How to Navigate Uncertain Economies as a Leader

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If your employees are dissatisfied with their pay, your business may begin suffering. Do you have a plan to address employee wages? A leader should always be prepared to discuss compensation. An employee may bring it up at any point, whether or not it was on the prepared agenda. Have a plan of action for this discussion, and write out the main points factoring into your decision when you come back to the employee. Below, we will talk about plans of action, including what to do when increasing wages isn’t affordable for the business.

How to Talk to Your Employees About Compensation

Talking about compensation can be uncomfortable for employers and employees alike. But if an employee feels that their compensation and rewards are not meeting their needs, you may find yourself dealing with high rates of staff turnover. In the ideal environment, employees will feel safe enough to talk about compensation and benefits with their employer. Still, it’s up to the employer to create a space where employees feel comfortable talking about pay. For this reason, it starts with a healthy workplace culture. We recommend addressing any issues with culture in conjunction with compensation evaluation.

In addition, the sooner and more often you bring up pay, the easier it will be for your employees to do the same. Talk about bonuses, raises, and how an employee can expect their pay to change. Regular employee evaluations to check in on how an employee is or is not meeting their requirements will allow them to anticipate future wage changes.

Are You Paying Correct Wages?

At Pivot HR, we work with companies in need of a compensation and benefits review. Many times, employers will be sick of constant employee turnover and the high costs associated with this process. Other times, they want to increase employee satisfaction with pay but are unable to make the changes financially. Pivot HR works with companies with different needs to discuss compensation and rewards. Our methods help you to retain your best employees based on market benchmarks. In our process, we will use salary surveys to communicate with employees if they are being under or overpaid based on market value.

If your company is unable to increase employee wages, there are other methods of increasing employee satisfaction. Altering benefits and added flexibility for remote work or appointments are just two ways you can increase employee retention rates. In a call with us, we can discuss what steps are manageable for you to take and develop a customized plan.

Outsource Your HR

Consultants allow you to hand over pertinent conversations to experts who have more time on their hands to address the issues. Through total reward surveys, employee engagement surveys, and more, we will assess many aspects of your employees’ views of their workplace. Pivot HR creates tailored solutions for each one of our clients.

We offer a broad range of HR services to clients all over the US and Canada. From compensation reviews to anti-bullying and harassment training, and from workplace investigations to hiring and onboarding, Pivot HR can help.

Contact our team today to discuss how our HR consultants can help you.

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