Should You Give Your Employee A Pay Raise?
Any business being run in the world isn’t a one man show. There is always a team which works very hard to make things happen, to ensure that the payments are being collected, book keeping is proper, the product or service is being delivered on deadlines and what not. Employees are the people who actually constitute a company or a business. Without its employees, a company’s worth is almost nothing.
A good businessman knows that in order to keep his business growing, he must always keep his employees happy. This certainly doesn’t mean that one should compromise with the operations rather it means that an employee must always be kept motivated with some or the other rewards. It doesn’t have to be a monetary reward. Sometimes even a word of gratitude can make some ones day.
When should you give your employee a pay raise? This question goes through the kind of every business owner at least once in his/her career. But the answer to this question depends on many factors.
Some of the points which could help an employer decide are listed below. These, again are not some hard and fast rules. They are just to give a perspective.
- If there’s a consistent improvement in the performance of an emplo
- If an employee hasn’t taken a single leave for a year.
- When an employee agreed on cutting hi salary low since the company is at loss.
- When an employee makes a huge profit for the company.
- If an employee stays for a company for the same of honesty.
- If an employee is delivering his reports or anything he or she is being expected of, for that matter.
- If an employee doesn’t stick just to what he or she is asked to do.
- If the employee does everything keeping the company’s wellbeing in mind not personal.
- If an employee has some genuine reason which has made his/her expenses expand. For example, if an employee has a child while he / she is on the company’s payroll.
So rather than looking at this factors individually one must look at them as a whole while deciding whether to or not to give a raise to deserving employee. Also it doesn’t always have to be a monetary raise. Providing insurance, shopping coupons, free medical checkups and other benefits can also mean that a company has made it’s gesture in stating that a particular employee has met all the expectations of his/her employer.
Nobody wants to lose an asset. It is the responsibility of a company to look after every need of a deserving employee since he or she is a part of a big family now.