Keeping your employees happy with the right pay
Although pay is the vital part of working, well paid employees do not
discus it as a major topic. If you employees are discussing the pay
details in groups then it is sign that you probably got it wrong. If
you provide the right pay along with safe and pleasant working
environment, you can keep your employees happy. Only a happy employee
can be a productive employee.
According to latest researches, most employees are satisfied if they think they receive a fair pay. However, ambitious people with super talents have to be taken care of with rewards apart from the regular hike. Only if the necessities of the employees are taken care of will they concentrate on the real job.
One way to satisfy your employees is to make them perceive that you pay them as per the industry standards. Make them understand that different jobs with in the organization are graded by difficulties involved and the skills required and that the pay scale is proportionate to it. While some businesses and industries pay more than others, it is natural for people to compare and conclude. This encourages them to switch companies, which has become the trend of the day. Only way to retain them is by cash rewards on the basis of performance. See to that your pay scale does not differ much when compared with similar industries.
People love to be rewarded for their every effort, so the same hike in pay for everybody can demotivate enthusiastic and performing employees. Although an automatic hike every year base on the cost of living may be righteous in the sight of the employer, it might lead to a culture of mediocrity. So it is wise to link the performance management system with your pay system.
Most important of all is keeping the system transparent. Only then will your employees appreciate your fair and equitable moves, else the difference in pay hike will be perceived as biased. Never show favoritism or prejudices while considering a performance based hike. It is very important to let your employees know on what basis their salary has been hiked.
According to latest researches, most employees are satisfied if they think they receive a fair pay. However, ambitious people with super talents have to be taken care of with rewards apart from the regular hike. Only if the necessities of the employees are taken care of will they concentrate on the real job.
One way to satisfy your employees is to make them perceive that you pay them as per the industry standards. Make them understand that different jobs with in the organization are graded by difficulties involved and the skills required and that the pay scale is proportionate to it. While some businesses and industries pay more than others, it is natural for people to compare and conclude. This encourages them to switch companies, which has become the trend of the day. Only way to retain them is by cash rewards on the basis of performance. See to that your pay scale does not differ much when compared with similar industries.
People love to be rewarded for their every effort, so the same hike in pay for everybody can demotivate enthusiastic and performing employees. Although an automatic hike every year base on the cost of living may be righteous in the sight of the employer, it might lead to a culture of mediocrity. So it is wise to link the performance management system with your pay system.
Most important of all is keeping the system transparent. Only then will your employees appreciate your fair and equitable moves, else the difference in pay hike will be perceived as biased. Never show favoritism or prejudices while considering a performance based hike. It is very important to let your employees know on what basis their salary has been hiked.
|
|
