover to a minimum, I hated to train new people. They made more money with me than any of the competition and actually made it easy for me when I needed to add personnel. Explaining the pay and the bonus program let them know how we paid up front and what they could expect. Worked for me. I had 6 employees and that shop 10 years when i sold it. My oldest employee had 9.7 years with me, and the newest hire full time had 6.5 years. The 2 part time employees were the ones that changed out every so often over those years, not the full time guys. This pay was on top of their vacation pay that was based on 40 hours base pay per week.

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  • Have you checked out Joe's Latest Blog?

         13 comments
      Most shop owners would agree that the independent auto repair industry has been too cheap for too long regarding its pricing and labor rates. However, can we keep raising our labor rates and prices until we achieve the profit we desire and need? Is it that simple?
      The first step in achieving your required gross and net profit is understanding your numbers and establishing the correct labor and part margins. The next step is to find your business's inefficiencies that impact high production levels.
      Here are a few things to consider. First, do you have the workflow processes in place that is conducive to high production? What about your shop layout? Do you have all the right tools and equipment? Do you have a continuous training program in place? Are technicians waiting to use a particular scanner or waiting to access information from the shop's workstation computer?
      And lastly, are all the estimates written correctly? Is the labor correct for each job? Are you allowing extra time for rust, older vehicles, labor jobs with no parts included, and the fact that many published labor times are wrong? Let's not forget that perhaps the most significant labor loss is not charging enough labor time for testing, electrical work, and other complicated repairs.  
      Once you have determined the correct labor rate and pricing, review your entire operation. Then, tighten up on all those labor leaks and inefficiencies. Improving production and paying close attention to the labor on each job will add much-needed dollars to your bottom line.
  • Upcoming Events

    • March 24, 2023 01:00 PM Until 09:00 PM
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      Hi all,
      AutoLeap is hosting Amplify 2023, a virtual auto repair conference for shop owners, on March 24. We have 22 incredible speakers, and 13 industry associations and training institutes participating in this virtual event. The conference is free of cost.
      You can book your complimentary, virtual seat today using this link: https://bit.ly/3EXvfWY
      Amplify 2023 speakers include: Joe Marconi, Co-Owner AutoShopOwner and Elite Business Coach @Joe Marconi Aaron Stokes, ShopFix Academy Cecil Bullard, The Institute for Automotive Business Excellence Chris Cotton, AutoFix Auto Shop Coaching Darrin Barney, Elite “G” Jerry Truglia, Automotive Technician Training Services Greg Bunch, Transformers Institute Jeremy O'Neal, AdvisorFix The conference will cover essential topics such as:
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