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Knowing When to Ask for a Raise: Tips for Employees Here are some key signs that it might be a good time to ask for a raise: Performance Milestones: If you've recently exceeded expectations. Increased Responsibilities: Taking on additional duties beyond your job description. Annual Review Cycle: Utilize annual performance reviews to discuss salary adjustments. Choose the right moment to discuss your raise, and be prepared to make a compelling case based on your performance, market value, and company success. #business #salary #strategy #negotiation #raise

How should you react when one of your valued employees tells you they are leaving for more money? The initial reaction of most managers is that there should, surely, be more to it than salary. What about that fantastic company culture you have worked so hard to create? And then there's that very attractive flexible working policy.

Who'd like to know the secrets of salary and bonus season?? It's that time of the year at many companies where your managers kind words and encouragement are (hopefully!) converted to hard currency. But, what are the HR team doing at this time...? Well, it starts with data: how is the economy? What are the market conditions? How has the business performed? What are the company finances like and projected to be? Like many companies we spend $'000s on market data on compensation to make our recommendations as accurate as possible. Its not just HR punching in random numbers! Next, allocation. Who gets what. First and foremost: we focus on our high performers ensuring we're able to offer differentiated pay to this group. We then look at other factors such as high-potential: incentivising our top talent to remain with the company. We then look at market corrections and ensuring people are paid the right amount for their role. Finally communication: never miss the opportunity to tell your team what they got and why. Hopefully, if your performance management and team engagement has been good, this will be easy - this conversation should never be a surprise to anyone if your communication is good throughout the year! This is a big part of everyone's year, but its just a small piece of the overall reward proposition. Research consistently shows that team members are motivated, engaged and retained for so much more: culture, high performance, flexible working, perks, benefits, working space, career opportunities, learning & development. Ask yourself: how are you recognising your team this year?

No, turnover isn't always negative. Some turnover can actually benefit your business. Head to the Paycor blog to discover how to measure and use various turnover rates. Paycor

How should you react when one of your valued employees tells you they are leaving for more money? The initial reaction of most managers is that there should, surely, be more to it than salary. What about that fantastic company culture you have worked so hard to create? And then there's that very attractive flexible working policy.

It seems like most small/medium size business owners figure out how to take care of their key employees' compensation, but struggle tremendously with their lower salary or hourly employees. There are 3 common ways to handle their comp (from worst to best)... 1️⃣ Set it and forget it. Wait till they come to you and ask for raises then decide 2️⃣ Give periodic (typically annual) raises based on COL, reviews or other criteria 3️⃣ Build a performance bonus plan that continually gives them the opportunity to make more than their base as they perform at higher levels Majority of business owners default to option 1 with their lower salary or hourly employees - which is by far the worst option. Then they often blame the market or "entry level employee mindset" for their poor turnover. I think it stems from the fact that theoretically these positions *should* be easier to replace so not as much thought/intention is put behind their comp. But these people are the engine to the car. We rely so heavily on them for daily operations. Constant turnover or poor job satisfaction will be detrimental to the overall company performance. Instead of defaulting to option 1, I highly recommend taking a crack at option 3. It has several benefits... 👉 It's clear, straight-forward, objective (with no subjective disparity) and sets expectations. 👉 It helps identify your higher performers 👉 It provides the greatest opportunity for your employees to make more money What else would you add to this discussion?

Curious if all turnover is bad for business? 🤔 Discover how different turnover rates can actually benefit your company! Click the link to learn more from Paycor.

Curious if all turnover is bad for business? 🤔 Discover how different turnover rates can actually benefit your company! Click the link to learn more from Paycor.

Curious if all turnover is bad for business? 🤔 Discover how different turnover rates can actually benefit your company! Click the link to learn more from Paycor.