Every so often it’s time to give your employees raises. When and how you give those raises is entirely dependent on you. You have the choice to give raises by a percentage or flat rate. Most businesses calculate raises by percentage and we have a great article on that topic here. In this article, we’ll be focusing on the flat rate raise.
Your employees make your company successful, so why not show them that you value their work? Giving raises is one of the best ways to show your employees that you care about their dedication and hard work. Not only will raises motivate employees, raises can also help your business. Employers often use raises as a way to increase retention at the workplace. When you offer a competitive salary or hourly wage, employees will not look for work elsewhere, which prevents turnover. This will save you the trouble of having to find and hire new employees.