Successful contractors invest in their business and the products they offer, but there's another area in which High Yield Contractors continue to invest — their people. Specifically, High Yield Contractors invest in training, educating and advancing the careers of their employees.
A majority of High Yield Contractors (53 percent) indicated they spend more than $500 annually per technician to prepare them for success through training, education and certification — 23 percent spend $1,000 or more.
when it comes to the cost of certification, the contracting firm is the primary investor, with 71 percent bearing the full responsibility for certification cost.
A properly trained staff contributes to more revenue per employee and a higher ROI on hard assets, such as equipment and trucks. It's not enough to offer one or two education classes for employees here and there — it needs to be perpetual and not simply something offered in the slow months.
Most firms (72 percent) agree that training, education and certification programs help them achieve operation excellence and can also help retain top talent (67 percent).
Today's workforce is always looking toward advancement and if you can't help them get there, they'll gladly find an employer who will.
Everyone likes to consider himself or herself a professional, and certification is how technicians differentiate themselves.
The bottom line is both employees and employers must invest time and money into training and certifications, as both benefit from this investment.
Be proactive with the training and development of your team, and you'll soon be on your way to becoming a High Yield Contractor.