Wage bonus

[Jadeair]

I've got a third year apprentice who is working out quite well. I'm just a one man band looking after commercial refrigeration and domestic a/c work.

Now when he becomes a tradsman I'd like to put him on wages and some sort of bonus scheme to save from having him poached after 4 years of training.

Is there anyone on sometype of bonus scheem or any suggestions?

[mad fridgie]

Why not give him 1% (or even 2%) share of the business for every year he is with you, so start him of with 5%, with a buy-back clause if he leaves. In a few years time when you want to get out, he will be in a good position to buy you out.
If he does not make you a profit he does not get a divi.

[Magoo]

The odd petrol voucher or similar vouchers in the pay packet does wonders for commitment, tax free and makes him feel wanted for what he is doing. A six month cash in the hand bonus, and he will never leave. But really keep his pay rate marginally above the norm.
There are productivity/ recovery options / profit sharing type schemes, but they become messy and complicated. Charles Ash in the hand does wonders.

[mikeref]

AT apprentice age, i just wanted the money for weekends, fuel/food/rent/parties and beer:D. If he is as good as you say, then you might consider options like rent assistance or discount on fuel for his own vehicle. It's not money in the hand but it leaves a lot more out of his pay to either save or spend at his leisure:). Ideas above ^ are good as well.. Mike.

[Tesla]

Don't forget the old school stuff like at christmass ham, chicken, tools and an envelope full of cash. Give him a big treat when he gets his full qualification like a weeks paid holiday. You might also encourage him to further his study by paying for the course and time off for it but have a clause if he left in a two year period he would have to pay half of it back.
Quite rare to have such a good tech on board at the end of an apprenticeship - our senior apprentice got a five dollar an hour pay rise two months ago and he's just as good too.
Another thought is to (if you can afford it) employ a new apprentice so he feels he is rising in seniorship.

[Tayters]

Maybe find out what he wants.
Could be more money, manufacturers training, certain van, tools etc. If your unlucky, all of that!

Cheers,
Andy.