Everyone wants to save a buck nowadays, and companies are no different. I am in finance so I understand. I am always looking for ways to help save the company money or find more efficient ways to function in order to be “leaner” overall. That being said, here is one place that you do not want to “skimp” too much – what you pay your staff. Do not underpay employees!
Inspire Hard Work
When an employee is making a salary that makes him/her happy, it creates a stable happy environment for everyone. This will keep the employee working hard which will create an overall positive atmosphere in the office. Hard working employees will motivate each other to keep improving as individuals, and as a whole organization.
Keep Your “A” Players
If you underpay your employees, they are likely to eventually seek out employment elsewhere. By making sure they are paid adequately, you are able to retain your “A” players and also inspire others to work hard and improve as well.
Appeal to the Best Prospects
Keeping the best employees and having a happy work environment will appeal to the best potential applicants when you have new positions available. Your reputation as a great employer will help attract the best applicants for jobs based on how your current employees feel. This could be through word of mouth or other networking avenues.
These three simple motivators demonstrate the importance of fair pay for your employees. When you are ready to hire your next “A” player, please contact us to learn more about how our applicant tracking system can streamline the hiring process.