Many employees love their jobs. However, few of us would do said jobs if we weren’t getting paid. After all, most people have bills to pay and families to care for. Unfortunately, many companies make the mistake of underestimating the importance of salary in their workers’ lives. Some employers even censure workers for asking for more money, accusing them of being greedy or “watching the clock.”
At Here’s Help, we believe the best employees care about their jobs. However, we also acknowledge that paying staff members fair wages is crucial. Not only are underpaid and underappreciated employees less productive, but they are also more likely to jump ship when a new opportunity presents itself.
Here are the top mistakes employers make with regard to their employees’ salaries.
Failing to Give Raises
Hardworking employees expect to be rewarded for their efforts with appropriate financial compensation. Unfortunately, many businesses make the mistake of neglecting to give out raises when times are tough. Not only does this insult your employees, but it also makes them feel undervalued. To avoid losing your best people to the competition, strive to give raises regularly and remember that a cost of living raise isn’t the same as a real pay increase based on merit and longevity.
Paying Workers Late
Just as it’s a mistake to underestimate the importance of a good salary, it’s problematic to pay workers late. A common occurrence among small companies and startups, salary issues can leave workers feeling annoyed or stressed – neither of which is good for productivity. Employees have their own bills to pay, and if they can’t rely on their companies to remit checks on time, they will most likely seek employment elsewhere.
Acting Like Money Doesn’t Matter
The truth is that companies can’t always afford to pay workers what they want and deserve. However, it’s a mistake for employers to act like money doesn’t matter or that it isn’t a major motivator for most people. If you can’t give employees raises now, tell them you will work toward that goal in the near future and strive to keep your promise. And don’t expect your employees to work for less because it’s a “good experience.”
Contact Here’s Help for Help with Your Office Management
The fact is that money matters to your employees, and failing to pay them appropriately or on time will likely affect their willingness to stay at the company. A leader in Rockland County recruitment services, Here’s Help works with client employers to help them find great job candidates and keep them for the long haul. For more information about our hiring and employee management services, call today or contact our pros online.