As an outsider has never experienced your office environment, know about your code of ethics and your code of conduct, the primary reason any employee would join your organisation will be the amount of salary you are paying them. This is the biggest incentive you can give to your potential employees to make them want to get enrolled in your firm. However, majority of the employers make a huge mistake in making the salary offers. Instead of taking the market rates into consideration, they decide on the salary based on their budget. This goes wrong at multiple levels. As an employer, you should be aware about the fact that the employees that are working for you have been searching for the job since a long time, and are aware about the salary rate prevailing in the market. Hence, you should never be under the impression that they need you. Always be under the impression that you need them, and they will only get enrolled into your office if they feel your salary is matching the normal salary rates in the market. This is also where competition creeps in. Along with the market salary rates, you should also be aware about the salary your competitors are offering. In order to hire the best manpower for your office, you need to have better employees than your competitors. It is certainly required to offer the salary depending on the skills of the employee. You cannot give a high paying job to an employee with mediocre abilities just to match the market salary rate. You should be comprehensive while choosing the right employee for you work and the amount of salary you offer should be a major part of it.
Once you have hired a new employee, it is also important to retain them. So, you should keep making changes in the salary structure if you feel an employee deserves more. If you are hiring employees in your sales department, you should give a bonus or an additional monetary incentive if the new employee performed in an extraordinary way. if you are hiring in the client servicing department, you should make favourable changes in the salary of your employees if they close an important deal quickly. Hence, salary is the primary driving force for any individual to choose to work into an organisation. You should try and reel the new employees in by tapping this fundamental incentive of a decent salary. You don’t even need to offer an unreasonably high pay. All you need to do is match the market rate, and the employee can easily be in your organisation!
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