One of the many reasons people leave a workplace is to gain a higher salary. Employers, never really review salaries relative to their current market rate. Employers see this as investment in their bottom line: “Don’t pay employees more than you have to”. Employees, usually get a small raise to placate them until the next review with a list of “reasons” as to why the increment wasn’t higher. The whole review-mediocre-salary-increment cycle then repeats in the next review period.
Employees, at the back of their minds know, they are are worth more. They feel undervalued. Cheated. They start looking for a new job. The money saved by not paying employees what they are worth is soon going to cost the company many times more than they “saved”.
When a great employee leaves, the company loses a lot. A lot of money. A lot of time. A lot of energy. A lot of credibility. Other employees might start to wonder: “Why did Sam leave for another job?” “Does he know something we don’t?” “Should we be looking for jobs too?”
So how can a company retain its great staff?
What if employees didn’t have to ask for a raise?
What if a company noticed employee contributions?
What if employees didn’t have to worry about their salary at all?
What if the company automatically upgraded employee salaries to the current market rate?
What kind of workplace would that be?
As direct result employees would:
- Feel more valued.
- Stop stressing out about salary.
- Stop stressing out about salary reviews and “asking” for a raise.
- Stop making themselves “look” important and contribute instead.
- Stop looking jobs to get more money.
- Give their full attention to the tasks at hand.
Wouldn’t that be nice?