Use minimum wage as competitive tool
"While discussing the impact of minimum wage laws, our managers realized the law helps us. We already pay above minimum wage, so our competitors will have to increase prices or decrease their margin to comply with the change. In the meantime, our employees see us as the better company to work for. Regularly examine your wages, not only against your direct competition, but also against the other industries in your area."
— Dennis Schulte, DRS Acquisitions, Woodbury, Minn.
Develop metrics to monitor performance
"In our business, which is a truck and automobile service center, we are continuously developing and assessing the right metrics to monitor each department’s performance. Due to the labor-intensive nature of our business, measuring the 'total revenue per billed labor hour' provides a quick, ongoing assessment of the efficiency of our technicians. Another metric, 'total revenue p...(register to read more)