If you are not offering the top wages compared to your competition, you will be more likely to lose your best employees. The second step is to research what your competition is offering in terms of salaries and wages, and what kind of raises competitors have been handing out. This should be the absolute base pay for any position and wages should increase from there. MIT offers a living wage calculator to help estimate the cost of living in each state, city or metro area. Keep in mind that though the federal minimum wage is currently $7.25, reports show that that hourly rate is below the living wage in nearly, if not every, county in the U.S. The first step to offering your employees the right wage is to determine the living wage in your area. Additionally, every time their responsibility increases, so too should workers’ reward increase. Not only should employees be paid fairly for their time and work, they should also be able to afford the cost of living where they live, their wages should be regularly adjusted for rising inflation and they should be additionally compensated as their experience level with the work grows. Proper compensation is far and away more important than any other item on this list you will not retain employees effectively unless you pay them what their time is worth. Offering a wage worthy of sacrifice and hard work should be the number one priority when making your employees feel their work is valued. Here are 15 effective strategies to boost employee job satisfaction and help you hold on to your best workers. If you feel like your business may be at risk of losing top talent, or you have already begun losing your best workers to the Great Resignation, it is probably time to consider some employee retention strategies. TikTok users have coined phrases such as “quiet quitting” and “act your wage” as employees find community with others who don’t feel properly valued or appreciated by their workplaces.Īs employees decide what’s right for them, employers are having to reconsider what actually makes their company worth working for. This so-called Great Resignation, spurred by the COVID-19 pandemic, has turned employment into a worker’s market. Many have tried explaining the mass exodus, but reports indicate it may be due to inadequate salaries, limited career advancement, poor work-life balances, general unhappiness with management or the company and numerous other reasons. In the last year and a half, millions of employees from multiple sectors around the world have joined a mass exodus from the workplace.
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