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. 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.