The results are in! The majority of respondents (44%) believe that a minimum increase of at least 10% is necessary to be considered a legitimate raise. While this does not mean that every company should be giving an employee a 10% bump in salary every single year, it does signify that you need to be careful with your messaging around whatever that annual increase is in order to avoid the eye roll reaction. In the event that you’re proposing an annual increase of less than ~7%, be sure to position it more as a standard cost of living adjustment as opposed to trying to sell it as an official raise in pay. While it may seem like the more you hype it up, the better received it might be, you don’t want to risk losing credibility by being more excited about the number than the employee is. Save the big celebrations for the true performance-based increases! #raise #costofliving #payincrease #salaryincrease #payraise #poll
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Pay is such an ugly topic when it comes to employers. No one discusses it openly. It lurks in water cooler conversations. I’m a strong believer if we feel we are paying people correctly based on role, experience, industry, region and a benchmark then publishing all salaries internally wouldn’t be an issue. (With all staff permission of course!) and being able to justify that easily. But I don’t know of one single company that does this, or even who encourages the conversation of pay in a group collective. Maybe if we did we could pay people enough to take the topic of pay of the table, and to allow them to focus on the output/job at hand. I’ll put my money on the added output/motivation/commitment outweighing the extra costs any day! #pay #salary #income
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When asking for a PAY increase, MINIMISE the downside for the company, OPTIMIZE upside for you, ie, reduce risk to the employer, while raising your potential benefit. If a pay rise is not WIN-WIN, you LOSE. #pay #wages #remuneration #salary #hr #management #payraise #work #payrise #executivecoaching #professionaldevelopment #productivity
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Managing Partner & CAO @ Innovata | MS Business Analytics | Analytics Transformation Expert | Financial Reporting Automation Expert | Strategic Advisor | Business Intelligence & Data Expert | Agent of Change
Exciting insights from Salary.com's 2024 Pay Practices Survey reveal a significant gap between employer perceptions and employee realities regarding pay fairness. With 77% of companies believing they pay fairly, employees disagree. Pay transparency is crucial for trust and engagement. Explore the survey's findings for actionable strategies. #PayTransparency #EmployeeEngagement
New findings from Salary.com highlight the urgency of embracing pay transparency in organizations. The time for transparent compensation practices is now, bringing benefits like increased trust and retention. #PayTransparency #CompensationTrends #SalaryData https://lnkd.in/dDGAv75n
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Taking care of HR so you can take care of your business | providing outsourced HR support & advice | giving you peace of mind, enabling you to sleep better, saving you money & time | HR Consultant / HR Manager
Often in a micro or small business, decisions on #pay are made on a very individual basis. For example: ▶️Maybe one #employee has negotiated hard when they started with you; ▶️Someone else may have been with you a long time and has benefited from annual increases; ▶️Someone else just directly asks you for a pay rise whilst others keep quiet. You may not have considered it before but fair pay practices are not merely important in order to comply with #legal obligations, but can also make a big difference to the health and growth of your #business. Here are our 7 reasons why fair and transparent pay is crucial to your business and shouldn't be ignored: https://lnkd.in/eu_XcYNd Get in touch if you have any questions #HR #EqualPay #f2fhrmk #SME
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Assistant Manager HR at Amplifyn l🔍👥 Passionate Tech Recruiter 🌟 | 🌱 People & Culture Enthusiast 💼 | 🎤 Public Speaker | 💼 HR Operations | 📊 HR Analyst | 🌟 Employer Branding | 💰 Payroll Management 💼
After discussing with several companies, I have noticed a prevailing concern among candidates regarding the method of salary payment—whether it's in USD, LKR, or pegged. 💰 As we all know, companies use various payment strategies to reward employees. However, with the market instability, determining the most effective payment method for employees becomes challenging for companies. 📉💼 As an employee, I empathize with the hardships caused by the economic crisis. Simultaneously, it's crucial to recognize that companies are also grappling with similar challenges, often unnoticed by many of us. 💼🤝 Instances arise where fluctuations in the dollar rate directly impact employees' earnings, such as when the rate rises, employees receive higher pay, and conversely, when it declines, earnings decrease. Consequently, companies cannot make overnight decisions due to this volatility. 💹💼 As employees, it's important for us to be fair and understand both sides sometimes. What is your thought on this? Comment below👇 #EmployeeCompensation #PaymentMethods #EmployeePerspective #CompanyChallenges #FairnessInEmployment
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Empowering Real Estate professionals to control the narrative of their careers | Maximising talent for Real Estate businesses | Founder of SONDR | DD: 07893921633 | E:[email protected] | (We're hiring!🎉)
Some numbers about pay: The average pay rise for employees who change jobs is 5.7%. This average pay rise for employees who stay in their current job is 2.4%. It costs far more to replace an employee than it does to increase their pay to the same level they would get if they left. In fact, it's estimated that to replace a salaried employee it can cost, on average, between 6-9 months' salary. Let's say you're working with a £50k employee. That's a £37,500 cost to replace them. Makes the £2,850 (5.7%) pay-rise look pretty small now eh. The cost of living crisis has employees thinking about the pennies more than ever before. Drop me a DM in complete confidence if you want to talk it through. #RecruitmentIndustry #FacilitiesManagementRecruitment #FMRecruitment #FMJobs #RealEstateRecruitment #RecruitmentTips #CareerAdvice #CareerManagement
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Can’t give the pay rise that your star employee has just requested? Sorry, but now you have to expect them to hand in their notice. It’s often the way things play out, so it’s wise to consider things carefully before you say no. Take a moment to think of the costs involved in replacing them. It’s a lot. Are you sure you can’t afford that pay rise? Or have you suddenly had a change of heart. Here’s how to handle that pay rise request… #salarynegotiation #payrise #employeerelations
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According to Salary.com, a whopping 77% of companies believe they pay their employees fairly. However, a mere 32% of employees share this sentiment, as reported by Gartner. Our latest Pay Practices and Compensation Strategy Survey gives you the insights you need to understand the #compensation disconnect, and get pay right. Get Salary.com's Pay Practices Survey Here: https://buff.ly/3vhgrRk #paytransparency #getpayright #compensationandbenefits
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