I am a firm believer of seeing if anyone has had any successes or failures with a concept before attempting it.
As I am sure is the case with lots of us, we are struggling to find good quality help. Here in Florida, minimum wage is currently $10/hour, with a $3.02/hour tip credit.
We start our in-store at $12/hour, with a clear list of “mastery” tasks given to them in which they can go up to $14/hour within the first year. Our driver’s start at a split pay of $10.00/hour in store and $7.00/hour on the road. They also have a list of “mastery” tasks given to them that they can raise their in-store rate to $12.00/hour within the first year.
Our shift leaders start at $14.00/hour, our assistant manager at $17.00/hour, and our General Manager at $18.00/hour (paid weekly as salary). Managers are also eligible for a bonus plan (10% of profits for GM, 5% for AM).
With local retailers, like Target, Wal Mart, Publix, and national fast food chains like Chik Fil A, McDonald’s, etc, starting at $15/hour, we just can’t compete. We do not have near the volume that these fast food places do, and need more staff per sales $ than the retail places do.
Since I can not compete on pay rate, I am looking at trying to compete in a different way through an employee Profit Sharing program. Something similar to my GM / AM bonus, but wherein a # of employees share from it. As an example 10% for In Store Employees / 5 In Store Employees = 2% per employee.
I work a full time career in law enforcement and own the business as something to leave my family and give my children when they get older. So my goal isn’t to make tons of money.
Does anyone currently have a program like this in place, or ever tried one? If so how is it working, or how did it work? I would love anyone else’s input from a different perspective.
My goal with the plan would be to get employees with the same ownership work ethic that if they work harder, and watch the costs, they will make more. The whole “succeed together or fail together” philosophy.