Certain circumstances warrant giving your employees a raise. The present time is shaping up to be one of those. There are many situations when giving a raise is appropriate. They include:
Many of your employees have gone above and beyond during the pandemic. Now is the time to reward them for their efforts.
As we come out of the pandemic, it’s natural for companies to start hiring again. Many companies had to operate lean during COVID to stay afloat. This meant letting go of some very talented people. But, as things start to ramp up again, these talented people, including those still with your company, will have access to a lot of new opportunities.
It’s no secret that companies have had their fair share of challenges finding skilled people to fill open jobs.
“Stories about businesses struggling to find workers were a constant feature of the years leading up to the pandemic, but since wage gains were middling throughout that period, they began drawing scoffs. If you really need people so badly, why not pay them more?” says Justin Lahart in the Wall Street Journal.
Hiring right now is not as easy as it seems. There are a lot of factors in play. Childcare shortages, a reluctance to take in-person roles in high contact positions, and the fact that people know they can be more selective.
One way to overcome some of these issues and to make a job more attractive for candidates is to simply pay them more. Incentivize your top performers to stay in-house by giving them a pay bump and offer more attractive compensation packages to the talent you are trying to recruit.
“Nevertheless, to keep pace with demand in a quickly growing economy, businesses are going to need to add workers. If higher wages are the only way they can do it, wages are going higher,” Lahart concludes.
IQ PARTNERS is an Executive Search & Recruitment firm supporting clients across the country. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Executive Search / Board & C-Suite, Technology, Media, Digital & Marketing, Accounting & Finance, Financial Services & Insurance, Cannabis, Startup, Data Science, Consumer, eCommerce & Retail, Operations & HR, Manufacturing, Supply Chain & Engineering, Legal & Professional Services, Pharmaceutical & Life Sciences, Non-Profit & Sustainability, and Sales. Click here to view current job openings and to register with us.
Ross Campbell is a Partner and Practice Lead, Financial Services & Insurance with IQ PARTNERS. Celebrating over 10 years of management consulting experience in executive search, recruitment, and training in Canadian financial services and insurance companies, Ross thrives on the belief that business can be done significantly better by investing in the right people.