The business world is moving faster than ever! Technology has opened up opportunities and transformed the way many companies are doing business. Are you keeping up with these changes in your business? Today, we are going to look at some of the pay trends in 2017 and how you might benefit from these options.
Trend #1: Employee vs. Contractor Flexibility
The freelancing world is booming, and many companies are choosing to outsource certain services. This trend doesn’t mean that businesses won’t hire employees in the future. Instead, companies are looking to optimize performance with a mix of employees and contractors. One of the advantages of paying contractors instead of employees is to decrease overhead expenses for an in-office team. But, you don’t have the give up the expertise that is available from someone who has been working in the industry for many years.
Trend #2: Benefits
If you want to bring the top talent to your company, then you need to look for ways to make the workplace more attractive. Gone are the days when health insurance and 2-weeks of paid time off were standard benefits. Companies are looking for ways to improve employee lifestyles. Extra benefits in today’s business world include flexible PTO, in-office sports or video games, food, and health coaching.
Trend #3: Technology
Giving an employee a hand-written check is a thing of the past. Most people want digital payments to save the hassle of stopping at the bank. Technology makes it possible to streamline payment systems and optimize reporting. As a business owner or manager, take advantage of these reports to see where you can manage cash flow and improve the experience for your employees.
Trend #4: Pay Increases
Employees know that one of the fastest ways to boost their salary is by moving to another company. Instead of shouldering the cost burden of turnover and onboarding, look for ways to incentivize employees to stay in their positions. Create a clear pathway for pay increases and promotions. Make sure that your compensation is competitive so that you make it hard for people to leave. The goal is to maintain a steady team of employees who are thriving in their positions.
Tracking Your Results
Keeping up with the changes in the business world doesn’t happen by accident. You need to be proactive to implement a proven system that will support the needs of your growing business. If you aren’t already using a good employee tracking system, then right now is a great time to get started. Talk to our team here at AgileHR for more information about how our software can be used to improve employee satisfaction and maximize the long-term success of your company.