When and How to Give Employees a Pay Boost
What to consider when granting raises
There’s a simple way to boost your employee retention rate: Pay your team more. Bonuses, raises and above-average salaries are the most compelling reasons for a person to stay in their job long-term.
Most employers would love to give their workers a raise every year. But financially, that’s simply not sustainable. For small business owners seeking to find the right mix of compensation while keeping an eye on their bottom line, here are some things to consider when offering raises.
Raise, bonus or another benefit?
The first step in considering whether or not to offer a raise is to establish some criteria for pay increases. Raises are just one way to show your employees that you appreciate their hard work; therefore, clarify from the outset what types of compensation you are able to offer.
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