For many businesses, watching the bottom line means carefully watching pay raises and levels. But that can be something that works against companies, too. The experts have found that, not unsurprisingly, raising pay can be an attractive way to keep employees and improve productivity.
Take convincing the best workers that your company is the place they want to commit to: Pay is a factor for about two-thirds of them. And recruiting new employees (and keeping them once they’ve gotten hired) is an expensive proposition. And frankly, companies want to be known as a good place to work—and boosting employee pay is one way to increase the positive chatter about a brand.
But like anything with your company, boosting pay isn’t something that you can do in an off-hand manner. You have to think about it and think it through to be strategic. Why is it a good thing and how can you approach it? This graphic courtesy of Quill.com explains it.