There’s more to a job than the money, right? We all want meaningful work where we can feel like we do good work that really matters. We want to be challenged and valued. But at the end of the day, there’s little that matters more than getting paid.
But, why should employers provide competitive salaries? Fair pay can have an enormous impact on your business. Here’s why.
Competitive pay is critical in attracting the people you need.
Not only that, but fair pay also gets people talking. When employees are raving fans that just can’t help but talk about how much they love the place they work, they become ambassadors.
When team members feel appreciated and believe in the mission of the company, they share it with others. Word of mouth is a powerful recruiting tool.
It’s no secret that when employees feel valued, they are more engaged at work and more loyal to the company. The first step in making people feel valued is by paying fairly. This will increase engagement and loyalty.
You can’t afford not to retain your talented people. Employees who feel valued aren’t complaining to their peers and creating distractions. By improving employee satisfaction, not only will you get better work from your people, you will also cultivate a happier, healthier culture for the long term.
When people believe they are getting the compensation they deserve, productivity increases. No more spending 10% of time checking out job postings or engaging with recruiters.
Compensation plans that include competitive commissions and equity in the company give people skin in the game. When motivation increases, productivity increases. When there is a direct correlation between overall business growth and take home pay, people become highly engaged and focused. It’s as simple as that.
You don’t want to lose your best folks to competitors. You don’t want employees that always have one foot out the door if a better offer comes along. Don’t wait until the fire is blazing before extinguishing it. Make a competitive offer. Pay fairly.