Fair Wages
"Employee pay is now down to the smallest share of the economy since the government began collecting wage and salary data sixty years ago; and corporate profits, the largest share."
Compensation is not rising in proportion to revenues – and especially profits. While the economy grows, the organizations are keeping that wealth instead of passing it down to the employees who brought it to them.
When employees feel taken advantage of (when they feel things are “not fair”), they don’t want to give it their all. They will resent their employers – and their managers. Even if they don’t leave, they will disengage and be far less productive than they otherwise would have been.
Don’t be a miser. When your company does well, share that success with your employees. Make sure you are compensating them fairly – for the work they do, for where they live (and the subsequent cost of living), and for the industry in which they toil. When times are tough, if you have done this, your employees will stand by your side and help you weather rough economic storms. They will accept fewer hours or less pay – on a temporary basis – because they will feel a loyalty towards you (because you have treated them well).
Are you paying your employees fairly?
How else do you compensate them? What other perks could you provide?
How can you let them know you value them and their contributions? How can you show them you care about them – not just as employees but also as fellow people?