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Salary is never the number one reason why quality employees will be loyal to your company, however, ensuring you pay them well can reap benefits in multiple ways. A high salary can never replace a great culture, training and development, career progression and acknowledgement/recognition. In fact, that can be the reason why in some companies (a high salary is paid mining as an example); to make up for a lack in these aforementioned areas.

In regard to wages, companies can operate more efficiently and become more productive if they pay wages above the award level. Here are four different theories on how applying this strategy may be beneficial.

The thought of increasing your prices; not only if, but when, can be a source of
anxiousness for some business owners.Often fears and concerns that a price increase will see you lose out on business, is the main barrier to taking this step. Yet is this a fact, or is it just an illusion?

Below are some steps to consider when increasing your prices and how to do it
confidently.

As hiring great people becomes more challenging than ever, it is vital that you retain the quality people on your team for as long as possible.The right people on your team, doing the right things, at the right time, in the right way, can be an amazing asset and will allow you to build an amazing business. Here are four key steps you can take to retain great people.

 

Do you want to figure out why your business isn’t generating as much of a profit as it should be? It might be a matter of taking a closer look at your employee labour productivity.