Any employer would want to keep good employees around, and one of the best ways to make that happen is by making sure your most productive workers get the right amount of pay. This is one of the main reasons why many businesses prefer a merit pay system. What is the merit pay salary system, and will you be able to implement it in your company?
The concept behind the merit pay system is pretty straightforward: employees that perform better than expected get paid extra. Adapting the merit pay system to your company’s current salary system is one way of telling your employees that they did a good job. However, transitioning to this kind of salary system without prior planning may cause problems that could take away its potential positive effects on your company. Check out these list of things to consider to make sure the shift happens as smoothly as possible. Continue reading “Things to Consider Before Implementing a Merit Pay System”
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