Post by account_disabled on Mar 9, 2024 8:28:45 GMT
The than another so you can use them to attract the people you want. For example a FlexJobs survey found that work flexibility and travel are more important to younger people the socalled millennial generation than to older employees. So you could offer those benefits if you want to attract younger workers. Older employees on the other hand may be more interested in solid healthcare benefits. And to achieve better gender diversity maternity leave and childcare benefits. . How to Stay Competitive Setting pay and benefits is not a onetime deal. Its something youll have to stay on top of for each employee.
long as theyre with you. Keeping Track of Changes There are so Country Email List many shifting variables to keep track of. For example Your employees are getting more experienced all the time. Employees may get promoted or take on more responsibility. Inflation is eating away at the value of their existing pay packages. Your competitors are changing their own pay levels. The overall economic situation in your country is changing. Your companys financial performance and future prospects are changing hopefully for the better. Changes within your industry may be changing what it means to be competitive. This is why large companies have fulltime HR departments to handle all this stuff.
As a small business owner with a lot of other responsibilities it can be tough to fit it all in but you should make time on an annual basis to revisit each employees pay and benefits package to ensure its still fair and adequately takes account of the contribution they make to the business. Establish a Baseline At the very least make sure you adjust your employees pay every year to keep up with inflation. This is because the cost of living usually rises gradually each year so a salary can buy a little less each year. If you keep people at the same pay rate for years at a time theyre effectively earning less in real terms.
long as theyre with you. Keeping Track of Changes There are so Country Email List many shifting variables to keep track of. For example Your employees are getting more experienced all the time. Employees may get promoted or take on more responsibility. Inflation is eating away at the value of their existing pay packages. Your competitors are changing their own pay levels. The overall economic situation in your country is changing. Your companys financial performance and future prospects are changing hopefully for the better. Changes within your industry may be changing what it means to be competitive. This is why large companies have fulltime HR departments to handle all this stuff.
As a small business owner with a lot of other responsibilities it can be tough to fit it all in but you should make time on an annual basis to revisit each employees pay and benefits package to ensure its still fair and adequately takes account of the contribution they make to the business. Establish a Baseline At the very least make sure you adjust your employees pay every year to keep up with inflation. This is because the cost of living usually rises gradually each year so a salary can buy a little less each year. If you keep people at the same pay rate for years at a time theyre effectively earning less in real terms.