Modern businesses need to be able to focus on targeted recruitment and retention strategies that provide meaningful results. If an organization can retain its valued employees, it can often decrease the need to recruit new ones.
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It isn’t uncommon for employees within certain roles to receive increased compensation based on the danger they face each day in many industrial and manufacturing industries. Often known as “Hazard Pay,” this additional compensation is offered to assist with potential physical discomfort or distress that can occur while on the job.
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Employees are generally considered one of the most valuable resources that a company can have. Unfortunately, while many businesses have graduated pay plans for their employees, they may be garnering high employee costs unnecessarily.
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When an organization pays an employee more money than they should, it can often create a ripple effect among the employees around them and the organization as a whole. In many instances, this hinders employee development and can eliminate resources that could be used in other areas of the business that need it most. Overpayment is a common problem nationwide that doesn’t get enough attention. However, high employee costs can easily be offset when a wage analysis is completed to determine what fair wages may be – even if employee salaries can’t be decreased.
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It’s no secret that many employers find it hard to increase wages. Between organizational changes, economic conditions, and a laser focus on corporate growth, certain factors make it difficult for an employer to offer highly competitive salaries.
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When modern businesses expand, wages and other associated benefits are often left behind in the growth process. This, in turn, results in non-competitive wages and high levels of employee turnover that make meeting headcounts even more difficult.
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Most business leaders try to ensure that their employees are getting a fair wage for their services. When employees fail to meet expectations placed on them, yet annual raises continue to occur, an entry-level or mid-level position may become incredibly lucrative – especially when the employee is paid too much from the start.
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When employees feel like they are not being paid a fair wage, it can often lead to poor work quality. Not only can low wages have devastating effects on the morale of the company’s workforce as a whole, but it can also lead to feelings of anger, stress and resentment. Finding the right salary range for the type of work being completed through a wage analysis is often one of the best ways to attract top talent and eliminate poor quality employees.
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Certain positions in the manufacturing industry tend to have high rates of employee turnover, resulting in a never-ending revolving door of new employees. The impact that this turnover has on a business is abundantly clear as managers and coworkers vent their frustration and productivity levels reach an all-time low.
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Manufacturers nationwide, from New York to California, are facing a common problem – meeting headcounts while controlling the cost of labor to meet designated profit and loss (P&L) targets.
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