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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