Parrish Security Group is now four years old and the journey just keeps getting more interesting with each passing year. This year has been a strange one for all of us and gives us pause to think about what is important – family, friends and our health. Now that we are starting to see businesses slowly reopen, we look to the remainder of the year and getting back on track in as safe a manner as possible.
At Parrish Security Group, we have used this time to reflect on all aspects of our company and how we can further differentiate PSG from the competition. While we believe that there are many reasons that PSG stands out from the competition, we also constantly look for improvements to further distance PSG from the competition. We will attempt to outline what we believe are some of the key points that demonstrate our commitment to be the superior choice for security services.
No conversation about superior service in the security guard industry can start without addressing the elephant in the room. Compensation is the critical element of being able to perform and provide superior service to any client. At Parrish Security Group, we focus on answering this question when preparing any bid. Market research on wages is the first step in this process and we use four different data points to determine what wage will attract and retain the talent needed to provide the level of service that our clients are seeking. Paying well above the market norm in each market we serve, coupled with a comprehensive suite of benefits helps to ensure that we are able to attract talented personnel to service our clients.
Our commitment to industry leading wages is at the core of all that we do as we strongly believe that no training program or management strategy can overcome inadequate wages. At Parrish Security Group, we have raised our minimum acceptable wage four times in three years. This is a demonstration of our desire to remain above the industry norm for wages. This alone would be an indication of our difference in an industry that is largely focused on growth at all costs and margin improvement at the expense of the security officer. We believe that too many security firms are just a commodity and therefore rush to the lowest price just to win business. At Parrish Security Group, we avoid this by ensuring that we understand the wages required to deliver superior service in each market we
While most security firms offer minimal benefits to their officers, Parrish Security Group offers medical, dental, vision, ADD, STD, LTD, Life Insurance as well as a contributory 401K. At a minimum, PSG pays for ½ the cost of the medical benefit program for our officers. We believe that it is our responsibility to not only provide leading wages but a benefit package that provides protection to our employees. This includes a vacation program with no limit to how many days an employee may accrue and can use as they see fit.
Currently, 93% of all PSG employees are enrolled in our 401k program and taking advantage of the company match. Each employee is automatically enrolled in this program after 60 days of employment. The goal of our program is to give each employee the opportunity to save for the future and the company provides a generous match. Enrollment starts at 3% and increases annually to a maximum deduction of 6%. We are so pleased with the success program and look forward to watching as our employees grow their savings for the future.
Parrish Security Group has grown quickly, but smartly over the past three years. We believe that we have the best client base in the markets we service and are thankful for the many great clients who have partnered with us to ensure superior service. While PSG is growing, we believe that our selective growth has strengthened the company and helped us to weather the storms such as the one our country is currently experiencing. We provide service only to permanent clients and do not provide short term temporary service. This allows us to focus exclusively on our current client base. While we will provide additional service to any current client, we do not pursue short term work.
Most security firms are set up in the same branch structure and are stuck in an old management focus. The typical branch structure is broken and has resulted in subpar performance from most security firms. The typical branch model offers low wages, limited training and an overburdened service team and only ensures the continued mediocrity of most security firms. At Parrish Security Group, we search for best in class in all facets of our business and employ talented security professionals to service our client base. At the core of this is our commitment to ensuring that our customer service teams are responsible for a reasonable number of clients and can therefore focus on service to both clients and employees.
The culture of any company is a critical element of the health of the organization and an indication of the company’s management to follow a road map to achieve its goals. At Parrish Security Group, we are committed to be the best choice for security services in each market in which we operate. This means that we are focused on the provision of superior service to our clients and employees. I am proud that we have a management team that has embraced these principles. They have demonstrated that our number one concern is to ensure that we provide the best possible service to our clients and industry leading compensation to our officers who provide this service to our clients each day.
Without this commitment to quality in every phase of our business, Parrish Security Group would be just the typical guard service provider. As we move forward, our management team is constantly reviewing our performance to determine how we can continue to improve, better serve our clients and ensure that we demonstrate a commitment to our employees. Parrish Security Group will continue to pursue those clients that have a desire to receive the superior service that they need and want. To do so, we will lead in the industry by focusing on wages, benefits, smart growth and a management culture of excellence. It will be exciting to see the results of our efforts in the coming years. Stay tuned.