How Much Money Should You Spend on HR?
How much money you spend on Human Resources for your organization depends on the number of employees you have, your ability to pay, and the support you need.
Wages
Know When to Implement One-Time Bonuses or Perks
After resolving most of your other employee issues one-time bonuses or perks can be positive because everyone truly has a reason to celebrate. One-time bonuses and perks should be implemented after you have addressed all the other basic needs, after you have addressed all the psychological needs, after addressing other self-fulfillment needs, and after you have multiple positive employee engagement surveys completed in a row, so you know they’re happy.
The Importance of Merit Pay Increases
The reasons why merit pay increases are important are that it keeps top performers right where the organization needs them, keep unqualified employees from becoming managers, reward the experts that drive your organization, and attract more top performers.
The Case for Good Benefits
Your organization needs good benefits because they will help create loyalty, increase employee health, reduce employee stress, reduce bad turnover, attract top performers, increase productivity, and increase revenue.
Top Reasons to Have Cost of Living Pay Increases
The top reasons to give employees a yearly cost of living pay increase are so you can retain good employees, build trust and loyalty, make employees feel safe and secure, attract good employees, reduce loss of organizational knowledge, and reduce bad turnover rate.