Pay increases are an important decision employers need to carefully consider. They are critical for employee engagement and satisfaction, but also impact the long-term success of the company. However, determining who should get a raise and the timing of the raise is not a simple step. Maintaining fairness is a must and decision makers should analyze several factors. Setting performance priorities and goals can establish the baseline for employee evaluation. Level at which an employee contributes is also a factor that influences the increase of base salary.
Key Takeaways:
- One expert says they issue raises when an employee exceeds performance goals that are agreed upon ahead of time.
- Another says they award raises based on length of time with the company.
- Innovation, intrinsic value, and degree of responsibility are other factors used to determine raises.
“Consider consistency — not just in performance, but also in attendance, character and how they work with everyone.”
Read more: https://smallbiztrends.com/2021/09/employee-pay-raise-criteria.html
Leave a Reply