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How to determine pay raises for employees in 2022

Business Management Daily

That means it’s a great time to start thinking about pay raises. Pay raises are particularly important going into 2022 as turnover rates continue to soar. Employees that feel undervalued or underpaid will not stick around long, so do your best to provide annual salary raises. How to determine pay raises.

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Seeking a pay raise in tough times

HR Digest

Times are tough, getting a raise can be tough too! You have already been performing well above your pace at a lower pay scale, and the market forces are offering much better compensation. When asking for a pay raise, focus on the real outcomes of your extra work rather than saying you have been pulling a 75-hour week.

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How inflation affects pay raises

Business Management Daily

Some saw typical wage growth and bonuses, but most of us received salary cuts as inflation ate up more and more of our paychecks. Companies like American Airlines received billion-dollar bailouts in the Payroll Support Program to make up the difference, but they chose to use the money on executive bonuses and a fleet of new jets instead.

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Google Execs tell workers they won’t raise pay to match inflation

HR Digest

Companies have been trying to combat this problem by offering signing bonuses to new hires. Google declined to provide an immediate response to the request for comment but told CNBC in a statement that employees would be receiving bonuses and equity all in their compensation packages. Bottom Line.

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10 Ways to Keep Your Hourly Employees

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 pay raise of more than 20% to poach them, according to a recent Gallup poll?

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How to write a request for a pay hike

HR Digest

When you have been in the current position for more than a year and have no plans to move, then the next step is to request for a pay raise. When you ask for a raise, preparation is the key. Timing your pay raise request is essential. It would be best if you timed it along with the annual pay rise decisions.

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What’s a merit increase, and should your business use them?

Business Management Daily

A merit increase or merit raise refers to a pay increase based on an employee’s performance. Merit pay is a permanent increase to an employee’s base salary and tends to go hand-in-hand with regular performance reviews. Here’s a look at other types of financial rewards and how they differ from merit pay.