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Enter the merit increase , a performance-driven pay rise that promises to bridge the gap between effort and employee recognition. But what is a merit increase? In this comprehensive guide, we deep dive into: What is a merit increase? The meaning of a merit increase How do you calculate a merit increase?
What is pay for performance? The pay-for-performance model incentivizes employees by linking their total compensation directly to their performance outcomes. A robust compensation philosophy structure is important when implementing a pay-for-performance model.
As such, employers must do everything they can to attract and retain high-performing employees, and issuing regular merit increases is one of the best ways to do so. A merit increase or merit raise refers to a pay increase based on an employee’s performance. What is a Merit Increase? It’s not just a bonus, either.
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