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16 Employee Perks Your Team Wants More Than a PayRaise [Infographic]. 40% of respondents to Glassdoor’s Q3 2015 employment confidence survey said that they value health insurance more than a payraise. Performance bonuses are a fantastic way to do just that. Performance bonuses are a fantastic way to do just that.
When an employee asks you for a payraise, it’s easy to feel taken off guard. A compensation philosophy defines what’s important at your company when it comes to managing pay. By doing so, you can greatly reduce the likelihood you’ll be approached by your staff with raise requests (and avoid the disruptions).
Salary structure, pay grades and bonus plans – Ensure objective criteria are used and aligned with job categories. Be aware that even if these positions have different titles, if the employees are doing fundamentally the same work, they usually shouldn’t be in different pay grades.
Whether you realize it or not, if you’re hiring employees or giving out payraises, your company already has a compensation philosophy. Because it: Serves as the foundation and principles for how your company pays its people. Examine why your pay practices are in place. So, why do you need a formalized strategy?
Although sign-on bonuses might get people in the door, it takes a little more effort to ensure employees stay. Did you know that if your employees are engaged by a leader they trust, it can take a payraise of more than 20% to poach them, according to a recent Gallup poll? Download Paycor’s guide for the full details today!
Whether you realize it or not, if you’re hiring employees or giving out payraises, your company already has a compensation philosophy. Because it: Serves as the foundation and principles for how your company pays its people. Examine why your pay practices are in place. So, why do you need a formalized strategy?
Is a payraise the only acceptable reward? The fact that one in five employees would prefer to receive a promotional title change rather than a 3% pay increase proves it. Download the eBook and get practical ideas on designing employee engagement activities for your team! But what types of action call for acknowledgment?
Obviously, holiday bonuses or payraises for the new year can be a major morale boost, but don’t underestimate the power of expressing sincere gratitude for jobs well done. That can mean: A thoughtful note A simple box of chocolate An elaborate, full-blown Thanksgiving feast with employees and their partners.
Still, money can be effective to express appreciation: a survey by Harris Interactive and Glassdoor revealed that 75% of employees consider a payraise as a form of appreciation. Achievers’ platform is a good example of alternatives to cash bonuses. The value of incentives to motivate employees has been debated for long.
Still, money can be effective to express appreciation: a survey by Harris Interactive and Glassdoor revealed that 75% of employees consider a payraise as a form of appreciation. Achievers’ platform is a good example of alternatives to cash bonuses. The value of incentives to motivate employees has been debated for long.
Salary structure, pay grades and bonus plans – ensure objective criteria are used and aligned with job categories. A documented framework can help managers stay on an equitable track when making payraise decisions. That can help prevent disparities in pay between different groups due to implicit bias and siloed decision-making.
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