Are your pay rates driving employees away?

Many business organizations are experiencing the fallouts of the economic downturn in the form of low turnover and reduced profit margins. At a time when economic factors are forcing companies to lay off employees, pay raises may sound like a distant dream. However, considering the fact that pay raises are a major motivational tool, it is important for business organizations to ensure that employees don’t feel under paid. Research shows that if employee’s perception is that they are paid at fair market value, then they will be less likely to leave an organization and their reasons for leaving will be based on other factors.  To ensure you are paying your employees at market rates consider hiring a firm like myHRpro to conduct a salary survey.  This will ensure you target your pay rates in a way that is competitive with your industries marketplace.  For more information on employee appraisal, salary survey and employee benefits contacthttp://www.myhrpro.com

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