Top 5 Considerations When Giving a Raise to Employees

According to Time.com, 90% of companies will give raises this year. Right now, many companies are hard at work figuring out these increases. Here are a few considerations to keep in mind when looking at raises for you employees.

1. Level of performance. The employee is performing at a level higher than expected in their goals and reviews.  Your company should reward this employee for their level of performance.
2. Critical player on your team. It would cost more money to hiring someone new to fill this position than raising the current employees pay. This employee also encourages others within the company. This would be for the employee goes the extra mile and plays a significant and indispensable role in your company.
3. Revenue producer. Top salespeople can make a huge difference in your company’s bottom line.  If the employee helps to bring in new customers, giving them a generous raise can help boost their confidence and encourage them to be even more productive.
4. Workload considerations. Is the person doing more than one job? Taking on a larger workload can be challenging for an employee. Rewarding them with higher pay can increase their productivity.
5. Taking on learning opportunities. Few employees have a learning mentality. Employees who are constantly learning are able to share new and innovative ideas to improve the company, workforce, and themselves. According to theatlantic.com, 23% of Americans didn’t read a book last year. You must try to keep your employees who learn and innovate.