In the past I have written about the power of motivation and engagement for your team.
I am a firm believer that money is not the answer to the long term engagement of your people. However, it is also fair to say that the opposite is also true…
Not paying enough is a de-motivator
The trouble is if you pay too little you won’t attract the right calibre of people into your business.
And, of course, once people are there, they won’t be keen to stay if they know they can be better paid elsewhere.
Why should they go the extra mile for you, when they don’t feel valued and appreciated?
Paying too little can often lead to employees doing the barest minimum they can get away with. They are happy to find reasons not to be at work, and when they are there they can be bored and disruptive.
At the very least, you need to be paying the going rate for the role you expect your staff to carry out. If you can afford to go above the average, even better, you are likely to attract some good people.
Introducing financial incentives or bonuses can be a great way of acknowledging specific achievements too.
Don’t get me wrong – the lure of money soon wanes if the employee isn’t treated well, valued or enjoys their job. But get the pay wrong, and there is no lure at all…
If you would like us to carry out salary benchmarking for your business, please contact us on 01256 328 428.